China vows retaliation for latest US tariff threat
China vows retaliation for latest US tariff threat
US Releases $200bn List Of Chinese Products For Possible New Tariffs
12 July, 2018, 03:41
The president last month asked the U.S. Trade Representative's office to identify US$200 billion of Chinese goods that could be hit with 10 percent tariffs. The US has suggested that it may ultimately impose tariffs on $500 billion worth of Chinese goods, or roughly the entire amount of US imports from China.
"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", U.S. Trade Representative Robert Lighthizer said in announcing the proposed tariffs.
China formally responded to the latest U.S. move on Wednesday, with a Chinese Ministry of Commerce spokesperson calling it "unacceptable".
'TARIFFS ARE TAXES' Senate Finance Committee Chairman Orrin Hatch, a senior member of Trump's Republican Party, said the announcement "appears reckless and is not a targeted approach".
Among other things, the U.S.is asking China to roll back its "Made-in-China 2025" program, a signature Xi initiative to dominate several strategic industries, such as semiconductors to aerospace development.
The Trump administration said the new levies are a response to China's decision to retaliate against the first round of USA tariffs.
That "will hit the Chinese export sector hard", said Rajiv Biswas of IHS Markit in a report. The administration says its tariffs are created to punish China for what it calls unfair trade practices, theft of intellectual property, and "forced technology transfers".
China's Commerce Ministry slammed the latest USA threat as a "totally unacceptable" escalation of their dispute and promised to protect its "core interests". He is also renegotiating the North American free-trade agreement, demanding Canada and Mexico eliminate trade barriers for the United States while allowing Washington to erect more barriers of its own to Canadian and Mexican firms.
Chinese retaliation:China has threatened to retaliate dollar-for-dollar if the Trump administration imposes a new round of tariffs.
"It is now much more likely that the dispute will continue for a prolonged period of time and that we will see ratcheting up of protectionist measures", said Elena Duggar, an associate managing director at Moody's, the credit rating agency. China doesn't import enough from the U.S.to match Washington dollar for dollar as it has in previous. Regulators can deny or cancel licences or tie up companies by launching tax, environmental or anti-monopoly investigations.
China accused the United States of starting "the largest trade war in economic history", after the first round of tariffs took effect last week.
Watch the video below, in which Keith tells FOX Business Network viewers Chinese President Xi Jinping biggest fear when it comes to the trade war.
"The behaviour of the U.S. is hurting China, hurting the world, and hurting itself", a spokesperson for China's commerce ministry said in a statement.
Stocks fell, the dollar gained and commodities slid with emerging-market assets Wednesday as investors assessed the fallout. High-level talks between the two countries starting in May had failed to deliver a breakthrough to head off a trade war.
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