Trump Administration Readies Tariffs On $200 Billion Of Chinese Imports

12 Julio, 2018, 02:02 | Author: Kelly Blake
  • Beijing described the latest US move as “totally unacceptable” bullying and urged other countries to join China to protect free trade and multilateralism. — Reuters pic

Beijing imposed its tariffs on Friday in retaliation for U.S. tariffs on Chinese goods.

Experts have said that the outlook of the trade war depends on how China responds to the tariffs on its imports. "In order to safeguard the core interests of the country and the fundamental interests of the people, the Chinese government will, as always, have to make the necessary counter-measures". Chinese officials are expected to retaliate in other ways, hitting USA firms in China with unplanned inspections, delays in approving financial transactions and other administrative headaches.

The threat of additional tariffs on $200 billion worth of goods "would mean that around half of Chinese exports of goods to the US would face significant USA punitive tariff measures", Rajiv Biswas, Asia Pacific Chief Economist at IHS Markit, said in a note.

Containers are transferred at a port in Qingdao in China's eastern Shandong province on July 6, 2018.

Among other things, the U.S.is asking China to roll back its "Made-in-China 2025" program, a signature Xi initiative to dominate several strategic industries, such as semiconductors to aerospace development.

The first USA tariff list focused on Chinese industrial products to help cushion the impact on American consumers.

Proposed tariffs on another US$200 billion of Chinese imports have been rolled out with Beijing vowing to retaliate. Those nations also have retaliated.

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The market's drop was not as steep as what was seen in late March and early April when the escalating trade rhetoric between China and the United States led to the S&P falling more than 2 percent on four occasions.

The U.S. Trade Representative announced the possible second round of tariff hikes on Tuesday targeting a $200 billion list of Chinese goods ranging from burglar alarms to mackerel.

LONDON - Global markets are getting hammered on Wednesday as the trade war between the Trump administration and China intensifies, while fears also rise that Trump could pull the United States of America out of North Atlantic Treaty Organisation. "This action falls short of a strategy that will give the administration negotiating leverage with China while maintaining the long-term health and prosperity of the American economy".

Regulators can deny or cancel licenses or tie up companies by launching tax, environmental or anti-monopoly investigations.

USA stocks fell but were not hit as hard as in Shanghai, where shares .SSEC closed 1.78 percent lower and the yuan CNY= weakened toward last week's 11-month lows. But Trump hasn't backed down, arguing that China's unfair trading practices are hurting American workers.

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

USA financial analysts said Trump appeared to believe there was a political benefit to waging a trade war, although that could change quickly amid economic fallout.

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