Tuesday, 17 July, 2018
  • Economy
  • China tariffs: What’s behind them, who stands to be hurt?

China tariffs: What’s behind them, who stands to be hurt?

EU is possibly as bad as China’ Trump attacks partners in new ‘unfair trade’ rant Francois Lenoir Reuters
Laurie Berry | 04 July, 2018, 18:27

Those measures have drawn retaliatory tariffs on billions of dollars of U.S. exports from major trading partners including China, the European Union, Canada and Mexico.

"The administration is threatening to undermine the economic progress it worked so hard to achieve", said Chamber President Tom Donohue in a statement.

The European Commission said the United States investigation into auto imports "lacks legitimacy, factual basis and violates global trade rules".

Despite Trump's tariffs on European metals exports and threats to hit the EU's automobile industry, Brussels shares Washington's concern about China's closed markets and what Western governments say is Beijing's manipulation of trade to dominate global markets. On Friday, Canada struck back at USA steel and aluminum tariffs, vowing to impose punitive measures on $12.6 billion worth of American goods until Washington relents.

"On Friday, I announced plans for tariffs on $50 billion worth of imports from China..."

Canada and the US are among the world's largest trading partners, with an estimated $673.9 billion in goods and services exchanged in 2017, with the USA scoring a small surplus ($8.4 billion), according to USA government data.

That came on top of the tariffs on Chinese steel and aluminum that went into effect in late March - measures that prompted Beijing to slap punitive duties on 128 US goods, including pork, wine and certain pipes. "But we don't protect ours and they protect theirs". Its tariffs are meant to deliver pain to American farmers, who overwhelmingly backed Trump in the 2016 election and whose interests are represented by powerful lobbyists and members of Congress.

Canada hits back at USA with tariffs on metals, goods
In recent months, Trump has frequently attacked Canadian trade barriers on agriculture with a particular focus on dairy. Our neighbours down south visiting Canada's biggest tourist attraction say this trade war is hurting both countries.

"I think the European Union - we're going to be meeting with them fairly soon", Trump said.

China is expected to impose a new 25-percent tax on soybeans in July.

CEO Mary Barra has attempted to provide counsel to President Donald Trump, even as his policies have negatively impacted automakers.

White House spokeswoman Sarah Huckabee Sanders said Monday that previous trade deals have hurt the U.S.

Those measures would apply "across sectors of the United States economy", the letter reportedly said. A result is that USA manufacturers will have to pay more for parts and equipment, thereby putting them at a competitive disadvantage to foreign rivals. "They don't want Harley-Davidson getting cute to make $2 more".

The Chamber highlighted vulnerable exports from states that had supported Trump in his surprise 2016 presidential election victory: $2.3 billion in MI steel and aluminum goods as well as autos, $1.7 billion in Pennsylvania steel, iron, coffee and baked goods and $1 billion in Wisconsin cheese, toilet paper and ginseng all face retaliation from USA trading partners.

Austria says to 'protect' its borders after German migrant deal
Miles Teller to play Goose's son in 'Top Gun' sequel

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