Thursday, 15 November, 2018

USA to list tariffs on another US$200 billion of Chinese products

Trump Announces New Taxes on TVs and Air Conditioners US prepares to impose new tariffs on additional $200B worth of Chinese goods
Jeannette Daniel | 12 July, 2018, 01:58

Calling Washington's behavior irrational, Beijing warned that the U.S. is, in the first instance, hurting itself with protectionist measures and constant attacks on free trade.

The more it turns up the heat therefore, the more likely the tariffs get implemented as just like the 25 per cent levies on $34 billion of Chinese and United States imports triggered on Friday.

The list is subject to two months of finalization and input before possible implementation by President Donald Trump.

China's Commerce Ministry has said that Beijing has no choice but to fight back after the USA "launched the largest trade war in economic history", accusing Washington of violating the rules of the World Trade Organization (WTO). The Republican-controlled Senate voted 88-11 in favour of a non-binding resolution calling for Congress to have a role in implementing such tariffs.

The tariffs could take effect after public consultations end on August 30, according to a statement from the U.S. Trade Representative's office Tuesday.

"Tariffs are taxes, plain and simple". Imposing taxes on another US$200 billion worth of products will raise the costs of every day goods for American families, farmers, ranchers, workers, and job creators.

This has raised concerns that China could retaliate with non-tariff trade measures. That prompted fears Beijing might go beyond matching US import tax increases by harassing American companies in China.

"This is an appropriate response under the authority of Section 301 to obtain the elimination of China's harmful industrial policies", Lighthizer added. The prospect of an worldwide trade war has sent jitters through world markets.

"China's export sector will therefore suffer a significant deterioration in export competitiveness to the USA compared to other emerging markets' manufacturing exporters". US crude oil futures CLc1 settled $3.73, or 5.03 percent, lower at $70.38 per barrel.

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The ministry said it "solemnly protests" the latest tariff list published by Washington, calling it "totally unacceptable".

The price has plummeted because Canadian prices are set based on American ones.

Soybeans, crushed to make cooking oil and the protein-rich animal feed ingredient soymeal, were the biggest US agriculture export to China past year at a value of US$12.3 billion, according to the US Department of Agriculture.

On Friday, Washington had imposed additional 25 percent tariffs on $34bn of Chinese imports, prompting Beijing to immediately respond with proportionate tariffs on $34bn American goods including seafood and soybeans. "But China's reaction to the United States tariffs could pose a far greater threat to the index in time".

The S&P 500 dropped 0.7 percent as energy, materials and industrials all fell more than one percent.

The MSCI's broadest index of Asia-Pacific shares outside Japan fell 1.1 percent, while the main indexes in Hong Kong and Shanghai recovered somewhat after falling more than 2 percent. The administration says its tariffs are created to punish China for what it calls unfair trade practices, theft of intellectual property, and "forced technology transfers".

President Donald Trump has threatened to tax as much as $US550 billion in Chinese products - an amount that exceeds America's total imports from China previous year.

"The behaviour of the USA is hurting China, hurting the world, and hurting itself", a spokesperson for China's commerce ministry said in a statement.

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