U.S. to impose extra tariffs on $200bn of Chinese imports
U.S. to impose extra tariffs on $200bn of Chinese imports
12 July, 2018, 00:16
President Xi Jinping's government is also planning to take action against Washington's "unilateralist" behavior at the World Trade Organization in Geneva.
China bought $130 billion of USA goods past year. He said the politicians respond, "Please, leave it the way it is".
"The outburst of large-scale mutual levying of tariffs between China and the United States will inevitably destroy Sino-US trade", assistant minister of commerce Li Chenggang told a forum in Beijing on Wednesday.
But senior Trump administration officials said on a call with reporters Tuesday that so far, the two sides haven't gotten anywhere.
"It's already past the point of no return", said Pauline Loong, managing director at research firm Asia-Analytica in Hong Kong. The trade war could also jeopardize China's help in confronting North Korea's nuclear program.
Stocks fell, the dollar gained and commodities slid with emerging-market assets Wednesday as investors assessed the fallout. His determination to renegotiate trade deals has targeted not only competitors on the world market such as China, but longtime friends and allies such as the European Union or Canada.
China's Commerce Ministry slammed the latest USA threat as a "totally unacceptable" escalation of their dispute and promised to protect its "core interests".
High-level talks between the two countries starting in May had failed to deliver a breakthrough to head off a trade war. Rather than address our legitimate concerns, China has begun to retaliate against USA products. In a statement, it called the USA actions "completely unacceptable".
Trump has repeatedly complained the USA has been "ripped off" by other countries for decades, citing trade deficits.
The move is a major escalation in a brewing trade war between the world's two largest economies.
"Although I have supported the administration's targeted efforts to combat China's technology transfer regime, tonight's announcement appears reckless and is not a targeted approach", said Sen. It's an extensive list of over 6,000 goods that include seafood, propane and toilet paper, among many other things. That's why Trump can slap tariffs on them just because he feels like it.
The tariffs will not be imposed until after a two-month period of public comment on the proposed list, but some USA business groups and senior lawmakers were quick to criticize the move. The Trump administration has so far rejected Chinese offers to trim its massive trade surplus by buying more American goods, and is demanding more systemic change.
"For over a year, the Trump Administration has patiently urged China to stop its unfair practices, open its market, and engage in true market competition", he said in a statement.
Trump has said continuously that China has taken advantage of the U.S. economy, and he has vowed to hit almost all the country's products with tariffs, as much as $450bn.
China's imports of US goods are so small that Beijing "cannot match fresh USA tariffs", said Vishnu Varathan of Mizuho Bank in a report.
Seems like President Trump is looking out for his little girl.
"The threat of more trade barriers is unlikely to sway China from its plan to make its domestic chip industry self-reliant, and to create a strong supply chain as a key enabler for innovation in other technologically intensive industries", analysts at BMI Research said in a note to clients Tuesday.
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Even though the tariffs just kicked in, they were approved in back in March and have already managed to make a negative impact. President Donald Trump has vowed to hit as much as $450 billion in Chinese goods, the vast majority of that country's imports.
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