Will China hit Hollywood and N.Korea diplomacy in US trade war?

20 June, 2018, 16:56 | Author: Billie Castillo
  • Trump threatens China with new tariffs on another $200 billion of goods

Trump said after the legal process is complete, these tariffs worth United States dollars 200 billion will go into effect if China refuses to change its practices. A counter punch was swift in coming, with a statement from Beijing on Friday night that it would "strike back forcefully".

It gave no details. But late Monday, President Trump requested that the U.S. Trade Representative put together a list of $200 billion worth of imports from China that a 10% tariff could be imposed on, a move that China has called "Blackmail" on the part of the Trump administration.

Asian stock markets fell following Trump's announcement. Hong Kong's Hang Seng Index was down nearly 3 percent and China's Shenzhen 300 dropped more than 3.5 percent to its lowest level in almost a year.

The pain has been limited so far to sellers of goods targeted by US and Chinese tariffs, but economists say the impact could spread.

"They make them sound old or look old", the president said.

"Tariff imposition of this nature would be devastating for the auto industry in Ontario", O'Toole said.

The event was ostensibly held to honor small business owners, but Trump played his greatest hits during his speech, in which he conflated refugees seeking asylum in the US with violent gang members, took shots at Hillary Clinton, and made a confounding claim about Canadians smuggling shoes over the border to avoid paying tariffs.

Trade frictions between the United States and Canada have been particularly strained in recent weeks, with Trump taking umbrage at remarks by Canadian Prime Minister Justin Trudeau that were critical of the heavy USA tariffs. That being said, "China is going to retaliate", he added.

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A toddler inside the 60-bed facility caught her eye - she was crying uncontrollably and pounding her little fists on the mat. Four of those passengers were pronounced dead at the scene and another at the hospital.

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.

Combined, the potential tariffs on Beijing could reach $450 billion - an amount equal to 89 percent of Chinese goods imported to the US a year ago.

Trump ordered up identification of US$200 billion in Chinese imports for additional tariffs of 10 per cent - with another US$200 billion after that if Beijing retaliates. "We appreciate it. They fought World War I with us, and we appreciate it, but we're protecting each other", he said before lashing out at NAFTA and Canadian tariffs on USA dairy products. The Shanghai Stock Exchange saw stocks plunging by 3.8 per cent. Frankfurt was the heaviest faller among leading European indices, shedding 1.4 per cent in late morning deals.

The process of negotiating a settlement "is now likely to become more protracted", said Morgan Stanley economists in a report. "The United States will no longer be taken advantage of on trade by China and other countries in the world".

"If China increases its tariffs yet again, we will meet that action by pursuing additional tariffs on another $200bn of goods".

"The tariffs to get common items back into Canada are so high that they have to smuggle them in", Mr. Trump told the National Federation of Independent Business on Tuesday.

Monday's tariff threat comes on top of $34 billion of Chinese goods subject to an extra 25 percent tariff effective July 6 in response to complaints Beijing steals or pressures companies to hand over technology.

In a statement, Trump said he had asked the USA trade representative to identify the Chinese products that would be subject to the new tariffs.

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