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Trump imposes tariffs on $200B more of Chinese goods

18 September, 2018, 10:46 | Author: Sara Gill
  • The Donald Trump administration is for the first time publicly planning for a trade spat that drags into 2019 and possibly beyond

But China said it would turn down the offer if the U.S. went ahead with more tariffs, CNN said. "I think that kind of tactic is not going to work with China", Fang Xinghai, vice chairman of China's securities regulator, said at a conference in the port city of Tianjin.

"Collection of tariffs on the long-anticipated list will start September 24 but the rate will increase to 25 percent by the end of 2018, allowing United States companies some time to adjust their supply chains to alternate countries, a senior administration official said".

China's foreign ministry said Monday it would strike back at the USA if Washington moved forward with new tariffs on $200 billion of its exports. Instead, we are now awaiting China's retaliation.

Vice Premier Liu He was set to convene a meeting in Beijing on Tuesday morning to discuss the government's response, Bloomberg News reported, citing a person briefed on the matter.

Victoria University professor Siah Hwee Ang, an expert in Asian trade, forecast China would retaliate to the latest U.S. tariffs within days.

"If the tariffs go to 25 percent at the beginning of the year, you will have had nearly six months to get your business ready for that", a senior administration official told reporters on Monday.

The tariffs will rise to 25 percent on January 1 of next year.

Amazon fell 3.2 per cent following a Wall Street Journal report that the company was probing employees suspected of leaking data in exchange for bribes.

Prices on washing machines jumped 20 per cent in the months following Trump's decision to impose tariffs on imported washers.

The U.S. Treasury had invited Chinese officials, including President Xi Jinping's top economic adviser, to attend talks in Washington this week. Washington remains open to negotiations but China must show it's seriously willing to make systemic economic changes, the senior administration officials said on Monday. It will cost jobs and economic growth even though China is now far less reliant on exports than it once was. Last week Mr. Trump told reporters such a move could come "very soon".

"For months, we have urged China to change these unfair practices, and give fair and reciprocal treatment to American companies", said President Trump. China has said it's ready to impose retaliatory tariffs on USA goods.

The U.S. has complained that Beijing forces American companies doing business in China to transfer technology and intellectual property.

Trump has reversed decades of US policy in favor of ever-freer trade.

Heaping more duties on Chinese goods will only further distance Beijing from negotiating an end to the escalating conflict, according to one of the people.

China's yuan currency slipped 0.3 percent against the USA dollar in Asian trade on Tuesday. But, the official said, they will exclude some consumer electronics such as smart watches and Bluetooth devices as well as health and safety products such as high chairs, bicycle helmets, child vehicle seats and playpens.

But a fresh report published today by Bloomberg says that various high-tech items will be excluded from the final list of $200 billion worth of Chinese imports subject to the 10% tariff.

Also spared from the tariffs were Chinese inputs for USA -produced chemicals used in manufacturing, textiles and agriculture. The National Association of Chemical Distributors released a study this month that predicted almost 28,000 chemical distributor and supplier jobs would be eliminated because of higher prices from the $200 billion round of tariffs.

Many US businesses have warned that a new rounds of tariffs would threaten to increase prices of everyday goods for Americans - goods as varied as baby seats and bikes.

Farmers, manufacturers, retailers and other industry groups have formed a coalition to oppose the tariffs, calling them taxes on American families.

Still, Trump said tariffs had put the United States "in a strong bargaining position", alluding to upcoming talks with Canada in an attempt to complete a renegotiation of the North American Free Trade Agreement, and to a scheduled-but-tenuous round of talks with China next week.



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