China strikes back with tariffs on $60 billion of USA goods

Alicia Cross
September 20, 2018

Trump has said that any retaliatory action from China will be greeted by tariffs on an additional $267 billion worth of goods - a figure which nearly certainly impact the iPhone and just about another smartphone entering the United States market.

China yesterday retaliated against new USA trade tariffs, raising the risk thatPresident Donald Trump could soon impose duties on virtually all Chinese goods that America buys.

The trade tension between the United States and China escalated as Trump announced on September 17 that his administration would proceed with imposing tariffs on an additional $200 billion in Chinese goods. Kevin Hassett, the chairman of Trump's Council of Economic Advisers, said he expected that U.S.

A prolonged trade war between the United States, the world's largest economy, and China, the second-largest, would ripple through the rest of the globe, potentially affecting economies from Buenos Aires to Istanbul.

Trump imposed 25 percent duties on $50 billion of Chinese products in July.

Where Trump has made things complicated has been his failure to articulate exactly what the US wants and how it wants to get there, Massot said.

"They're definitely going to move jobs", Murphy said. "China has been taking advantage of the United States for a long time and that's not happening anymore".

This might not be the most accurate read on Trump - one of his only core beliefs seems to be that America is getting ripped off by its trading partners - but it still make a modicum of sense.

He said China rebuilt itself with the "tremendous amount" of money pouring out of the US.

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China's Foreign Ministry said it will respond to Trump's latest round of tariffs with duties on more than 5,200 types of American imports, including industrial parts, chemicals and medical instruments.

The Global Times tabloid, which is affiliated to the People's Daily, said the trade war was a chance to pursue greater global recognition of its financial markets and that it could open its A-share market more to listings by Western firms.

While officials said the impact on the USA economy has been minimal, firms across the country have reported lost business, layoffs and possible bankruptcies as input costs rise.

"It's not only China that is trying to understand what the American president is trying to do", she said. "There are many legitimate trade concerns US companies have in the global marketplace, but tariffs are unwieldy and often counterproductive to address those problems". "Many Chinese officials think President Trump isn't ready to cut a deal, is bashing China now to appeal to his political base, and may be more willing to negotiate after the elections".

And Trump's behaviour may have pushed China to compromise on vital issues - such as access to its market and intellectual property - more than it would have under a less-disruptive president, says Massot.

China has a smaller target to aim for in response: it bought around $130 billion of USA products past year, according to United States government figures.

Lou Jiwei, who retired as finance minister in 2016 but is still the head of the country's social security fund, suggested Sunday that China could deliberately disrupt American companies' supply chains by halting the export of crucial components mostly made in China.

"China wants to come over and talk".

The foreign ministry spokesman, Geng Shuang, criticized "U.S. threats, intimidation and blackmail". The administration is targeting a bewildering variety of goods - from sockeye salmon to baseball gloves to bamboo mats - forcing US companies to scramble for suppliers outside China, absorb the import taxes or pass along the cost to their customers.

Other reports by Free-Prsite

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