Monday, 17 December, 2018

China hits back at USA with $60bn tariff threat

President Donald Trump and President Xi Jinping make joint statements at the Great Hall of the People in Beijing China President Donald Trump and President Xi Jinping make joint statements at the Great Hall of the People in Beijing China
Kelvin Reese | 06 August, 2018, 06:33

China's government has announced a $60 billion list of us goods including coffee, honey and industrial chemicals for retaliation if Washington goes ahead with its latest tariff threat.

'Will depend on U.S'.

The Trump administration ramped up pressure for trade concessions from Beijing this week by proposing a higher 25 per cent tariff on $270 billion worth of Chinese imports. Because US farmers are now experiencing the phenomenon of having a surplus of goods that they can not sell on the Chinese market due to the retaliatory tariffs already in place, the American federal government will now likely have to bail farmers out due to the losses of revenue they have incurred simply because they are being artificially isolated from the Chinese market that represents a lion's share of their profits.

The measures, which the White House ridiculed as "weak" but China said were "fully justified", came after Washington said it would increase the rate of additional tariffs on Chinese goods worth $200 billion.

The U.S. has imposed tariffs targeting aerospace, robotics and other forms of technology, while China retaliated with tariffs on agricultural products, seafood and cars, among other things.

'The White House's extreme pressure and blackmail are already clear to the global community, ' said a Chinese state television commentary, according to Reuters.

In a nod to the OH economy, Trump said yesterday on Twitter that tariffs "have had a tremendous impact on our Steel Industry".

BMW recently said it would raise prices on two of its models from 30 July due to the increased import duty on US-made cars in China.

He also identified agriculture as another Valley industry that will be among those most significantly impacted.

"At minimum, we will make much better Trade Deals for our country!" The timing of Friday's announcement hinted at that conflict.

The proposed tariff increase poses big risks for both the US and global economy.

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But many experts say those are neither irrevocable nor serious steps that could show the country is honest about denuclearisation. Trump asserted last week that his administration's plan to dismantle North Korea's nuclear weapons is "going very well".

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Brown continued: "This season, especially after the World Cup that he's had, he's going to start expressing himself a lot more". A number of potential swap deals between Manchester United and Bayern Munich are being reported today by the football press.

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The investigation resulted in tariffs on steel and aluminum products from China and many other countries in March.

The dispute is part of broader US complaints about global trading conditions that have prompted Trump to raise duties on steel, aluminum, washing machines or solar panels from Canada, Europe, Japan and South Korea.

The tariffs discussed in this week's pronouncements are still in the threat stage; they have not yet taken effect. China continues to move forward while for U.S. farmers, the trade war has represented a major step backwards.

The escalating dispute, with no settlement in sight, has fueled fears it might chill global trade and economic growth. Last year, China imported some £100bn ($130bn) in goods from the United States.

China's imports from the United States past year totaled $153.9 billion.

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.

China's finance ministry unveiled new sets of additional tariffs on 5,207 goods imported from the U.S., with the extra levies ranging from 5 to 25 per cent. The U.S. can buy more because the economy is strong. It also warned that it could adopt further countermeasures at any time.

Friday's retaliation from China suggests that tactic hasn't worked. This year so far, China's CSI 300 index, representing major stocks listed on the country's two exchanges (Shanghai and Shenzhen), has fallen by more than 17 percent, while Tokyo's Topix index is down just four percent.

But Secretary of State Mike Pompeo remained steadfast on Washington's push for fairer trading conditions.

China sells goods each year to the United States worth almost four times as much as it buys. "We are using them to negotiate fair trade deals", Trump said. While census data shows that the...

A lot of Republicans in Congress will tell you that they support President Donald Trump but disagree with him about trade. The deficit climbed $3 billion to $46.3 billion in June from $43.2 billion in May, the Commerce Department reported Friday.

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