Home » Money

Trump targets another $200 billion in China imports with tariffs

20 June, 2018, 02:47 | Author: Sara Gill
  • Crude Oil

The escalating US-China trade war is hitting trader sentiment as US President Donald Trump threatens to impose tariffs on $200 billion of Chinese goods and China says it will retaliate.

Trump said he would impose a 10 percent tariff on $200 billion of Chinese goods, following levies on $50 billion worth of Chinese imports enacted last week.

"If China increases its tariffs yet again, we will meet that action by pursuing additional tariffs on another $200bn of goods".

China could be prompted to react in other ways.

But it can only go so far.

This comes after the US slapped 25 percent duties on $50 billion worth of Chinese imports.

"Investors are anxious the U.S. may impose further restrictions on Chinese tech and Internet products and cause greater uncertainty for the domestic economy", said Zhang Gang, Shanghai-based strategist with Central China Securities Co.

The ratcheting up of tensions is a blow to sentiment in the struggling US$7.2 trillion equity market, where turnover has been dwindling on concern the trade dispute will hurt China's already-slowing economy.

The impact on Apple's upcoming product releases could be tremendous.

Importers said they had been told that the checks were merely "technical" in nature. Apple and the White House were not immediately available for comment.

"If [Trump] continues to double down on trade with China.it may dampen the euphoria - and predictability - that corporate America enjoyed after last year's tax cuts and regulatory reform".


Getting licences to operate in certain sectors could also get more hard.

Jimmy Goodrich, vice president of global policy for the Semiconductor Industry Association, said chipmakers could be forced to pay tariffs on their own products simply for doing a small portion of the work in China.

But neither the Chinese government nor Chinese society would "endure his blackmail", it said. The S&P 500 was off more than 1%. "If that is immediately eroded, it is nearly impossible to get back", Parker said.

Beijing could also seek to make life hard for big United States companies that rely on the Chinese market for a big chunk of their revenue.

Beijing also drew up a second list of $16 billion in chemical and energy products to hit with new tariffs, though it did not announce a date for imposing them. "Look, I have always said a trade deficit doesn't matter", former Trump advisor Gary Cohn said at a Washington Post event last week. The 2015 yuan devaluation led to months of capital outflows that Chinese authorities fought to stem, a memory that is not too distant.

Three-quarters of the tilapia imported in the United States comes from China. As of March, China held US$1.188 trillion of U.S. government bonds, the highest since October 2017. "If we lose trade to China, our neighbors to the south will be glad to take up that trade", says John Heisdorffer, a soybean producer from Iowa and president of the American Soybean Association.

The ongoing trade dispute between the United States and China knocked the yuan to 6.4660 per dollar, its weakest in more than five months in the offshore market. "We do our best to call out unfair economic behaviors as well". It showed a willingness to do that to South Korean businesses previous year during a period of tension between the two Asian countries. Jacob Parker, vice president of China operations at the U.S.

Chinese tourism to the United States may also suffer as tour operators reduce US-bound offerings.

Ironically it is Intel's $12.5 billion revenue from the United States that is at risk.

China was unlikely change its industrial policies in response to the US trade threats, he said. Only Canada sent the United States more seafood past year ($3.3bn worth).

Recommended:

  • Yemeni forces reach surroundings of Hodeidah airport

    Yemeni forces reach surroundings of Hodeidah airport

    The Houthis suffered 30 fatalities yesterday in clashes near Hodeida airport south of the city, medical sources told AFP . Retaking the port "means that the Houthis will no longer be able to impose their will at the barrel of a gun", the U.A.E.
    23-Foot Python Swallows Woman As She Gardens

    23-Foot Python Swallows Woman As She Gardens

    In a similar occurrence, a man was also reportedly swallowed by a snake at a palm oil plantation in West Sulawesi in March 2017. The body of an Indonesian woman was cut from the belly of a 23-foot python after it devoured her, officials have confirmed.
    Two Kansas City Sheriff's Deputies Dead Following Shooting

    Two Kansas City Sheriff's Deputies Dead Following Shooting

    The year before, Wyandotte County Sheriff's Deputy Scott Wood was shot at a convenience store but survived. Officials identified the deputies that died in the shooting as Patrick Rohrer, 35, and Theresa King, 44.
  • Sanford loss magnifies 'Trump effect' on GOP primaries

    Sanford loss magnifies 'Trump effect' on GOP primaries

    The hosts were discussing Donald Trump critic Mark Sanford's defeat Tuesday in South Carolina's first congressional district. James Smith is the front-runner, spending 22 years in the South Carolina House before stepping aside for a run for governor.
    Germany can still win World Cup, insists Werner

    Germany can still win World Cup, insists Werner

    It was yet another day in the FIFA World Cup 2018 in which the big guns failed to fire. "We already have a wall". "It's me Angela. Timo Werner insists Germany can still win the World Cup despite losing the opening game of their title defence 1-0 to Mexico .
    Trump nominated for Nobel Peace Prize after North Korea summit

    Trump nominated for Nobel Peace Prize after North Korea summit

    In the US , the gap widens with President Trump showing a 100-point jump to Kim Jong-un's 37-point increase. He was the second oldest person to assume the USA presidency when he took office in 2017.
  • Did Beyoncé Start the Countdown to 'Everything Is Love' at Coachella?

