World China Vows Fightback Against Trump’s Proposed $200 Billion Tariff Threat

18:07  11 july  2018
18:07  11 july  2018 Source:   msn.com

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

The Trump administration raised the stakes in the growing trade dispute, threatening 10 percent tariffs on a list of $ 200 billion worth of Chinese imports, sending Beijing has said it would hit back against Washington' s escalating tariff measures, including through "qualitative measures," a threat that U. S

President Trump ’ s latest round of tariffs against China , totaling approximately $ 200 billion , substantially raises the stakes for Beijing and could push the two countries’ trade war into a new phase, beyond the tit-for-tat duties seen so far.

China vowed to fightback against the Trump administration’s plans to impose tariffs on an additional $200 billion in Chinese goods, escalating a trade war between the world’s two biggest economies. 

Beijing described the latest U.S. move as "totally unacceptable" bullying, and urged other countries to join China to protect free trade and multilateralism. China promised to lodge complaints at the World Trade Organization but didn’t detail what its retaliatory measures would be. 

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  China just slammed massive tariffs on $34 billion worth of US goods — here's what will get hit President Donald Trump and China are engaged in a nasty trade war, with both sides hitting the other with large tariffs on a variety of goods.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.

DONALD Trump has threatened to impose new tariffs on an additional $ 200 bn (£151bn) of Chinese goods in an escalating trade row. Its commerce ministry said the country would take "qualitative" and "quantitative" measures and " fight back firmly" against any additional tariff measures by the US

The Trump administration escalated a mounting trade war with China on Tuesday by publishing a list of $ 200 billion worth of Chinese goods that it proposes to hit with an additional 10 percent tariff .

"China is shocked at the U.S. action," the Commerce Ministry said in a statement on its website Wednesday. "To protect the core interests of the nation and its people, China’s government is, as in the past, forced to retaliate." 

The response came hours after the Trump administration released a proposed list of thousands of products on which it plans to impose 10 percent tariffs, ranging from vacuum cleaners and windshield wipers to sterling silver spoons and badger hair. The U.S. omitted some high-profile items like mobile phones. 

The news sent markets skidding in Asia as Chinese stocks tumbled and the yuan weakened.

a screenshot of a cell phone © Bloomberg   

If the proposed tariffs go into effect after public consultations end on Aug. 30, duties implemented by the administration aimed squarely at China will cover nearly half of all U.S. imports from the Asian nation.

Global economy 'under threat'

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U. S . President Donald Trump threatened to impose a 10 per cent tariff on $ 200 billion of Chinese goods and Beijing warned it would retaliate , in a WATCH: China vows to ‘ fight back ’ if Trump raises trade tension.

Trump makes good on threat — $ 200 billion in new tariffs on China . GOP senator calls move ‘reckless’; Chinese officials urge businesses to reduce reliance on U. S . goods. Share this

Some members of Trump’s own Republican party are calling the trade war unwise while American businesses and economists warn it could derail the strongest global upswing in years.

Fresh U.S. tariffs would also come at a time when the Trump administration is seeking Beijing’s help reining in North Korea’s nuclear-weapons program. With little sign of continued formal negotiations, the two powers appear headed toward a protracted trade conflict that may undermine growth and shake up corporate supply chains.

Li Yong, a senior fellow at the China Association of International Trade in Beijing said one retaliatory tactic China could deploy would be a bigger push to attract foreign investment, just not from the U.S.

"The U.S. closed the door for negotiations," Li said. "It’s up to them to open the door again."

U.S. officials argue they had no choice but to move forward on the new tariffs after China failed to respond to their concerns over unfair trade practices and Beijing’s abuse of American intellectual property, according to two senior officials who spoke to reporters. High-level talks between the world’s two largest economies starting in May failed to deliver a breakthrough to head off a trade war.

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.

Trump threatens China with new tariffs on another $ 200 billion of goods. In a separate statement, Lighthizer said that he supported Trump ' s action and that his agency "is preparing the proposed tariffs to offset China 's action."

President Trump escalated his trade war with China Tuesday, identifying an additional $ 200 billion in Chinese products that he intends to hit with import tariffs . The move makes good on the president’ s threat to respond to China ’ s retaliation for the initial U. S . tariffs on billion in Chinese goods

“For over a year, the Trump administration has patiently urged China to stop its unfair practices, open its market, and engage in true market competition,” U.S. Trade Representative Robert Lighthizer said in an emailed statement. “China has not changed its behavior -- behavior that puts the future of the U.S. economy at risk."

The White House move drew immediate condemnation from Senate Finance Chairman Orrin Hatch, a Republican from Utah, who called it “reckless” and not “targeted.”

The Retail Industry Leaders Association, a lobbying group, said U.S. businesses and consumers will lose from the administration’s trade battle. “American retailers and the families we serve barely had time to process the barrage of tariffs implemented last week,” Vice President of International Trade Hun Quach said in a statement. “Now, we will need to grapple with new tariffs on an additional $200 billion worth of imports, which are bound to include even more consumer products and everyday essentials.”

The Trump administration on July 6 imposed 25 percent duties on $34 billion in Chinese imports, the first time the president has implemented tariffs directly on Beijing after threatening to do so for months. The first round of tariffs covered Chinese products ranging from farming plows to machine tools and communications satellites.

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President Trump threatens tariffs on another $ 200 billion in Chinese imports. China ’ s threat “clearly indicates its determination to keep the United States at a permanent and unfair disadvantage,” Trump said Monday.

In turn, China vowed to target key US exports, including soybeans. US Trade Representative Robert Lighthizer in a statement late Thursday called Trump ' s request "appropriate." " China has chosen to respond thus far with threats to impose unjustified tariffs on billions of dollars in US exports

China immediately retaliated with duties on the same value of U.S. goods, including soybeans and cars.

Dollar-for-Dollar

In addition, the U.S. is considering duties on a further $16 billion in Chinese goods, after a public hearing later this month. China has vowed to retaliate dollar-for-dollar to any further U.S. tariffs.

“The internal political dynamics in both countries make it unlikely that either side will stand down and offer conciliatory measures that could deescalate tensions and lead to a resumption of negotiations,” Eswar Prasad, a professor of trade policy at Cornell University, said in an email.

So far, tariffs imposed by the two countries are expected to have a modest impact on growth and inflation, economists estimate. But duties on more than $200 billion in Chinese imports may push the trade war into territory where it begins to bite meaningfully into growth. A full-blown global trade war would shave 0.4 percentage point off world growth, according to Bloomberg Economics.

Trump has been considering tariffs against China since his officials concluded in March that Beijing violates U.S. intellectual-property rights, such as by forcing American firms to hand over technology.

"Rather than address our legitimate concerns, China has begun to retaliate against U.S. products. There is no justification for such action,” Lighthizer said.

— With assistance by Enda Curran, Miao Han, Jenny Leonard, Andrew Mayeda, and Xiaoqing Pi

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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