USA to list tariffs on another US$200 billion of Chinese products
USA to list tariffs on another US$200 billion of Chinese products
Canola is an “imperfect substitute” for soybeans
Mike Drew Postmedia
11 July, 2018, 04:25
The Retail Industry Leaders Association, a lobby group representing the largest US retailers, said: "The president has broken his promise to bring 'maximum pain on China, minimum pain on consumers'".
Stock futures fell and yields on 10-year Treasuries declined on concern of a widening trade war.
It also noted that the profits from reciprocal tariffs will mainly be used to minimize the damage to Chinese enterprises and their employees.
Trump last week said the United States may ultimately impose tariffs on more than US$500 billion worth of Chinese goods - roughly the total amount of USA imports from China past year.
Just after midnight on July 6, the United States began collecting 25 percent tariffs on $34 billion in imports from China.
In addition, the U.S.is considering separate duties on a further US$16 billion in Chinese goods, after a public hearing later this month. He added the USA is ready to target an additional $200 billion, and then $300 billion more should Beijing retaliate. Orrin Hatch, R-Utah, chair of the Senate Finance committee.
Beijing thus far has vowed to respond in kind to any USA trade action. "There is no justification for such action".
The senior administration official blamed China for the intensifying commercial conflict between two nations that account for roughly 40 percent of the global economy.
"Consumers, businesses and the American jobs dependent on trade, are left in the crosshairs of an escalating global trade war", said Hun Quach, the head of worldwide trade policy for the group.
The new duties are "a reckless strategy that will boomerang back to harm US families and workers", said David French, the National Retail Federation's senior vice president for government relations.
The U.S. Chamber of Commerce, which has supported Trump's tax cuts and efforts to reduce regulation of businesses, also criticized the administration's move.
"We expect this will have a meaningful impact on US consumer inflation as well as a meaningful drag on US GDP growth", he said in an interview, citing the Chinese government's pledge to retaliate against new US duties. "Unfortunately, China has not changed its behavior - behavior that puts the future of the USA economy at risk".
"Xi Jinping and the Communist Party do not face midterm elections in November", Rank said of the Chinese president, who is no longer bound by term limits.
The Washington Post's Danielle Paquette reported from Beijing.
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