How Much Could Trump's Multibillion Tariffs Really Cost China?
25 March, 2018, 01:44 | Author: Clarence Schmidt
Agricultural communities across the USA fear escalating trade tensions will increase prices of US goods overseas and harm their business.
China's commerce ministry warned that a 15 percent tariff on 120 goods worth nearly $1 billion - including fresh fruit, nuts and wine - would be imposed if the United States fails to reach a "trade compensation agreement" within an unspecified timeframe.
Cui added that the USA accusation of China's trade practices, as well as that on intellectual property rights, for instance, is groundless.
The White House has also said that America's massive trade deficit with China is estimated to have resulted in about two million job losses in the US. "Do not underestimate China's determination and capacity to safeguard its legitimate interests, and the price that the U.S. will have to pay for its arbitrary and reckless behaviour", she said.
But his actions provoked a belligerent response from China's embassy in Washington, which vowed Beijing would "fight to the end" in any trade war with the United States. It plans a 25% tariff on US pork imports and 15% tariffs on American steel pipes, fruit and wine, the statement said. But the specter of more lingers on the horizon.
USA apple growers just got their foot in the door in China in 2015, and the country is now their 10th-largest market, with demand growing.
That threat has led to a decline in futures for soy beans, among other products, at a time American farms are already struggling.
The United States exported 275,000 tonnes of fresh pork to China previous year, generating $488 million in sales, ABPA said citing data from Trademap.
"We have repeatedly told the USA side that steel and aluminum imports from its ally Japan will not adversely affect America's national security, and that Japan should be excluded", said Chief Cabinet Secretary Yoshihide Suga. And they worry that state-supported Chinese companies unfairly compete with their own businesses internationally.
In other cases, technology transfers are a precondition of doing business in China.
In a retaliatory move, China unveiled plans yesterday to impose higher tariffs on United States dollars 3 billion worth of American goods including pork and pipes in retaliation to USA tariffs on steel and aluminium imports from Beijing.
That's why the administration initially announced that its steel and aluminum tariffs would apply worldwide.
According to the presidential memorandum, Trump has directed the US Trade Representative Robert Lighthizer to publish a list of proposed Chinese goods that could be subject to tariffs in 15 days, while the US Treasury Department will have 60 days to propose restrictions on Chinese investment in the US.
"China has cheated, stolen and bullied American industry on trade for decades, causing massive economic wreckage to workers, employers and communities across America in the process". Washingtonreports different figures that put the gap at a record $375.2 billion.
The Chinese picked USA farm exports because they would affect the largest number of people and make Trump unpopular ahead of a midterm election.
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