China Pushes Back Against US Tariffs

08 August, 2018, 11:26 | Author: Billie Castillo
  • Media playback is unsupported on your device                  Media caption The'danger of a US-China trade war

China announced a list of US$60 billion worth of USA imports it plans to apply tariffs on should the Trump administration follow through with its latest trade threats. Washington is expected to soon implement tariffs on an additional $16 billion of Chinese goods, which China has already announced it will match immediately. Cheniere, Tellurian Inc. and other LNG developers have been courting utilities and state-backed companies in China to fund construction of more terminals to ship the super-chilled form of the gas. The Trump administration is weighing an additional round of tariffs on $200 billion of Chinese goods.

The US President, further highlighting the effectiveness of "America First Tariffs", said that move had a positive impact on the Steel Industry. China instead is threatening roughly two-fifths of its US purchases after Trump threatened two-fifths of China's much larger exports to the United States, said Tu Xinquan, executive dean of the China Institute for World Trade Organization Studies at the University of International Business and Economics in Beijing. "So I think that if there were something that kept on going for a long time that they would be able to muddle through".

Wang said that "accuracy" meant using tariffs to maximize the pain for targeted countries while protecting USA consumers and companies.

The full lists of products being considered for 5%, 10%, 20% and 25% retaliatory tariffs can be found here (in Chinese).

In some ways, the addition of LNG to the list is symbolic.

Among US products targeted were a wide range of agricultural and energy products such as beef and LNG. "China knows what we are asking, they just have not made satisfactory responses". Many farmers are unsure who will buy their crops this year and next because of the trade war, and some small manufacturing companies have started laying people off.

FILE PHOTO: Shipping containers, including one labelled "China Shipping", are stacked at the Paul W. Conley Container Terminal in Boston, Massachusetts, U.S., May 9, 2018.

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He says his United States food imports have dropped sharply.

Talks with China and Canada, however, have remained very frosty, and Trump has promised to punish both economies if he doesn't get his way.

Unipec, the trading arm of China's largest refiner Sinopec, has suspended crude imports from the United States, Reuters reported on August 3, citing three sources familiar with the situation.

"Leading China's economy on a stable and far-reaching path, we have confidence and determination", another commentary in the main edition of the People's Daily said.

Yet while the Chinese public and private sectors invest in one another based on the principles of the cyclically prosperous market socialist model, the U.S. is now being forced to subsidise (aka pay) its own farmers whose industry has been partly stagnated during the early stages of the trade war on China.

More evidence of the inaccuracy of US tariff policy, according to Wang, is that the Office of the US Trade Representative announced in July how companies could apply for exclusion from the newly imposed tariffs on Chinese imports. "The implementation date will be subject to the actions of the US, and China reserves the right to continue introducing other countermeasures".

Similarly, South Korean officials reached an agreement in principal in March to set a quota on steel and aluminum imports as a way to avoid tariffs, but no information about that deal has ever been disclosed.

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