Wednesday, 21 November, 2018

China announces equal penalties to retaliate for US tariffs

A cargo ship carrying containers stops at Qingdao Port A cargo ship carrying containers stops at Qingdao Port
Laurie Berry | 16 June, 2018, 07:39

Trump said the tariffs would be imposed on a list of strategically important imports from China.

The Trump administration is preparing to release a refined list of Chinese products to be hit with tariffs that hones in on technologies where China wants to establish itself as a leader, according to five people familiar with the matter.

Starting July 6, the US will tax the 818 products, worth $34 billion a year in imports, that remained from the original list.

"The United States can no longer tolerate losing our technology and intellectual property through unfair economic practices".

The Chinese government said it would respond in kind to the United States tariffs, which will apply to roughly 1,100 exports and will target China's aerospace, robotics, manufacturing and auto industries.

China also appealed to other countries to pressure the United States to end recent protectionist trade policies.

Being penalized for succeeding in global trade is one more twist in a brewing worldwide trade war that comes as the president implements his "America First" trade policy, aimed in part at cracking down on what he said are China's unfair trade policies and its efforts to undermine USA technology.

President Trump has approved tariffs on $50billion worth of Chinese goods which could come into force today, it has been reported.

"Manufacturers certainly have concerns that tariffs will cause more problems than they solve, but we also recognize that the administration may intend to use them as a negotiating tactic to bring China to the table and achieve larger goals", Timmons said.

In April, the United States revealed an initial list targeting about 1300 products worth $US50 billion in Chinese imports.

Trump announces tariffs on $50 billion in Chinese imports
The US has said the punitive measures have been created to combat what it says is theft of its intellectual property . China has targeted $50 billion in US products for potential retaliation. "It's not going to do any good".

President Donald Trump's administration announced the tariffs on Chinese imports early Friday and the country has vowed to retaliate. His import taxes on steel and aluminum have drawn protests from companies that use foreign-made metals, farmers who fear USA trading partners will retaliate against them and Republicans in Congress. Previously, China said it would impose retaliatory measures against US-based cars, plans, and agricultural products.

The Dow Jones industrial average fell more than 200 points in midday trades before paring losses to end the day down 84.83 points at 25,090.48.

American soybean farmers, who send about 60 per cent of their exports China, are especially anxious about Beijing's retaliation.

The U.S. isn't the only country in the lobster trade. The U.S. push to overhaul the North American Free Trade Agreement is in limbo.

"Once again, we urge the administration to change course and develop a clear and comprehensive strategy to hold China accountable", Shay said. He has identified reducing the $375 billion annual trade deficit with China as a key test of his "America First" trade strategy.

The EU, along with Canada and Mexico, will impose retaliatory tariffs on US goods, and file dispute settlement cases with the World Trade Organization in Geneva. The president has coordinated closely with China on efforts to get Pyongyang to eliminate its nuclear arsenal.

Reactions to the tariffs cut across party lines.

But Rep. Dave Reichert, R-Wash., said he disagreed with the action because "Americans will bear the brunt instead of China".

"China is our real trade enemy, and their theft of intellectual property and their refusal to let our companies compete fairly threatens millions of future American jobs", Schumer added.

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