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Trump threatens to ramp up tariffs on Chinese goods

04 August, 2018, 03:42 | Author: Lucille Rivera

"Pressure and blackmail from the US won't work", Geng Shuang, a spokesman for the Chinese Foreign Ministry, said at a briefing in Beijing, the New York Times reported.

The Trump administration ramped up pressure for trade concessions from Beijing this week by proposing a higher 25 per cent tariff on $270 billion worth of Chinese imports.

'The increase in the possible rate of the additional duty is meant to provide the administration with additional options to encourage China to change its harmful policies and behaviour and adopt policies that will lead to fairer markets and prosperity for all of our citizens'.

US Trade Representative Robert Lighthizer said on Wednesday that President Donald Trump directed the increase from a previously proposed 10 percent duty because China has refused to meet US demands and has imposed retaliatory tariffs on US goods.

The odd thing is that crude oil and LNG aren't subject to any formal trade tariffs, and they appear most affected, while steel, which is the target of US tariffs, is performing strongly.

The two sides have imposed 25 percent tariffs on billions of dollars of each other's goods in a dispute over China's technology policy.

"We hope that the trade policy makers in the United States will be cool-headed and listen to the voice of USA consumers. and also pay attention to the voice in the worldwide community", Wang said. "We hope that the trade policy makers in the United States will be cool-headed and listen to the voice of USA consumers and pay high attention to the voice of the American business community." he said, noting that higher tariffs will add to costs for USA companies operating in China and for consumers.

China's appetite for imported copper has yet to falter, however, with first-half imports of unwrought copper up 16.3 percent from a year ago, according to Chinese customs data.

- Tariff increases from 10% to 25% follow CNY currency fall.

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Trump has threatened to slap tariffs on virtually all of China's exports to the United States.

China immediately vowed to retaliate, though at the same time urged the United States to act rationally and return to talks to resolve the dispute. It will be September at the earliest before the US decides whether to impose those tariffs.

"China's position is firm and clear cut", the spokesman said.

This is down nearly 16 percent from the June peak, a period that coincides with the ramping up of tariffs by the United States, coupled with increasingly bellicose rhetoric. On Friday, the Ministry of Commerce described its planned response: four different types of tariffs on $60 billion of USA goods.

"Instead of escalating this trade war, the president should have serious negotiations with the Chinese to create lasting change".

The U.S.is accepting public comments on the proposal to increase the tariff rate on the additional products to 25% until September 5.

The US trade deficit recorded its biggest increase in more than 1-1/2 years in June as the boost to exports from soybean shipments faded and higher oil prices lifted the import bill.

Until now, senior administration officials have made great efforts to reassure investors and businesses that (a) tariffs are unlikely to be imposed; (b) even if imposed, the economic impact will be small; (c) the economy is strong enough to weather any hit; and (d) the short-term pain is worth the long-term gains from resetting relations with China.

"The Trump administration continues to urge China to stop its unfair practices, open its market, and engage in true market competition", Lighthizer said in the statement.

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