Trump threatens extra tariffs on US$200b of Chinese goods
20 June, 2018, 02:56 | Author: Sara Gill
Beijingsaid on Tuesday it will use "quantitative and qualitative" measures to hit back at US President Donald Trump's act of "blackmail" in threatening to impose tariffs on US$200 billion worth of Chinese products.
"Such a practice of extreme pressure and blackmailing deviates from the consensus reached by both sides on multiple occasions, and is a disappointment for the worldwide community", the ministry said in a statement on Tuesday.
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.
People in those swing states are taking notice. China threatened to retaliate, leading Trump to propose broader penalties. He said he would pursue additional tariffs on another $200 billion worth of goods, for a grand total of $450 billion.
The Dow Jones industrial averaged dropped 410 points, or 1.6 percent after the opening bell on worries that the tit-for-tat tariff threats between the United States and China may turn into an all-out economic brawl.
In response, China announced tariffs on $34bn of U.S. goods including agricultural products, cars and marine products which will also take effect from 6 July. Neither of those tariffs have gone into effect yet. "China's government will step up an already intensive effort to determine whether Trump has the political strength to carry out his threats, while working to maximize pressure on U.S. interests to force him to back down and accept a compromise". But the lopsided status of U.S. What's more, unlike Trump's other trade spats, there are (arguably) real national interests at stake in his showdown with China.
Trump "wants to fight a trade war with China, but he hopes to control the scale of the trade war in a way that China does not fight back, so he can ... show that his hardline policy works", it said.
By slapping tariffs on trade between the two nations, Bardole says both countries are going to feel pain. "We should be creating more jobs, not wiping them out", said Kip Eideberg, vice President for public affairs and advocacy at the Association of Equipment Manufacturers. That means things like tourism and education, industries from which the United States benefits a lot more than China does. China is following a similar schedule.
It was not immediately clear when the new tariffs could be put in place, as the trade office has yet to identify the Chinese goods to be penalized or conduct a legal review.
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Good morning, and welcome to our rolling coverage of the world economy , the financial markets, the eurozone and business. In April, Washington said it will impose 25 percent tariffs on 1,300 Chinese goods that are worth $50 billion.
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