China Strikes Back With Second Tranche of Tariffs

09 Agosto, 2018, 11:22 | Author: Arnold Perez
  • Trade war US finalizes new batch of tariffs on $16bn of Chinese products

Several industry bodies in the USA representing agribusiness, retail and technology have said the Trump administration's tariffs are hurting them and will cause long-term damage to farmers, manufacturers and consumers. It represents the latest salvo in the ever-expanding trade war between the USA and China.

The 25% import taxes will apply to about $16bn (£12b.3bn) worth in annual imports, covering about 280 items, including chemicals and machinery.

The latest commentary from state media took a softer line after resorting to personal attacks against Trump earlier in the week, saying China could get through the storm but not directly mentioning the US president.

The United States and China implemented tariffs on $34billion worth of each other's goods in July.

The Chinese government has said it would impose duties as high as 25% on American products like meat, coffee, nuts and auto parts. For instance, the major complaint is about the theft of United States intellectual property by Chinese firms.

To compensate for the gap on its tariff list caused by the exclusion of crude oil, China added fish meal, wood waste, paper and paper waste, metal scraps, and various types of bicycles and cars, among other products. Beijing is expected to hit $16 billion worth of USA goods with equal tariffs in response to Tuesday's move.

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The president remains confident that his "America First" overhaul of US trade policy is paying dividends.

ANZ senior China economist Betty Wang said Beijing will likely resist using its closely managed currency as a tool in the trade war.

The additional list of 279 product lines to be hit later this month was announced by the United States Trade Representative (USTR) on Tuesday. There is a mandatory 60-day comment period for industries to ask for exemptions from the tariffs.

The duties are part of a broader round of U.S. tariffs on $50bn worth of goods announced in March.

May 19: After a meeting, the two countriesannounce the outline of a trade dealto avoid the tariffs. Big-ticket US items that are still not on any list are crude oil and large aircraft. The number of categories of goods subject to tariffs rose to 333 from 114 in the June draft, although the total value is unchanged. The move comes as retaliation for the United States placing $16 billion in tariffs on Chinese goods.

July 6:The first tranche oftariffs on $34 billion worth of Chinese goodstakes effect; China responds in kind. So far, the USA and China have used a tit-for-tat strategy that has involved answering one country's increased tariffs with the other country boosting the amount too.

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