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China: Beijing to Cut Tariffs on Imports From Most Trading Partners

24 September, 2018, 18:40 | Author: Lucille Rivera
  • The Latest: Sec. Ross: Americans won't feel trade-war sting

US officials are set to impose a new round of levies on an additional $200 billion of Chinese imports ranging from detergent to luggage. The list includes 5,745 full or partial lines of the original 6,031 tariff lines that were on a proposed list of Chinese imports announced in July.

By cutting tariffs, China is hoping to stimulate its economy and increase domestic consumption. We're now talking about tariffs on just about half of everything we get from China. The move could also strike a blow in the ongoing trade war with the United States, but it is not clear how many USA imports already targeted by Beijing could benefit from reduced tariff barriers if they enter China through a third country.

"This has become a kind of US routine", he said. The company is racing to complete an order for another USA customer who's prepared to pay extra for air freight if it means dodging the new tariffs, she said. And we will come back with more if they retaliate.

"More clients in the last two months are asking if we can deliver goods ahead of the scheduled time to avoid the upcoming tariffs", said Chairman Lun Leung.

The world's biggest retailer has warned President Trump that his escalating trade war with China could force it to raise prices.

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His remarks gave a lift to the yuan, which has lost about 9 percent of its value since mid-April amid the ongoing trade war. "They still have many opportunities despite the trade frictions between China and the U.S.", Ma said.

All of this means, he said, is that the system remains stacked against the USA and a system that has been in place that long that has achieved such volumes can not be changed overnight.

In the industrial hub of Dongguan in southern China, toy-maker Lung Cheong Group - which supplies Hasbro Inc. - is getting squeezed by American customers watching their calendars.

"It's going to last long; it's going to be a mess", he said. So if Trump fulfills his threat and hits the remaining $267 billion of Chinese exports as well, by next Sunday ALL America's imports from China and ALL China's imports from the United States will be paying tariffs. "In the long run, I think it will work out well, as both China and the USA stand to gain tremendously by coming to good terms".

In March, the U.S. Trade Representative's Office (USTR) first released the findings of its Section 301 investigation, which found that found China's actions, policies and practices related to technology transfer, intellectual property and innovation are unreasonable and discriminatory and burden or restrict U.S. commerce.

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