China to unveil list of products eligible for tariff exemption
China to unveil list of products eligible for tariff exemption
14 May, 2019, 07:12
The sell-off that sank U.S. stocks and global commodities spilled into Asia after China retaliated with higher tariffs on a range of American goods. Eastern Time. Boeing and Caterpillar fell the most in the Dow. The Dow fell more than 475 points at the open. Instead of a sharp contraction, profits for the S&P 500 are down less than 1%.
China on Monday said it will impose tariffs on $60 billion worth of USA goods from June 1, after Washington announced plans to tax nearly all Chinese imports to the United States.
Last Thursday morning the Dow skidded 580 points, only to regain almost 470 by close of trading on Friday.
However, one expert, Chen Wenling, chief economist with the China Center for International Economic Exchanges, missed the mark when he said that the trade war had been provoked by the USA and has been ineffective.
US tariffs a year ago triggered retaliation by China, which imposed 25% levies on $50 billion worth of USA products including soybeans, beef and pork and lower tariffs on a list of$60 billion in goods.
President Donald Trump is warning Chinese President Xi Jinping (shee jihn-peeng) that China "will be hurt very badly" if they don't agree to a trade deal. Too expensive to buy in China. American officials have accused China of backtracking on commitments they say it made in earlier negotiations.
USA tariffs previous year triggered retaliation by China, which imposed 25 percent levies on $50 billion worth of US products including soybeans, beef and pork and lower tariffs on a list of $60 billion in goods.
And while consumers may not have noticed the previous tariffs, they most likely will feel the impact of the ones Trump raised on May 10.
China's announcement Monday said tariff increases are going ahead based on a list of $60 billion of USA goods Beijing released in August. 'This has been proven recently when only 4 points were paid by the US, 21 points by China because China subsidizes product to such a large degree'.
In the middle of the negotiations last week, Trump hiked tariffs on $200 billion of Chinese goods to 25% from 10%.
The president started raising tariffs last July over complaints China steals or pressures foreign companies to hand over technology and unfairly subsidizes Chinese businesses that are striving to become global leaders in robotics and other technology. -China Business Council, an industry group.
Trump has railed against the Chinese since the middle of his 2016 presidential campaign, complaining about unfair trade practices that put Beijing at an advantage.
Amazon shares were off 3.5, even though the company has very little direct exposure to the Chinese market. But Beijing also appeared to dig in.
Still, the two countries have given themselves something of an escape hatch: The higher Chinese tariffs don't kick in for 2½ weeks. However, his Economic Adviser Larry Kudlow said in an interview that both sides would suffer as a result of the new trade restrictions.
Here are four reasons why Holtz-Eakin, the former director of the U.S. Congressional Budget Office and current president of the American Action Forum, believes Trump's approach could backfire.
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The US hiked tariffs on $200B of Chinese imports with almost 6,000 products now incurring a 25% levy, up from 10% previously. China's Commerce Ministry vowed to impose " necessary countermeasures " but gave no details.
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