Trump Announces New Taxes on TVs and Air Conditioners
Trump Announces New Taxes on TVs and Air Conditioners
There are fears a trade war could hammer the global economyMore
12 July, 2018, 00:46
Earlier on Tuesday, the Trump administration unveiled a list of Chinese exports, worth some $200 billion, that it plans to slap with 10 percent tariffs.
China's commerce ministry said it was "shocked" by Washington's latest move, which comes just days after both countries imposed tit-for-tat tariffs on $34 billion of each other's goods, and ups the ante in a heated trade dispute that has rattled global financial markets.
The tariffs could take effect after public consultations end on August 30, according to a statement from the U.S. Trade Representative's office Tuesday.
On Friday, the United States imposed 25-percent tariffs on around $34 billion in Chinese goods, sparking an immediate dollar-for-dollar retaliation from Beijing.
The Trump administration said the new levies are a response to China's decision to retaliate against the first round of US tariffs.
The Trump administration is readying tariffs on another $US200 billion of Chinese imports - ranging from burglar alarms to mackerel - escalating a trade war between the world's two biggest economies.
"Rather than address our legitimate concerns, China has begun to retaliate against USA products ..."
The threat of additional tariffs on $200 billion worth of goods "would mean that around half of Chinese exports of goods to the US would face significant USA punitive tariff measures", Rajiv Biswas, Asia Pacific Chief Economist at IHS Markit, said in a note.
China's Commerce Ministry has vowed to retaliate to the countermove. "There is no justification for such action", he said in a statement.
"Tonight's announcement appears reckless and is not a targeted approach", said Senate Finance Chair Orrin Hatch in a statement.
That prompted fears it might go beyond matching Washington's duty increases by disrupting operations for United States companies in China.
The chairman of the Senate Judiciary Committee appeared on CNN's "New Day" Wednesday morning and told Alysin Camerota that recent Chinese tariffs targeting US exports of soybeans and corn had a profound effect on his state.
"It is a chaotic time in global trade", said Mr. Li.
China gave no details, but it has plenty of options to retaliate that could extend beyond additional tariffs on U.S. imports.
There is a two-month period of public comment on the latest proposed list before the tariffs get imposed. "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.
By Mark Burton and Lucca de PaoliThe U.S. election of Donald Trump lit a fire under metals markets in 2016 as investors took a liking to his pro-business agenda.
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China will counterattack US tariffs
In this July 4, 2018, photo, a robot from Chinese search company Baidu welcomes visitors to a developer event in Beijing , China. Both the U.S. and China are expected to expand their tariff measures to cover goods worth a total of 50 billion dollars.