In tit-for-tat, Trump threatens more tariffs against China

20 June, 2018, 02:46 | Author: Sally Reid
  • Crude Oil

China will fight back firmly with "qualitative" and "quantitative" measures if the United States publishes an additional list of tariffs on Chinese goods, the commerce ministry said, accusing the USA of initiating a trade war.

His latest move appears to reflect that logic: China can not mount a reciprocal response to tariffs on $200 billion worth of its goods, since the country only imported $130.4 billion of American products a year ago. He said the move would be in retaliation for China's decision to raise tariffs on $50 billion in usa goods.

Some companies have reported Beijing is meeting with Chinese businesses to discuss shifting contracts for us goods and services to suppliers from Europe or Japan, or to local Chinese firms, Parker said.

The newspaper reported that Cook travelled to the White House last month to warn Trump of the potentially adverse effects of Trump's trade policies on Apple in China but did not specify precisely when Trump made the commitment to Cook.

In response, China announced tariffs on $34bn of United States goods including agricultural products, cars and marine products which will also take effect from 6 July.

"Beijing will not panic in response to Trump's latest threat, but will be deeply concerned", said Eurasia Group in a report.

The US announced plans for tariffs this spring, after an investigation into China's intellectual property practices. Trump is doing what he said he would do: "'Trade wars are good, and easy to win'".

China's commerce ministry called the additional $200 billion in import taxes "extortion" and promised to "fight back forcefully" (paywall).

Worries about a growing U.S.

However and unfortunately, China has determined that it will raise tariffs on $50 billion worth of United States exports.

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A punitive duty the Trump administration applied to lumber imports from Canada has raised the price of a new home by $9,000, according to the National Association of Home Builders.

Beijing has offered to narrow its politically volatile trade surplus with the United States but has resisted changing technology development tactics its leaders see as a path to prosperity and to restoring China's rightful role as a global leader.

I have an excellent relationship with President Xi, and we will continue working together on many issues. "Rather than altering those practices, it is now threatening United States companies, workers, and farmers who have done nothing wrong", he said.

"Trump appears to be employing a similar tactic he used with North Korea, by blustering first in order to gain an advantage in negotiations".

Yet, while Bardole believes the ever-escalating trade war between America and China is bad for everyone involved-including the US soybean industry and him personally-he gives the president slack on this issue.

Washington's dispute with China is part of broader USA complaints about global trading conditions that have prompted Trump to raise duties on steel, aluminum, washing machines or solar panels from Canada, Europe, Japan and South Korea.

But since China holds such a huge volume of US Treasuries in its portfolios, some economists say Beijing would not want to cause its investments to plummet in value.

Shi Yinhong, a professor of global relations at Renmin University of China, said that with the world's two largest economies now embroiled in "a semi economic cold war", Beijing faced the challenge of getting Trump back to the negotiating table.

Beijing immediately retaliated with a 25-percent tariff on 545 American products worth $50 billion, which will come into force on the same day.

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