Monday, 23 July, 2018

China pledges to 'immediately' retalliate to Donald Trump's latest tariffs

Billions in new tariffs signal start of US-China 'trade war' As China, U.S. move closer to trade war, Minnesota ag interests fret
Laurie Berry | 17 June, 2018, 17:01

The 25 percent tariff will be applied to $50 billion of goods from China that "contain industrially significant technologies", he said.

"China does not want to fight a trade war", the Commerce Ministry said.

The effective date of the tariffs on the remaining $16 billion of US goods will be announced later, according to the commerce ministry. If Trump does that, and China again retaliates in kind, that could mean that nearly all USA goods exported to China would face new tariffs in the near future.

In May, Treasury Secretary Steven Mnuchin said a trade war with the world's second-largest economy was "on hold". The United States has criticized China for the aggressive tactics it uses to develop advanced technologies, including robots and electric cars, under its "Made in China 2025" program.

"It generally focuses on products from industrial sectors that contribute to or benefit from the "Made in China 2025" industrial policy, which include industries such as aerospace, information and communications technology, robotics, industrial machinery, new materials, and automobiles", USTR announced in a statement Friday. Despite that Beijing's industry development tactics, which are claimed to violate its free-trade pledges and hurt American companies, are straining the official ties between the two countries.

"Trade between our nations, however, has been very unfair, for a very long time".

And as Trump warned of "additional tariffs" should Beijing hit back with tit-for-tat duties on American goods, China nevertheless unveiled 25 per cent duties on US$50 billion in USA imports.

United States trade groups also stepped up their criticism, while some large companies such as Boeing said they were beginning to evaluate the tariffs' possible effects.

Trump's announcement capped months of sometimes fraught shuttle diplomacy between Washington and Beijing, in which Chinese offers failed to assuage Trump's grievances over the soaring US-China trade imbalance.

Billions in new tariffs signal start of US-China 'trade war'

U.S. Trade Representative Robert Lighthizer described the tariffs Friday as a "defensive" action.

Trump's tariffs did gain some support from an unlikely source, U.S. Senate Democratic leader Charles Schumer, who called them "right on target".

Aircraft, included in the earlier Chinese list, were not on the revised list. He has previously put tariffs on washing machines, solar products, steel and aluminum - that the US imports from different parts of the world.

"I$3 ndividual U.S. sectors ranging from agriculture to aerospace are vulnerable to retaliation by China", Madhavi Bokil, a senior credit officer at Moody's, said in a client note.

On Friday, the United States imposed additional tariffs of 25 per cent on import of Chinese goods worth $ 50 billion.

It is hard to quantify the precise cost of Chinese sanctions, but Missouri corn and soybean farmer Blake Hurst said he already is seeing an impact on prices.

Chinese retaliatory duties are expected soon.

As for the Trump administration's efforts to prevent the burgeoning China from establishing dominance in some industries, Gutierrez told NPR on Friday, "I think it's an ironic goal".

Beijing also has announced plans to cut import duties on autos and some consumer goods and to ease limits on foreign ownership in auto manufacturing, insurance and some other industries, though those don't directly address USA complaints.

Western's Weather Wrap: Hot Father's Day Weekend
This also means humidity will be very high throughout the day as well even if you don't get under one of these showers. An approaching cold front probably makes this the last day of sweltering heat.

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