Trump targets another $200 billion in China imports with tariffs
20 June, 2018, 02:47 | Author: Sara Gill
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 saidhe 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).
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