USA may list tariffs on $200 billion more Chinese products
USA may list tariffs on $200 billion more Chinese products
US to impose tariffs on $200 billion Chinese imports
12 July, 2018, 16:41
Following the introduction of reciprocal tariffs on $34 billion of the others imports on Friday, the U.S., as promised, has announced a newlist of 6,000 Chinese goods, totaling $200 billion, that may be hit with additional 10% tariffs by the end of next month.
The move comes after the United States imposed 25% tariffs on Chinese goods worth $34 billion last Friday. "In order to safeguard the core interests of the country and the fundamental interests of the people, the Chinese government will, as always, have to make the necessary counter-measures".
Scott Lincicome, a trade lawyer for the group Republicans Fighting Tariffs, said tariffs on $200 billion would amount to a "multibillion-dollar tax on American businesses and families" and prompt China to retaliate against American exporters.
The Wall Street Journal, citing unnamed Chinese officials, said Beijing was considering holding up licenses for USA companies, delaying approvals of mergers involving US firms and stepping up border inspections of American goods.
"When exposing and criticizing American words and actions, be careful not to link it to Trump and instead to aim it at the US government", a memo based on verbal instructions from government officials reads.
"We can not turn a blind eye to China's mercantilist trade practices, but this action falls short of a strategy that will give the administration negotiating leverage with China while maintaining the long-term health and prosperity of the American economy", Hatch said in a statement. China announced a $3 billion list of USA goods including pork, apples and steel pipe on Friday that it said may be hit with higher tariffs. "Rather than altering those practices, it is now threatening United States companies, workers, and farmers who have done nothing wrong".
A big part of Trump's beef with Beijing is America's large trade deficit with the Chinese - China sends far more goods to America than America sends to China.
'Tonight's announcement appears reckless and is not a targeted approach, ' Senate Finance Chairman Orrin Hatch said.
Investors have been particularly anxious that the trade row could harm an already slowing Chinese economy in a blow to global investment and growth.
South Korea's trade ministry said in a statement that the trade war could be "prolonged and spread", adding that it would prepare responses and scenarios to cope with the economic impact of the trade row. Each side is planning tariffs on a further US$16 billion in goods that would bring the totals to US$50 billion.
It stems from Washington's complaint that Beijing steals or pressures companies to hand over technology and worries that plans for state-led development of Chinese champions in robots and other fields might erode American industrial leadership.
A final decision on the products to be hit with the new tariffs is expected following a consultation period in August.
The new list published on Tuesday targets many more consumer goods than those covered under the tariffs imposed last week, raising the direct threat to consumers and retail firms.
On Wednesday, China's main stock index lost 1.8 percent and Japan's market benchmark fell 1.1 percent.
As with previous rounds of tariffs, the new list takes special aim at "Made in China 2025" products.
And now China is ready to slap tariffs on American goods like French doors.
"The outburst of large-scale mutual levying of tariffs between China and the United States will inevitably destroy Sino-US trade", said the assistant minister of commerce Li Chenggang.
"In part because they have only limited ammunition and in part because it's still early in the process on the USA side", Kuijs said. During a visit to Germany this week by Chinese Premier Li Keqiang, the countries signed business deals worth more than US$23 billion.
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