U.S. to move forward on US$200b China tariff list

11 Julio, 2018, 04:21 | Author: Arnold Perez
  • The Latest: China raises tariffs on optical fiber materials

The president last month asked the US Trade Representative's office to identify US$200 billion of Chinese goods that could be hit with 10 per cent tariffs.

Administration officials said a two-month process would allow the public to comment on the proposed tariffs before the list is finalised.

China, meanwhile has vowed to match any future tariffs dollar-for-dollar, signaling an escalating trade war between the two nations.

The tariff list could be released as soon as Tuesday, and likely this week, the report said.

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

Tne Trump administration has announced additional China tariffs, say insiders.

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US Senate Finance Committe chairman Orrin Hatch labelled the move as "reckless", while the US retail industry leaders assocation immediately condemned the move, saying the "the President has broken his promise". Industry groups have also highlighted the duties' potential to derail US economic growth. China has vowed to retaliate dollar-for-dollar to any further U.S. tariffs.

"Tariffs on $200 billion in Chinese products amounts to another multibillion-dollar tax on American businesses and families", said Scott Lincicome, a trade lawyer and senior policy analyst for the group Republicans Fighting Tariffs. But Mr Trump hasn't backed down, arguing that China's unfair trading practices are hurting American workers.

Mr Trump has been considering tariffs against China since his officials concluded in March that Beijing violates United States intellectual-property rights, such as by forcing American firms to hand over technology.

Chinese tariffs have already taken a toll on USA exports such as soybeans, which raises questions about the possible political repercussions President Trump could face from farmers who supported him in the 2016 election.

Beijing, meanwhile, has unveiled measures to help Chinese companies absorb the USA trade blows, pledging to funnel money collected from its own import levies to firms and workers tangled in the escalating trade war.

The U.S. Chamber of Commerce, which has supported Trump's tax cuts and efforts to reduce regulation of businesses, also criticized the administration's move.

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