Trump warns China not to retaliate against tariff hike
Trump warns China not to retaliate against tariff hike
Analyst Explains Why European-US Trade War Matters to China
14 May, 2019, 04:24
Beijing announced on Monday that it will increase tariffs on $60 billion worth of United States goods from June 1, striking back after Washington more than doubled tariffs on $250 billion in Chinese goods, and also started the process to impose punitive duties on the almost all Chinese imports.
Minutes before Wall Street opened this morning, China's finance ministry said that it would raise duties on imports of 5,140 American goods, worth $60 billion, from as little as 5 per cent to as much as 25 per cent from June 1.
"China's adjustment of tariff-adding measures is a response to United States unilateralism and trade protectionism", the statement said, adding that it hoped the USA would work with China towards a "win-win agreement".
"We are determined and capable of safeguarding our legitimate rights and interests", Foreign Ministry spokesperson Geng Shuang said.
On Friday May 10, 2019 President Donald Trump imposed sanctions on $200 billion (€178 billion) worth of Chinese goods.
"We're going to take the highest year, the biggest purchase that China has ever made with our farmers, which is about $15 billion, and do something reciprocal to our farmers so our farmers can do well", Trump told reporters at the White House.
Stocks are plunging on Wall Street after China said it would retaliate against the US with tariffs, escalating a trade dispute that investors had hoped would go away.
The editor of the party-owned Chinese newspaper Global Times said on Twitter that Beijing was considering additional actions, including dumping US Treasuries, ending US agricultural purchases and reducing orders for Boeing airplanes.
In the short term, the USA insistence on a protectionist mentality will highlight the importance of the Belt and Road Initiative (BRI) to Asian, Latin American and African countries. China also slapped $60 billion dollar retaliatory tariffs on American goods set to begin on June 1st.
"We support the administration's efforts to deliver a meaningful trade agreement that levels the playing field for American businesses and workers", Matthew Shay, president and CEO of the National Retail Federation, said in a statement.
The move comes in retaliation to the decision by President Donald Trump last week to more than double levies on $200bn worth of Chinese imports to 25%.
Both President Trump and Chinese President Trump Xi Jinping could potentially come face-to-face when both are in Japan next month for a meeting of the Group of 20 leaders.
The response was announced after Trump on Monday warned Beijing not to retaliate.
The move led to retaliation by China, which imposed 25% tariffs on $16 billion of US goods.
"It's US businesses and USA consumers who pay, correct?' asked 'Fox News Sunday" host Chris Wallace. Consumer spending accounts for more than two-thirds of USA economic activity.
The political gains from a trade war may evaporate if US consumers feel the pinch from higher prices on Chinese imports, or if USA farmers complain about lost sales as a result of the Chinese tariffs.
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