U.S. to impose extra tariffs on $200bn of Chinese imports

11 July, 2018, 09:53 | Author: Sally Reid
  • In Hong Kong and China where many suppliers to US retailing giants are based shares of companies in affected sectors fell. — Reuters pic

The government gave no details but the Commerce Ministry earlier threatened "comprehensive measures".

The spiraling conflict over Chinese technology policy threatens to chill global economic growth. Chinese tactics, the administration says, include outright cybertheft and forcing United States companies to hand over technology in exchange for access to the Chinese market.

The Office of the US Trade Representative proposed 10 per cent tariffs Tuesday on a list of 6031 Chinese product lines. It described the release of the target list as an "accelerated escalation" that displayed a "loss of reason". "To protect the core interests of the nation and its people, the Chinese government will be forced to impose necessary countermeasures". There is no justification for such action.

U.S. President Donald Trump has said he may ultimately impose tariffs on more than $500 billion worth of Chinese goods - roughly the total amount of U.S. imports from China past year.

The office will accept public comments and hold hearings on the plan between August 20 and 23 before reaching a decision after August 31, according to a senior administration official who briefed reporters on condition of anonymity.

Washington's initial tariff list focused on Chinese industrial products in an attempt to limit the impact on U.S. consumers, but this expansion would start to hit the items regularly purchased by American households.

Murkowski favors Kennedy-like justice for Supreme Court slot
Though Kennedy was nominated to the Supreme Court by President Ronald Reagan, a conservative, he was considered a swing vote. Republicans hold a narrow 51-49 majority in the Senate, and it's even closer because of the absence of ailing Sen.

The $200 billion far exceeds the total value of goods China imports from the United States, which means Beijing may need to think of creative ways to respond to such US measures.

"Given China's likelihood of retaliation, it's also billions worth of new tariffs on American exporters".

China said it is "shocked" after the USA announced plans for fresh tariffs, escalating a trade war between the two countries. Regulators can deny or cancel licenses or tie up companies by launching tax, environmental or anti-monopoly investigations.

The news sent stocks tumbling, with China's markets leading the declines, and prompted a senior Chinese commerce ministry official to warn that the United States was harming the global trade order.

Members of Congress are increasingly questioning Trump's aggressive trade policies, warning that tariffs on imports raise prices for consumers and expose U.S. farmers and manufacturers to retaliation overseas. The Republican chairman of the U-S Senate Finance Committee says the move is reckless. There is no victor in a trade war.

In financial markets, MSCI's broadest index of Asia-Pacific shares outside Japan fell 1.5%, while the main indexes in Hong Kong and Shanghai fell more than 2%.

Recommended:



Popular

‘Limited time’ for daring rescue mission to free Thailand’s trapped boys
A team of Thai Navy SEALS, soldiers, police and volunteers have been working around the clock to try and drain the cave. They have to work their way through a narrow passage that is flooded in sometimes deep, dark and low visibility areas.

This is Elon Musk’s submarine that will rescue Thai soccer team
They eventually found a dry landing spot, where they waited for nine days before being found by two British divers. The youth soccer team , aged between 11-15, went missing on June 23 along with their 25-year-old coach.

Previous Iran blames Washingtong for the spike in oil prices
President Donald Trump that both sides agreed that extraordinary efforts were needed to maintain oil market stability. Brent crude futures were at $77.70 per barrel at 0653 GMT, down 54 cents, or 0.7 percent, from their last close.

Donald Trump's Mar-a-Lago Files Request To Hire Foreign Workers - Again
The Trump Organization hired at least 1,260 foreign workers from 2001 to 2016, according to a CNN analysis. That same week, however, "Mar-a-Lago was applying for foreign worker visas".

Authorities rescue woman who climbed Statue of Liberty base
The park service also was taking a closer look at the statue to see if there was any damage, though that's unlikely, Willis said. Okoumou told police that she was protesting the separation of immigrant children from their parents at the U.S. -Mexico border .

Portugal fail to show they are more than just Ronaldo
Uruguay won all three of their group matches, and are the only team yet to concede a goal at the tournament. But the header from the Manchester City midfielder was off-target.

Associated Press Trump orders United States flags lowered to honor slain journalists
The case was ultimately dismissed, but according to the Capital Gazette , Ramos continued to express outrage at the paper on social media.

Protesters pushed away from immigration office in Portland
The issue has also been complicated by a federal judge who ordered that divided families be reunited with 30 days. Protests have already begun to grow in size and frequency. "That looks different in different places", she said.

How Mexico has falled in the Round of 16 time and again
For most analysts, Brazil was simply a superior team that outplayed its opponent today, especially in the final 45 minutes. Credit must also be given to Tite, who made sure that the team's defence was sorted before the tournament.

Mexico crashes out of World Cup, losing to 'superior' Brazil 2-0
After a return to its training base in Sochi, Brazil heads back north to Kazan for Friday's quarterfinal match. Reaction: Neymar scared by a ghost? "Anyone who has seen the game knows exactly what I am referring to".