Monday, 22 October, 2018

China says has no choice but to retaliate against latest U.S. tariffs

Trump orders new tariffs on additional USD 200 Bn worth of Chinese imports Trump orders new tariffs on additional USD 200 Bn worth of Chinese imports
Andrew Cummings | 19 September, 2018, 03:01

The South China Morning Post cited a source Tuesday who said Trump's new tariffs will "likely" scuttle next week's talks.

In announcing the US tariffs against China on Monday, President Trump said China's trade practices, such as forcing USA companies to transfer technology to Chinese firms, "plainly constitute a grave threat to the long-term health and prosperity of the United States economy".

China will levy tariffs on about $60 billion worth of U.S. goods, as previously planned, in retaliation for U.S. President Donald Trump's decision to slap new tariffs on $200 billion of Chinese imports, but has reduced the volume of tariffs that it will collect on the products.

"China has openly stated that they are actively trying to impact and change our election by attacking our farmers, ranchers and industrial workers due to their loyalty to me", Trump wrote on Twitter. "There will be great and fast economic retaliation against China if our farmers, ranchers and/or industrial workers are targeted!" the President tweeted, after his administration announced fresh 10% tariff on $200 billion of imports from China. To counter China's unfair practices, he had announced on June 15 that the United States would impose tariffs of 25 percent on Dollars 50 billion worth of Chinese imports.

This addition brings tariffs to about half of all goods imported from China to the U.S. Tariffs increase the cost of goods to U.S. buyers, and lead to higher prices for the same items from domestic producers and imports from countries that have avoided tariffs.

Trump also accused Chinese corporations of stealing American technology and intellectual property. The administration is targeting a bewildering variety of goods - from sockeye salmon to baseball gloves to bamboo mats - forcing US companies to scramble for suppliers outside China, absorb the import taxes or pass along the cost to their customers.

Liquefied natural gas, mineral ores, coffee and various types of edible oil will be among the USA products subject to the 10 percent tax.

Fresh trade talks had been proposed by Treasury Secretary Steven Mnuchin to begin around September 20 with China discussing plans whether to attend on grounds that new tariffs may be announced this week.

"But, so far, China has been unwilling to change its practices".

"The tariffs could be an excuse, but what China is really looking for is a signal from the USA that President Trump will talk to them directly".

USA border agent charged in 2-week killing spree
However, when the suspect pulled a gun on the woman inside his vehicle, she fled and was able to contact police. Earlier this morning officials were dispatched to another part of the County where a third body was discovered.

Hurricane Florence increases in size despite weakening winds
The precipitation from Florence will start midday Thursday and then it will rain for four days, said CNN Meteorologist Tom Sater. Trouble began brewing last week, when three hurricanes-Florence, Isaac, and Helene-starting churning up the North Atlantic.

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Spanish moss waved in the trees as the winds picked up in Wilmington, and floating docks bounced atop swells at Morehead City. Rain projections also increased, with some locations along the North Carolina coast now expected to get up to 40 inches.

Additionally, he admitted he didn't know how long the levies would remain in place, conceding that the president may be using them as a negotiating tactic.

Trump said China had refused to change the unfair practices that hurt U.S. businesses and workers.

"But this is an effort to work with China and say, it's time that you address these unfair trading practices that we have identified, that others have identified, and which have harmed the entire global trading system", the official asserted.

Ahead of Beijing's announcement, US Commerce Secretary Wilbur Ross told CNBC that China should not have been surprised by the Trump administration's latest measures, and said "the question about whether or when to have a discussion is very importantly in [China's] ballpark".

Beijing is still ready to negotiate an end to the trade tensions, it said.

China also announced that it was lodging a new complaint at the World Trade Organization in its tariffs battle with the United States.

Three months later, he released a new list of £24bn ($34bn) of Chinese goods to face a 25 percent tariffs, implemented in August.

Still, U.S. businesses have voiced their concerns.

Repeating that threat in the Oval Office on Tuesday afternoon, Trump said: "We don't want to do it, but we probably will have no choice".

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