Monday, 22 October, 2018

Trump pulls trigger on $200bn more China tariffs

Beijing may also decline to participate in proposed trade talks with Washington later this month if the Trump administration goes ahead with the additional tariffs the Wall Street Journal reported yesterday. — AFP pic Trump to Lay Out Line on China Trade
Priscilla Morrison | 18 September, 2018, 07:10

The tariffs will start at 10 per cent and rise to 25 per cent starting January 1.

Trump spared smart watches from Apple and some other consumer products such as bicycle helmets, but he warned that if China takes retaliatory action he will pursue tariffs on approximately United States dollars 267 billion of goods.

Mr. Trump blasted America's trade track record with China in a meeting on the American workforce Monday afternoon before formally announcing the tariffs.

"But, so far, China has been unwilling to change its practices", including theft and force transfer of technology. In previous rounds of anti-China tariffs, it has taken one to two weeks to make list revisions and another two to three weeks to begin collecting tariffs.

I personally think it is likely some reduction in tariffs will eventually be found, as the Chinese economy relies so much on the US economy and building economic supply chains with other nations will take a long time and simply doesn't have the same economic value.

Lower economic growth in China would have spill-over effects to the rest of Asia given that, just as it provides critical links in the supply chains of U.S. companies, they are also plugged into its supply chain.

The president says he's under no pressure to make a deal with China, but rather China is under pressure to make a deal with the U.S.

US and Chinese trade delegations led by Treasury Sec.

China has not publicly committed to join a new round of negotiations, but in the past it has pulled back from the prospect of talks in the face of escalations in the dispute. But you may as well have a direct mic into the Wall Street Journal.

More news: Emmys: What time does the show start, who will win, who hosts?

Writing on Twitter, he said: "Tariffs have put the United States in a very strong bargaining position, with billions of dollars and jobs flowing into our country - and yet cost increases have those far been nearly unnoticeable".

Last week, Beijing said it welcomed overtures from United States officials offering to re-start trade talks, but press reports indicate China would call off any meetings if the new punitive duties take effect.

U.S. President Donald Trump said he would announce his latest plan on Chinese commerce after markets closed. The U.S. Trade Representative's office held over a week of hearings with stakeholders and businesses in several industries regarding the additional tariffs on $200 billion.

China had previously vowed to retaliate further against any new U.S. tariffs, with state-run media arguing for an aggressive "counterattack".

White House economic adviser Larry Kudlow has indicated that Trump could be willing to meet face-to-face with China President Xi Jinping to smooth over trade tensions at the United Nations General Assembly later this month or at the Group of 20 nation summit in Argentina in November. And in a victory for Apple Inc. and its American customers, the administration removed smart watches and some other consumer electronics products from the list of goods imported from China.

Clearly the trade war will continue deep into 2019. But Trump quickly backed away from the truce. "And it was not under Bush", said Derek Scissors, a China expert at the American Enterprise Institute.

The US imports around $500 billion in goods from China.

Through July, the USA ran a US$233.5b trade deficit in goods trade with China, an 8 per cent increase compared with the same period in 2017.

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