    Did Beyoncé Start the Countdown to 'Everything Is Love' at Coachella?

    Beyonce and her husband Jay-Z have released a surprise joint album called Everything Is Love on streaming service Tidal . In the album , the couple can be heard opening up about everything from the love child rumour to the cheating scandal.
    Million OnePlus 6 Devices Were Sold Within a Month

    Million OnePlus 6 Devices Were Sold Within a Month

    The offers include Rs 2,000 cashback on Citibank Credit & Debit cards and no-cost EMI on all popular banks for three months. As for Amazon .in, anyone who bought a OnePlus 6 before June 5 will receive three referral codes to their registered email.
    Countdown for Taliban ceasefire begins

    Countdown for Taliban ceasefire begins

    Nobel Peace Prize laureate Malala Yousafzai speaks during an interview with Reuters at a local hotel in Islamabad on March 30. The Pakistani Taliban is a separate group to the Afghan Taliban, which the US has been battling since 2001 in Afghanistan.
  • Trump protests as his former campaign chief is jailed for witness tampering

    Trump protests as his former campaign chief is jailed for witness tampering

    Manafort is accused of hiding the money earned in Ukraine from the Internal Revenue Service and obtaining fraudulent bank loans. Yanukovych detailing his campaign to convince members of Congress, the State Department and the Western news media that Mr.
    Veteran journalist shot dead in India-held Kashmir

    Veteran journalist shot dead in India-held Kashmir

    Several journalist bodies condemned the killing and demanded swift action against the forces responsible for his killing. The journalist had been given five security guards by the government after a murder attempt in 2000.
    EU, UN urge Italy, Malta to let in drifting migrant ship

    EU, UN urge Italy, Malta to let in drifting migrant ship

    Late Monday afternoon, Italian Prime Minister Giuseppe Conte called a cabinet meeting this evening to discuss the issue. All three ships would then sail to the Spanish port of Valencia on a voyage expected to take four days.


Popular

Rapper XXXTentacion dead after being shot in Florida
Despite his legal troubles, XXX has found success in the entertainment industry with his last album debuting at #1. No arrests have been made in the shooting, and investigators haven't named any suspects.

USA 'to quit United Nations human rights council'
Added Kenneth Roth, the executive director of Human Rights Watch: "All Trump seems to care about is defending Israel". Rights groups have criticized the Trump administration for not making human rights a priority in its foreign policy.

17 killed in stampede after brawl at crowded Caracas club
Witnesses said a minor , one of seven people detained in the incident, is suspected of setting off the tear gas. A Venezuelan flag flies on top of a building in Caracas, Venezuela, on Friday, June 15, 2018.

Twitter reacts to Uruguay's game-winning header in 89th minute
With a victory, Uruguay could reach the next stage with a game in hand against host Russian Federation on June 25. If not - and it's most likely that Uruguay win - Egypt's match against Russian Federation will be enormous.

New GOP plan: Hold kids longer at border, but with parents
The Trump administration's new policy is not simply to arrest everyone caught crossing the border in between ports of entry. In their evening meeting, Trump and House Republicans were expected to discuss two bills scheduled for votes on Thursday.

U.S. Democrats, activists rally against Trump's family separation policy
Immigration on the southwest border has remained high since the zero-tolerance policies took effect. The issue is causing a growing political storm for the Trump administration.

Brazil coach Tite adored for turning around national team
On the other hand, Mexico produced the first big upset of the 2018 World Cup with a 1-0 win over defending champions, Germany with Hirvng Lozano scoring the only goal.

Sri Lanka delay play in West Indies Test amid ball-tampering row
Second time around the tourists lost Kusal Perera for 20 en route to 34 for one - a deficit of 13. The ICC tweeted the news on Sunday, saying more details would follow.

Trump's personal lawyer Cohen loses bid for quick Avenatti gag order
Attorney's Office in the Southern District of NY said that one of the devices contained approximately 315 megabytes of data. Otero declined to grant Cohen emergency relief, setting a briefing schedule Friday that begins in late June.

A Hairdresser In Serbia Has Gone Viral For His 'Lionel Messi' Haircuts
The beauty of Messi is that he captivates his audience in a way that's never been done before. Ronaldo is a player who needs to know that his peers consider him to be the best.