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National Economic Council Director Larry Kudlow said President Donald Trump has "not been satisfied" with trade talks with China and confirmed the USA was preparing additional tariffs because Beijing's economic reforms were moving in the wrong direction.

The Wall Street Journal reported on Saturday that the USA plans to impose 10 percent tariffs on $200 billion of Chinese goods in the coming days and they will take effect within weeks.

Trump is due to make the announcement after the close of US stock markets, where major indices were already sinking sharply in anticipation of what could be a major escalation in the US-China trade conflict.

Apple asked Lighthizer to reconsider imposing the tariffs and instead take other measures that would support the United States economy and American consumers.

A gauge of global equity markets eased and the U.S. dollar slipped on Monday as investors took a dim view of an expected new round of tariffs from Washington on Chinese goods, which would escalate a simmering U.S. -Sino dispute over trade.

A public comment period ended last week for the $200 billion tariff list, which included various internet technology products and other electronics, printed circuit boards, and consumer goods ranging from handbags to bicycles and furniture.

He also said he saw no reason why the trade reforms would hurt the USA economy. These new tariffs would reportedly take effect "within weeks".

China wants talks based on "mutual trust", said a foreign ministry spokesman, Geng Shuang.

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The US imports around $500 billion in goods from China.

President Trump says US tariffs have helped the nation bargain for fair trade, amid heightened tensions around the globe.

"There are quite a few names that are sitting on long butterfly positions, so they'll make money if it (the Canadian dollar) moves up or down", said Simon Côté, managing director, risk management solutions, National Bank Financial.

The Trump administration will spare a category of hi-tech products that includes Apple's Watch and its AirPods headphones from the next round of tariffs it is imposing on Chinese goods, according to two people familiar with the matter.

The report quoted one senior Chinese official saying the country would not negotiate "with a gun pointed to its head".

The new round of taxes are jeopardizing talks led by Treasury Secretary Steve Mnuchin with Chinese officials to end the cycle of tit-for-tat tariffs.

Other officials who advise the country's leaders are suggesting China impose limits on the sale of parts and supplies needed by USA businesses, using "export restraints" to threaten their supply chains.

Multiple reports in recent days cited officials saying Trump had made a decision to press ahead with new tariffs, but at a lower rate of 10 percent after initially announcing they should be hiked to 25 percent in light of China's alleged intransigence.


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