Sunday, 18 November, 2018

‘Totally unacceptable’: Beijing vows retaliation if U.S. taxes $200bn of Chinese goods

A woman tends to a child near a promotional gimmick in the form of a bomb and the U.S. flag outside a U.S. apparel shop in Beijing A woman tends to a child near a promotional gimmick in the form of a bomb and the U.S. flag outside a U.S. apparel shop in Beijing Credit AP
Jeannette Daniel | 13 July, 2018, 10:11

It said, "the Chinese government will be forced to impose necessary countermeasures" to protect its "core interests".

The goal is to bring the total amount of Chinese imports up to 40 percent of the total imported from the Asian power, since the USA products hit by Beijing's retaliation represent that share of exports, an official told reporters in a conference call. But late Tuesday, when the administration issued a list of 6,000 products worth $200 billion that it proposes to hit with 10 per cent tariffs, it included consumer items ranging from baseball gloves to seafood, vacuum cleaners, toilet paper and burglar alarms.

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

The 10% tariffs will not kick in immediately but will undergo a two-month review process, with hearings August 20-23., according to a statement from the U.S. Trade Representative's office Tuesday.

Coors Brewing is on the record saying they believe the trade war will impact the price of beer. China has repeatedly denied accusations by the Trump administration of unfair trade policies.

Scott Lincicome, a trade lawyer for the group Republicans Fighting Tariffs, said tariffs on $200 billion would amount to a "multibillion-dollar tax on American businesses and families" and prompt China to retaliate against American exporters.

"The US closed the door for negotiations", Mr Li said.

The Trump administration said the new levies are a response to China's decision to retaliate against the first round of USA tariffs.

High-level talks between the two countries starting in May failed to deliver a breakthrough to head off a trade war.

The Trump administration said the proposed list, which would put 10 percent tariffs on thousands of different categories of Chinese imports, is needed to increase the pressure on Beijing to change what the USA calls unfair trade practices.

"We have been very clear and detailed regarding the specific changes China should undertake".

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Senate Finance Committee Chairman Orrin Hatch said the announcement "appears reckless and is not a targeted approach".

The new list-targeted at China's key manufacturing export industries-contains over 6,000 products, including fruits, vegetables, live eels, feathers and beaver heads as well as hi-tech minerals that the USA needs.

ANALYST TAKE: "While markets have typically reacted negatively to any escalation on trade, the overall impact has been relatively modest under the circumstances which suggests investors are far from panic mode right now", said Craig Erlam, senior market analyst at OANDA. China responded to that action by imposing tariffs on $34 billion of US products, and the country has vowed to take countermeasures against the current action as well.

Additionally, they cover bags and boxes; building products, luggage and include some categories of plastic machinery and molds apparently not covered in previous tariffs. The company shipped 40% of ¥200 million ($30 million) in total production to the U.S. in 2017, according to Lyu Hui, the sales manager, who asked that the company's name not be used.

The tariffs on an additional US$200 billion in Chinese goods won't go into effect for another several months, so China has time to load their non-tariff weapons.

"I am curious to see what China does to retaliate in the coming days".

The response in the U.S. to the latest trade war measures, both in political and business circles, has not been to oppose the trade war against China as such.

- Russia - Russia, also hit by the U.S. steel tariffs, announced Friday it was imposing its own 25 percent tariffs on some United States goods.

Associations of U.S. manufacturers, retailers, and petroleum and chemicals producers have stepped up calls on the U.S. Administration to seek alternative solutions to the tariffs, warning that additional levies would hurt U.S.jobs and growth.

Mr Trump has threatened to tax $550bn (£415bn) in Chinese products - exceeding America's total imports from China past year.

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