China To Slap Additional Tariffs On $16 Billion Worth Of US Goods
09 August, 2018, 17:37 | Author: Billie Castillo
The tariff will mostly apply to industrial equipment, like tractors and chemicals.
China is slapping additional import tariffs of 25 percent on $16 billion worth of United States goods ranging from oil and steel products to autos and medical equipment, the commerce ministry said, as the world's two largest economies escalate their trade dispute.
Wednesday's Chinese data provide the first readings of the overall trade picture for the world's second-largest economy since U.S duties on $34 billion of Chinese imports came into effect on July 6.
But China has notched a pair of concrete victories in the trade showdown, according to Jeff Moon, a former US trade negotiator in the Obama administration.
GM already imports two models from China into the USA and Ford will soon import the Focus, and both export significant volume from the U.S.to China.
The latest tariff salvos stem from Trump's complaint that China is unfairly acquiring American technology via coercive joint ventures with US companies, cybertheft and other violations of intellectual property rights. And Mr. Trump has threatened to impose tariffs on virtually everything China sells to the United States. For instance, the major complaint is about the theft of USA intellectual property by Chinese firms.
However, analysts still expect a less favorable trade balance for China in coming months given it's early days in the tariff brawl.
It will be the second time the USA slaps duties on Chinese goods in about the past month, despite complaints by American companies that such moves will raise business costs and eventually consumer prices.
ANZ senior China economist Betty Wang said Beijing will likely resist using its closely managed currency as a tool in the trade war.
"We're in a little bit of a fight with China right now", Trump said, before adding that the two nations would end up with a "fantastic trading relationship".
The Trump administration on Tuesday unveiled a list of roughly $16 billion worth of imports from China that will be hit with 25% tariffs. There is a mandatory 60-day comment period for industries to ask for exemptions from the tariffs. "The risk is that the U.S. administration's gamble to strong-arm China into giving into all United States demands without some compromise only leads to successive rounds of higher and higher tariffs".
May 19: After a meeting, the two countriesannounce the outline of a trade dealto avoid the tariffs. The finalized list of goods affected includes 279 items. The move appears to wreck the nascent trade deal.
The United States has stepped up its trade war with China... by announcing a new round of tariffs.
August 1:Washington more than doubles the value of its tariff threats against Beijing, announcing plans to increase the size of proposed duties on $200 billion worth of Chinese goods to 25% from 10%.
In a statement, the Chinese Commerce Ministry charged that the United States "once again put domestic law above global law by imposing "very unreasonable" new tariffs on Chinese goods". The latest round of American and Chinese tariffs, which bring the running total of targeted goods to $50 billion on each side, are set to take effect August 23.
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