Trump threatens additional $200bn in tariffs on China
20 June, 2018, 18:34 | Author: Billie Castillo
Ma Yu, a senior researcher at the Chinese Academy of International Trade and Economic Cooperation in Beijing, said, "If the trade war continues, it will make goods produced by both countries less competitive and cause large-scale job losses". In a forcefully worded statement, it said Beijing is ready to "defend the interests of the Chinese people and enterprises".
"If the U.S. acts irrationally and issues a list, China will have no choice but to take comprehensive measures of a corresponding number and quality and take strong, powerful countermeasures".
It gave no details. This would come in addition to the tariffs on $50 billion worth of imports, should China retaliate; a move which effectively confirms that a damaging trade war is underway, leaving many questioning where the end point will be?
Wall Street slumped in midday trade as trade tensions between China and the United States continued, as the two largest economies in the world faced a tit-for-tat over trade tariffs. The news hit stock markets in Asia, where Shanghai shed 3% in the morning, Hong Kong lost more than 2% and Tokyo was 1% lower. Last week, the USA levied tariffs on $34 billion of Chinese goods. "However, much of this growth has been achieved in significant part through aggressive acts, policies, and practices that fall outside of global norms and rules (collectively, "economic aggression")", the White House report said in its opening. It's different because it came after Beijing said it intends to slap tariffs on US oil, gas, and coal imports.
"A pending trade war and a sell-off in global equities is benefiting the yen and dollar", said John Doyle, vice president of dealing and trading at Tempus Inc.in Washington.
As Louis Kuijs of Oxford Economics notes, a large share of China's exports are for US companies that sell products here at home.
Chinese regulators also have the option of broadening their retaliation by tying up American companies in tax or anti-monopoly investigations or by denying or revoking licenses. "President Trump has a great relationship with President Xi" Jinping of China.
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