Tuesday, 18 September, 2018

These U.S.-China tariffs might not be here to stay

Exchange Group offices are seen in the City of London Britain Exchange Group offices are seen in the City of London Britain
Priscilla Morrison | 09 July, 2018, 15:38

"Tariffs are beginning to take a toll on American businesses, workers, farmers, and consumers as overseas markets close to American-made products and prices increase here at home", U.S. Chamber of Commerce President and CEO Thomas J. Donohue said. The Chinese government says it is imposing a 25 percent levy on shipments on soybeans and other agricultural goods in retaliation for US tariffs on Chinese technology.

The Trump administration contends that China has deployed predatory tactics in a push to overtake US technological dominance.

The impacts and the uncertainties any further worsening of the situation would generate for global economic and financial activity could be devastating for economic activity and would also have a very significant, and very negative, impact on financial markets.

That factor, combined with estimates that "over $20 billion worth of China-made products being targeted by the USA tariffs are actually produced by foreign companies' joint ventures in China" - will make a trade war "difficult for the U.S.to sustain", the economist argued.

And Trump said Thursday that higher tariffs on an additional $16 billion of Chinese goods are coming in the next two weeks, setting up what could be a tariff on $550 billion worth of goods - more than the $506 billion in Chinese imports a year ago.

Among the American goods affected are soybeans. This figure exceeds all of China's annual goods exports to the U.S.

"We understand the president's goal to make sure that China becomes a better and more fair trading partner". Many businesses count China as a major export destination, but the retaliatory tariffs placed by the Chinese government on USA products will similarly increase prices in China and hurt sales.

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On Thursday, Trump said that he is willing to slap tariffs on up to $550 billion, which actually exceeds the current value of Chinese imports to the United States by $46 billion. It accused the United States of "typical trade bullying".

Economists usually agree higher tariffs are counterproductive. This is the time of year, he said, when Chinese soy product producers switch from American soy to Brazilian soybeans as they are further along in their growing season.

China has also banned imports of United States agricultural products such as poultry, cutting off America's ranchers and farmers from a major market for their goods.

"It's still hard for me to believe the Trump administration could develop and negotiate an overarching package with China that genuinely sticks", Kennedy said. "China trade war, and let's hope it's not Fort Sumter", the piece began.

The President is especially upset that the past president has promoted the interests of China at the expense of undermining American innovation and jobs. He said that it has aggressively sought to obtain technology from American companies and undermine American innovation and creativity.

The Trump administration has contended that China has deployed predatory tactics in a push to overtake United States technological dominance, including cybertheft and requiring United States companies to hand over technology in exchange for access to China's market. In the run-up to Friday, there was no sign of renewed negotiations between USA and Chinese officials, business sources in Washington and Beijing said.

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