Trump slaps tariffs on $200 bln in Chinese goods

18 September, 2018, 10:46 | Author: Sally Reid
  • The Donald Trump administration is for the first time publicly planning for a trade spat that drags into 2019 and possibly beyond

The United States is set to impose another raft of tariffs on China, targeting roughly $200 billion Dollars in imported goods from China as US President Trump tail-chases his way into an even deeper trade war with the Asian superpower.

"Collection of tariffs on the long-anticipated list will start September 24 but the rate will increase to 25 percent by the end of 2018, allowing U.S. companies some time to adjust their supply chains to alternate countries, a senior administration official said".

President Trump warned that if China takes retaliatory action against United States farmers or industries "we will immediately pursue phase three, which is tariffs on approximately $267 billion of additional imports".

In a pair of early morning tweets, Trump hailed his combative trade policy as a boon to American economic health and said the U.S. steel industry, which the White House has championed in new protectionist measures, was now "the talk of the world". The US is trying to negotiate a new North American trade deal even as it threatens to impose national security tariffs on imported automobiles, especially those from Europe.

Apple had said the United States tariffs would affect prices for a "wide range" of Apple products, including its Watch, in a letter commenting on administration proposals earlier this month.

The BBC's Asia business correspondent Karishma Vaswani said the escalating trade war between the two countries is in part due to a lack of understanding of the other's position.

The Trump administration has been revising the list of Chinese goods that will be hit by tariffs following a feedback period and more than a week of public hearings last month.

If China then slaps tariffs on another $60 billion in U.S. goods, this will bring total United States exports subject to Beijing's retaliation to $110 billion, at 2017 sales levels.

Chinese imports from the United States grew by nearly 500 percent over the past five years, such that as of 2017 Chinese buyers accounted for almost one in every five dollars in USA export revenue.

Wall Street stocks finished decisively lower on Monday after President Donald Trump said an announcement on new tariffs on China was imminent.

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At the same time, the administration said it remains open to negotiations with China.

A second administration official told CNBC that the cost of these tariffs would amount to 10 percent of all imports targeted, down from earlier estimates of 25 percent.

In fact, tariffs are taxes that are paid by Americans who import goods from overseas.

Many US businesses have warned that a new rounds of tariffs would threaten to increase prices of everyday goods for Americans - goods as varied as baby seats and bikes.

"For months, we have urged China to change these unfair practices, and give fair and reciprocal treatment to American companies". The very development of globalised production, which has raised the contradiction of the outmoded nation-state system with its rival great powers to a new peak of intensity, has laid the foundations for a planned world socialist economy.

Trump has also complained about America's gaping trade deficit - $336 billion past year - with China, its biggest trading partner.

Trump has reversed decades of USA policy in favor of ever-freer trade. We should be talking with them, not merely sitting back and observing. Instead, we are now awaiting China's retaliation.

The president early on Monday seemed to undermine any efforts for a negotiated solution, saying tariffs have bolstered the USA bargaining position, while cost increases to consumers have been negligible.

Some domestic manufacturers of bikes and accessories support the latest round of tariffs, especially in light of the March tariffs on steel and aluminum, which benefitted their competitors who imported complete products.

"We seem to be good friends. And it was not under Bush", said Derek Scissors, a China expert at the American Enterprise Institute.

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