Money China just slammed massive tariffs on $34 billion worth of US goods — here's what will get hit

06:26  12 july  2018
06:26  12 july  2018 Source:   businessinsider.com.au

US ramps up its trade war with China, unveiling a $200 billion list of goods for new tariffs

  US ramps up its trade war with China, unveiling a $200 billion list of goods for new tariffs President Donald Trump's administration is nearing the release of a list of $US200 billion worth of Chinese exports to the US that could be subject to a new 10% tariffs.Load Error

China just hit the US with massive tariffs . The list of goods affected by the tariffs includes soybeans, pork, fish, orange juice, and whiskey. Here ' s a rundown of the major goods that will be subject to the new tariffs .

Soon after US President Donald Trump' s imposed a 25% tariff on $ 34 billion worth of Chinese goods , China ' s Ministry of Commerce struck back with tariffs of equal size on some US exports to China .

a close up of Xi Jinping: China's President Xi Jinping and US President Donald Trump.© Provided by Getty China's President Xi Jinping and US President Donald Trump.

    After months of threats and negotiations, the trade war between the US and China officially launched on Friday with both countries imposing tit-for-tat tariffs.

    Soon after US President Donald Trump's imposed a 25% tariff on $US34 billion worth of Chinese goods, China's Ministry of Commerce struck back with tariffs of equal size on some US exports to China.

    It said the first $US34 billion would be followed up by another $US16 billion once the US's second wave of tariffs goes into effect in a few weeks.

    While Trump's tariffs mostly target industrial and tech goods, China is focusing heavily on agricultural products from the US — a move that is likely to not only cause pain to Trump's political supporters, but leave US farmers with fewer options to divert their crops.

    China just recorded the largest trade surplus with the US on record

      China just recorded the largest trade surplus with the US on record <p>In what will do little reduce trade tensions between the two sides, China's trade surplus with the US jumped to $US28.97 billion, larger than the $US24.58 billion recorded in May.</p>Load Error

    China responded to US President Donald Trump' s tariffs with trade restrictions of its own on Friday. The Chinese tariffs will apply to $ 34 billion worth of US exports to China . The list of goods affected by the tariffs includes soybeans, pork, fish, orange juice, and whiskey.

    The Chinese tariffs will apply to $ 34 billion worth of US exports to China . The list of goods hit by the tariffs includes soybeans, pork, fish, orange juice, and whiskey. Here ’ s a rundown of the major products.

    For instance, a US cherry producer told The Washington Post last week that a shipment to China was diverted for further inspection and went bad, resulting in a loss for the US firm. While it's unclear whether the delay was due to the trade fight, it highlights the danger for farmers caused by increased protectionism.

    In response to China's retaliation, Trump on Tuesday released a list of another $US200 billion worth of Chinese goods that could get hit with an additional 10% tariff. China's commerce ministry promised a response should Trump move forward with the additional measures.

    Using the international Harmonized System codes on China's list of products affected by its tariffs, we picked out the major US products that will be affected. Check out the list below:

    Trump administration announces $US200 billion in extra China tariffs

      Trump administration announces $US200 billion in extra China tariffs <p>The US is planning to implement 25 per cent tariffs on a further $US16 billion ($22 billion) worth of Chinese imports within the next fortnight.</p>The office of US Trade Representative Robert Lighthizer has released a list of Chinese products, running to almost 200 pages, that will potentially be hit with a 10 per cent import tax as early as September.

    The Chinese tariffs will apply to $ 34 billion worth of US exports to China . The list of goods hit by the tariffs includes soybeans, pork, fish, orange juice, and whiskey. Here ' s a rundown of the major products.

    China just slammed massive tariffs on $ 34 billion worth of US goods — here ' s what will get hit . The Fed is more worried that Trump's tariffs on Chinese goods could wreck the US economy.

    Meat

    Pork, beef, chicken, duck, and various smoked meats.

    Fish

    Various types of salmon, trout, catfish, carp, tilapia, halibut, plaice, sole, albacore, tuna, herring, cod, haddock, hake, pollock, dogfish, rays, skates, sea bass, fish roe. Also includes frozen fillets of those fish.

    Other seafood

    Lobster, rock lobster, crab, shrimp, prawns, oysters, scallops, mussels, squid, cuttlefish, octopus, snails, clams, abalone, conchs, sea cucumbers, sea urchins, jellyfish, and various aquatic invertebrates. Also includes prepared or preserved preparations.

    Dairy

    Milk and cream of various fat contents, sweetened milk and cream, yogurt, buttermilk, whey, butter, dairy spreads, and various types of cheese.

    Vegetables and other produce

    Potatoes, tomatoes, onions, shallots, garlic, peas, celery, pumpkins, mushrooms, truffles, chickpeas, various types of beans, lentils.

    Nuts

    Coconuts, cashews, almonds, hazelnuts, walnuts, pistachios, and macadamia nuts.

    Fruits

    Figs, oranges, mandarins (including tangerines), grapefruit, lemons, limes, grapes, apples, pears, quinces, apricots, cherries, peaches, plums, cranberries, blueberries, various other types of berries. Also includes dried varieties of apricots, prunes, apples, and others, as well as fresh and frozen orange juice.

    Grains and grain derivatives

    Wheat, corn, rice, sorghum, corn flour, cereal flour, soybeans, and cotton linters.

    Alcohol

    Ethyl-alcohol spirits, whiskeys, and brewing/distilling dregs.

    Dog and cat food

    Tobacco products

    Raw tobacco, cigars, cigarettes, and waterpipe tobacco.

    Cotton

    Vehicles

    Certain types of electric cars, hybrid cars, small-engine vehicles, and gearboxes for motor vehicles.

    How China could hurt US once it ran out of imports to tax .
    <p>Some of those steps might hurt China's own interests. But Beijing might still be willing to deploy them, at least temporarily, if its trade war with Washington were to drag on.</p>In his trade war with China, President Donald Trump wields one seeming advantage: The United States could ultimately slap tariffs on more than $500 billion in imported Chinese goods. Beijing has much less to tax: It imported just $130 billion in U.S. goods last year.

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