China vows fightback against Trump’s proposed US$200b tariff threat
China vows fightback against Trump’s proposed US$200b tariff threat
A woman transports goods past workers sleeping on a street-side in Beijing on Tuesday
13 July, 2018, 10:40
"Consumers will feel it and perhaps as early as Christmas", said Mary Lovely, an economics professor at Syracuse University who studies trade.
Economists warn this poses a serious risk to the world economy, as it will depress investment and U.S. growth and accelerate unemployment.
President Donald Trump has threatened to tax as much as $550 billion in Chinese products - an amount that exceeds America's total imports from China a year ago.
"This is an appropriate response under the authority of Section 301 to obtain the elimination of China's harmful industrial policies", Robert Lighthizer, the USA trade representative (USTR), said. If the tariffs were imposed on Chinese-made hats, he said, he would consider acquiring them from another low-priced country like Vietnam.
From exporters of Wi-Fi equipment to households splurging on ME lobsters and other American goods, China is beginning to adjust to the effect of the current tariffs from both nations, and the possibility of more.
The prospect of a 10% tariff on Chinese furniture imports sent shares of online home store WayFair Inc down almost 4% while shares of Restoration Hardware fell almost 6%.
"China is shocked by the United States move and the Chinese government, as always, will have to react to defend the core interests of our nation and people", the Commerce Ministry says.
It also highlights how dependent US businesses and consumers are on Chinese goods.
Representative Dave Reichert added that he "strongly disagrees" with the tariff plans, which he said would lead to "higher prices here at home for American families and less sales overseas for American workers and farmers as markets are closed to American-made goods through retaliation".
The growing share of worldwide trade under threat has raised the prospect the escalating trade war could harm the global economy, shrinking investments and undermining supply chains. This would be the third round of tariffs on Chinese goods imposed by the Trump administration and comes shortly after a tariff of 25% went into effect against $34 billion of Chinese goods.
Last week, China and the USA imposed another round of tariffs on each other, and the USA said on Tuesday that it could impose tariffs on an additional US$200 billion worth of Chinese imports.
- Japan - Japan is another target of Trump's steel tariffs, which Tokyo calls "extremely deplorable".
"But more tariffs like these will punish America's manufacturing workers - and could undermine our hard-won gains thanks to tax and regulatory reform". In particular, they could target things like US energy exports. "The negative impact of the trade friction has already appeared". "America has China's attention, so instead of more tariffs, the USA and China should immediately begin working toward a fair, bilateral, enforceable, rules-based trade agreement to end China's market-distorting activities".
The European Union Chamber of Commerce in China said this week its member companies are rearranging the global flow of their goods to make sure any bound for the United States don't pass through China. The U.S. has now listed another 170 bn euros ($200bn) worth of tariffs on more products that are due to go into force in September.
"We are stronger together than apart", North Atlantic Treaty Organisation secretary general Jens Stoltenberg claimed in a retort to Mr Trump's comments but the United States leader countered by asking how the North Atlantic Treaty Organisation alliance could be stronger when Germany is "making Russian Federation richer", referring to energy pipeline deals Berlin recently has signed with Moscow. "It has to resolutely fight back while taking proper measures to help minimise the cost to domestic enterprises and further open up its economy to global investors", it said.
Asked about Khan, a member of the opposition Labour Party, Trump was highly critical of the London mayor. Mr Trump went further and suggested to the Sun Mr Johnson was "a great representative for your country".
Stoltenberg said he had called the extra session because the allies felt the issue of burden sharing needed more discussion. The French President said: There is a communique that was published yesterday.
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