Trump readies tariffs on another $US200m of Chinese goods

US prepares to impose new tariffs on additional $200B worth of Chinese goods

US prepares to impose new tariffs on additional $200B worth of Chinese goods

The foreign ministry described Washington's threats as "typical bullying" and said China needed to counter-attack to protect its interests. Because China imports fewer goods from the USA than the US imports from China, it is unable to match US tariffs in value, according to a report from Mizuho Bank. Chinese tactics, the administration says, include outright cybertheft and forcing U.S. companies to hand over technology in exchange for access to the Chinese market.

LoCascio and her colleagues used to be upbeat about American whiskey's long-term export growth in China, which past year further lowered its tariffs on whiskeys and brandies to 5 percent as part of a wider effort to lower tariffs on a range of consumer goods imports.

On July 12, Beijing cut its forecast for imports of soybeans - the most-valuable crop it buys from the United States - after it imposed a 25 percent retaliatory tariff on an array of agricultural goods, which could inflict pain in Trump-supporting states such as Iowa, Kansas and Texas.

More than 6,000 items could be affected - including burglar alarms, vehicle tyres, handbags, baseball gloves, carpets, toilet paper, dog food, and hundreds of food products.

The Office of the U.S. Trade Representative proposed 10 percent tariffs on Tuesday on a list of 6,031 Chinese product lines ranging from burglar alarms to mackerel.

While China does not export enough goods to the United States to match the value of the announced tariffs, combining USA corporate revenue inside China with exports would give America a trade surplus of US$20 billion, according to research from Deutsche Bank cited by Bloomberg.

"Although I have supported the administration's targeted efforts to combat China's technology transfer regime, tonight's announcement appears reckless and is not a targeted approach", Hatch said in a statement.

Deutsche Bank described Trump's latest threat as a "significant escalation" and if it was fully implemented, likely to mean a hit to China's real economy of 0.3 percent of GDP, most likely in 2019.

While Chinese shares regained some heavy losses of July 11, with the Shanghai Composite index rising 2.2 percent, the yuan fell against the dollar following the central bank's weakest daily fixing in almost a year and Washington's fresh tariff threats. Trump has said he may ultimately target more than $500 billion worth of Chinese goods, the total amount of U.S. imports from China past year.

The survey, conducted April 10 to May 10, reflects the mix of concerns and realities for American businesses in China at a time of heightened uncertainty as the Trump administration raises the ante in its trade war with Beijing.

Some U.S. business groups and lawmakers from Trump's own Republican Party were critical of the escalating tariffs. That would leave China only $80 billion for further retaliation.

"Tariffs are taxes, plain and simple".

The U.S. inflation data propelled the dollar higher, save for a brief dip in midday caused by a jump in the euro. A portion of that tariff, $34 billion, went into effect last week, with the remainder set to go into effect later this month.

U.S. President Donald Trump has accused China of unfair trade practices that give its firms an advantage, while hobbling American companies and creating an outsized trade deficit for the United States.

More food and dietary supplement ingredients may be caught in the crosshairs in the growing U.S. China trade war.

Recommended News

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.