Saturday, 17 November, 2018

What Is the Endgame for the Trump Trade Wars?

T215100Z_1914817322_RC11F0E16300_RTRMADP_3_USA-TRUMP What Is the Endgame for the Trump Trade Wars?
Priscilla Morrison | 11 July, 2018, 02:37

But China only bought about $135 billion in US goods a year ago, meaning it will run out of American products to tax before it matches Trump's latest move.

The move would be the latest in the escalating trade skirmish between the world's two biggest economies.

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.

"As a result of China's retaliation and failure to change its practices, the president has ordered USTR to begin the process of imposing tariffs of 10 percent on an additional $200 billion of Chinese imports", U.S. Trade Representative Robert Lighthizer said in a statement.

The list includes agricultural products, minerals and consumer goods such as handbags, among other items.

More news: Rescuers free eighth boy from cave in Thailand

Administration officials said they hoped the measures would convince the Chinese government to increase market access for United States companies and address allegations of the theft of intellectual property.

The Trump administration on July 6 imposed 25 per cent duties on $US34 billion in Chinese imports, the first time the president has implemented tariffs directly on Beijing after threatening to do so for months.

He then announced 25% tariffs on $50 billion to $60 billion in Chinese exports to the USA, including aerospace, information and communication technology, and machinery.

"Trump's escalation of trade hostilities makes it increasingly hard to envision an exit path from an all-out trade war".

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