Wednesday, 22 August, 2018


The GCC braces for full impact of China-US trade war

US President Donald Trump gestures next to China's President Xi Jinping during a business leaders event at the Great Hall of the People in Beijing on 9 November 2017 White House escalates China trade dispute to secure early breakthrough: John Kemp
Conrad Doyle | 04 August, 2018, 15:34

Today, the United States is considering 25% tariffs on $200bn worth of Chinese goods, much higher than the 10% it previously indicated it might impose, BBC reported.

This wave of tariffs would include a wide range of products, from dog food to furniture, bicycles to beauty products.

And while the tariffs won't be imposed until after a period of public comment, raising them could quickly escalate the trade dispute.

That could be announced as early as Wednesday (August 1). Visit MarketWatch.com for more information on this news. "He's going to continue to put the pressure on China".

It's unclear if the Chinese government is purposely pushing the value of its currency down or if that has been a market-based reaction to concerns about how US tariffs could hurt China's economy. "It remains unchanged. The blackmailing and pressure by the United States will never work on China if the U.S. take measures to further escalate the situation we will surely take countermeasures to firmly uphold our legitimate rights and interests".

The Trump administration is considering more than doubling its planned tariffs on $200 billion in Chinese imports, ratcheting up pressure on Beijing to return to the negotiating table, three people familiar with the internal deliberations said.

Markets were however steady on Tuesday, given a boost by hopes for new negotiations.

China wasted no time in responding to the United States' proposal to increase duties. "Unilateral threats and pressure will only be counterproductive".

In early July, the U.S. government imposed 25 per cent tariffs on an initial US$34 billion of Chinese imports.

China appears to have stripped back its imports of USA crude oil to near zero for September, having taken about 333,000 barrels per day in the first six months of the year, according to vessel-tracking data.

Deputy trade ministers from the European Union, Canada, Mexico, Japan and South Korea are concerned that Trump may impose tariffs on foreign imports of cars and auto parts if the U.S. Commerce Department finds that they pose a threat to national security.

"I sense that we're seeing a hardening of attitudes on both sides", said Jacob Parker, vice president of China relations at the U.S. China Business Council.

Lighthizer published a list of the $200 billion in products that would face the 10 percent tariff threshold several weeks ago.

"There are folks in the White House that really think the best approach to China is a very aggressive one, and that position clearly seems to be prevailing", Camuñez says.

U.S. Trade Representative Robert Lighthizer said in a statement on Wednesday that Trump directed the increase from the previously proposed duty because China has refused to meet U.S. demands and imposed retaliatory tariffs on U.S. goods.

Beijing's earlier round of tariffs appeared created to minimize the impact on the Chinese economy by targeting soybeans, whiskey and other goods available from Brazil, Australia and other suppliers.

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