Monday, 10 December, 2018

Trump slaps tariffs on $200 bln in Chinese goods

Trump administration expected to announce new China tariffs sharply escalating trade fight Trump to slap 10% tariff on $200 bn of Chinese goods ,Beijing to retaliate
Laurie Berry | 18 September, 2018, 13:43

Alleging that China has been unwilling to change its unfair trade practices, Trump said the new additional tariff structure would be effective September 24 from when it would be at 10 percent until the year end, but would increase to 25 per cent level from January 1.

If China retaliates for the latest USA duties, Trump threatened Monday to add a further $267 billion in Chinese imports to the target list.

Trump, who had already imposed 25 percent tariffs on $50 billion of Chinese goods, said a week ago that he would be adding tariffs on another $200 billion in goods and had tariffs on another $267 billion in Chinese imports "ready to go on short notice if I want".

The United States will spare Apple's Watch and other consumer gadgets from the latest round of tariffs on Chinese goods, a senior administration official has said in a last-minute reprieve for the technology industry.

President Trump defended his mercantilist policy on Monday, tweeting that "Tariffs have put the U.S. in a very strong bargaining position, with Billions of Dollars, and Jobs, flowing into our Country - and yet cost increases have thus far been nearly unnoticeable".

The administration is targeting a bewildering variety of products - from sockeye salmon to baseball gloves to bamboo mats - forcing USA companies to scramble for suppliers outside China, absorb the import taxes or pass along the cost to their customers.

In Beijing, China's commerce ministry was unusually silent in the hours after the United States tariff announcement, as China's vice premier Liu He reportedly held a meeting to decide on Beijing's response. Then last month, the escalating trade war moved up a gear when the USA brought in a 25 percent tax on a second wave of goods worth $16b.

"China is likely to reject the invitation from the U.S. Treasury for the new round of trade talk", OCBC Bank also said in a note on Tuesday.

"China may potentially pull out of trade talks entirely and escalate on the new front of outright export restrictions", analysts at JPMorgan told clients.

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"After a thorough study, the USTR concluded that China is engaged in numerous unfair policies and practices relating to United States technology and intellectual property - such as forcing United States companies to transfer technology to Chinese counterparts", Monday's statement read.

The week started with early morning tweets from Trump claiming the cost increases due to the tariff spat have been "unnoticeable" and any country not making fair deals will be "tariffed".

Overnight, president Donald Trump announced a new 10% tariff of $200bn on Chinese goods arriving in the U.S. from next week.

In a victory for Apple and its United States customers, smart watches and some other consumer electronics products were removed from the latest list. I think that kind of tactic is not going to work with China.

While this may seem like good news for Apple, China is still threatening retaliation that could be "fairly devastating" to American companies, like Apple.

China's yuan currency slipped 0.3 per cent against the USA dollar in Asian tratode on Tuesday.

The US Trade Representative's office eliminated 297 product categories from the proposed tariff list, along with some subsets of other categories.

Technology and retail groups had argued that the tariffs would hit consumers hard. Cook last month dined with President Donald Trump and First Lady Malania Trump at Trump's New Jersey golf club. By disrupting supply chains, eroding business confidence and heightening uncertainty, a trade war, they say, could "push the economy toward full-blown recession" and jeopardize America's economic expansion - the second-longest on record.

An official Chinese newspaper called for more aggressive measures to "make American pain worse" following tariff hikes by both sides on $50billion of each other's goods.

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