Trump escalates China trade war with extra tariffs
Trump escalates China trade war with extra tariffs
Trump calls for tariffs on additional $200B in Chinese goods as trade war ramps up | TheHill
19 June, 2018, 12:12
Things have changed overnight after President Trump upped the ante by threatening another $200bn worth of tariffs at a 10% rate on a whole new raft of Chinese goods and services, if China went ahead with their retaliation measures.
In a statement yesterday, Trump said that he had ordered US Trade Representative (USTR) Robert Lighthizer to identify a second tranche of goods imported from China for tariffs of 10 per cent.
Global stocks slid on Monday and U.S. oil prices slumped after U.S. President Donald Trump announced tariffs on Chinese goods and Beijing responded with similar measures in an escalating trade dispute.
The US "practice of extreme pressure and blackmail departed from the consensus reached by both sides during multiple negotiations and has also greatly disappointed worldwide society", it said.
Some companies have reported Beijing is meeting with Chinese businesses to discuss shifting contracts for usa goods and services to suppliers from Europe or Japan, or to local Chinese firms, Parker said.
"If the USA becomes irrational and issues this list, China will have no choice but to adopt strong countermeasures of the same amount and quality", the ministry statement said.
"China apparently has no intention of changing its unfair practices related to the acquisition of American intellectual property and technology", Trump said in a statement.
The latest salvo came as Trump seeks to convince USA lawmakers to let Chinese telecom company ZTE Corp. remain in business.
Trump had already warned at the time of "additional tariffs" should Beijing hit back with tit-for-tat duties on American goods.
Trump's latest move, as Washington fights trade battles on several fronts, was unexpectedly swift and sharp.
"If China increases its tariffs yet again, we will meet that action by pursuing additional tariffs on another USD200 billion of goods". He added that China is a "predatory economic government" that is "long overdue in being tackled", matters that include IP theft and Chinese steel and aluminum flooding the US market.
Then China followed suit, unveiling 25 per cent duties on US$50 billion in USA imports - matching the U.S. rates.
The fact that America imports more from China will make it harder for Beijing to match Trump's attacks, according to Derek Scissors, a resident scholar at the conservative American Enterprise Institute in Washington who focuses on China.
The dollar fell 0.45 percent to 110.06 yen following Trump's tariff comments. That means things like tourism and education, industries from which the United States benefits a lot more than China does.
Derek Scissors, a China scholar at the American Enterprise Institute, a Washington think tank, said that means China will soon run out of imports of US goods on which to impose retaliatory tariffs.
Are US and China on the brink of a trade war? "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.
Last week, however, the Trump administration announced tariffs on 1,102 separate categories of Chinese products, to go into effect on July 6.
"Everyone knows. China is the main perpetrator", he said.
Steps being considered include relocating staff to places like Dallas, reorganizing workers, and eliminating some departments. As part of her work at OMB, she has worked with Treasury Department Counselor Craig Phillips on Trump's review of the U.S.
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