Trump's China tariffs risk backfiring on USA business

25 March, 2018, 00:57 | Author: Sheri Evans
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The U.S. goods, which had an import value of $3 billion in 2017, include wine, fresh fruit, dried fruit and nuts, steel pipes, modified ethanol, and ginseng.

Trump imposed tariffs on about Dollars 60 billion worth of Chinese imports to punish the country for its "unfair" seizure of American intellectual property, a move that could escalate the already tense trade relations between the world's two biggest economies. There was no explanation of the difference between that figure and Trump's $60 billion.

"President Donald Trump's announcement of tariffs on $50 billion in Chinese goods markedly ratchets up the trade tensions", Bloomberg economist Tom Orlik wrote in a note.

However, countries trading with China are equally concerned about business requirements that force the transfer of technology to Chinese partners.

The Trump administration insists it is not trying to spark a trade war with China. The president has frequently taken aim at China's huge surplus in goods trade with the United States, which reached $375 billion past year. The typical consumer has about $260 in extra purchasing power as a result of trade with China.

As an economist and expert in worldwide trade, I don't see how the proposed tariffs will resolve either one. "If a trade war were initiated by the United States, China would fight to the end to defend its own legitimate interests with all necessary measures".

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"There's no trade war; it's just a trick", he said."The U.S came with trade tariffs to say it's not happy".

On Saturday, China's former Finance Minister Lou Jiwei said Beijing's retaliatory measures were "relatively mild" and that tougher steps should be taken.

"We have repeatedly told the USA side that steel and aluminum imports from its ally Japan will not adversely affect America's national security, and that Japan should be excluded", said Chief Cabinet Secretary Yoshihide Suga.

Even central banks, which normally stay above the fray of trade spats, are weighing in.

Trump has been pressing Beijing to cut the country's trade surplus with the U.S.by $100 billion.

China could slap tariffs on $3 billion worth of United States goods in the latest move to increase trade tensions between the two countries. US exports of fruits, frozen juices and nuts to China amounted to $669 million previous year, and it was the top supplier of apples, cherries, walnuts and almonds.

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Washington, Mar 23 America's massive trade deficit with China is estimated to have resulted in about two million job losses in the United States, the White House has said, defending President Donald Trump's decision to initiate strong actions against China's "unfair" trade practices. He said this was in response to years of alleged intellectual property theft. "We feel that focusing on reciprocal treatment while maintaining strong communications between the governments will be the best path forward to get to our goal of a level playing field based on fairness".

The Chinese commerce ministry says it will impose its tariffs in two stages if the US and China fail to come to an agreement on trade issues.

"China has demonstrated sincerity in making reasonable suggestions to the United States, and has made great efforts to address the current trade imbalance between China and the United States", said the embassy. That was in addition to the metals duties ordered earlier this month on China and other countries.

"China has cheated, stolen and bullied American industry on trade for decades, causing massive economic wreckage to workers, employers and communities across America in the process".

"Maybe he wanted it this way, but Xi missed every opportunity to negotiate good-faith solutions to trade and investment disputes".

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