Trump orders tariffs on $200B more Chinese goods

20 Junio, 2018, 01:59 | Author: Kelly Blake
  • U.S. Stock Indexes

"If the USA side becomes irrational and issues the list, China will have to adopt measures that are comprehensive measures in quantity and quality in order to make strong countermeasures".

The Japanese yen strengthened to 110.02 against the dollar, up as much as 0.47 percent on the day, after President Trump threatened to impose a 10 percent tariff on $200 billion of Chinese goods, fuelling trade war worries with Beijing.

China's Commerce Ministry assailed Trump's latest threat, saying it was an "act of extreme pressure and blackmail that deviates from the consensus reached by both parties after many negotiations, and is a disappointment to the global community".

"As I've said from the beginning, China will back off its industrial plans only when USA trade measures are large and lasting enough to threaten the influx of foreign exchange", he said.

China's Commerce Ministry fired back in a statement, "The United States has kept changing its mind and now launched a trade war".

On April 3, the White House released a list of 1,300 Chinese products worth $50 billion that could be hit with potential tariffs.

Then China followed suit, unveiling 25 per cent duties on US$50 billion in U.S. imports - matching the U.S. rates.

Derek Scissors, a China scholar at the American Enterprise Institute, a Washington think tank, spelled out the reality of the situation when he said that Beijing has almost exhausted United States imports to target.

His latest warning came after the White House revealed last week that it would impose 25% tariffs on $50 billion of Chinese products, starting on July 6.

President Donald Trump is once again threatening to hit China with more tariffs - but the Chinese government has a hidden trick up its sleeve that could help it beat Trump's tariffs while dealing a devastating blow to American companies.

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Reduced Chinese access for USA businesses could be a boon to other foreign companies in a year when China says it will further open its door to overseas investors and firms.

Neither side has yet imposed tariffs on the other in their growing dispute over technology and the US trade gap; the first round is to take effect on July 6.

"The collateral damage from an escalating U.S".

Many in the Republican Party, who are more instinctively in favour of free trade, don't think this is the right way to tackle problems with China.

Still, U.S. companies had $92.5 billion worth of investments in China as of 2016, many of which could face retaliation by Chinese regulators if Beijing is looking for ways to exert pressure on the United States. ZTE's survival has been a key goal of President Xi Jinping.

China on Tuesday showed no sign of backing down after President Donald Trump threatened to kick off a full-blown trade war with the country.

On March 1, the Trump administration announced a 25 percent global tariff on all imports of steel to the United States and a 10 percent tariff on all aluminum imports.

USA tariffs on imported steel and aluminum have already drawn a response from a range of countries including Canada, Mexico and the European Union.

Politically important exports like other agricultural products and automobiles also made the list. "In the near-term, we would expect to see volatility in markets as they attempt to price in the net impact of tariffs", said Michael Olivia, a financial planner with Westpac Wealth Partners.

If the U.S. becomes irrational and publishes that new list of tariffs, Beijing will take strong countermeasures to safeguard the interests of China and its people, it said.



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