US tariffs take effect, China announces retaliation
06 July, 2018, 18:54 | Author: Sheri Evans
American officials worry US industrial leadership will be eroded by Chinese plans to create tech champions in fields including robotics, biotech and artificial intelligence.
A China central bank adviser said the planned United States import tariffs on $50 billion worth of Chinese goods - $34 billion plus a planned follow-on list worth $16 billion - will cut China's economic growth by 0.2 percentage points, the official Xinhua news agency reported Friday.
While Trump touts announcements of jobs created in steel plants due to the tariffs, manufacturing industries warn many more jobs will be lost in companies producing autos, auto parts, appliances and other goods that depend on imported components.
Despite this, Liang says he is not concerned about his business, noting if the USA don't want his flags, he can always work for someone else.
The direct impact on China's economic growth in 2018 is estimated at 0.1-0.3 percentage points while the drag on its export growth is expected to be 1 percentage point.
Flags of United States and China are placed for a meeting between Secretary of Agriculture Sonny Perdue and China's Minister of Agriculture Han Changfu at the Ministry of Agriculture in Beijing, China June 30, 2017.
Financial markets seemed to take the latest developments in stride.
Friday's long-expected tariff volley fuelled fear that a prolonged and escalating battle would deal a blow to global trade, investment and growth, while also damaging United States farmers who stand to lose revenues and potentially driving up food prices in China.
The United States hiked tariffs on Chinese imports Friday and Beijing said it would be forced to counterattack in a dispute between the world's two biggest economies that President Donald Trump says he is prepared to escalate.
The US will levy a 25 percent tariff on more than 800 Chinese product categories worth around $34 billion and has warned of more to come if China retaliates.
China responded as expected today to U.S. tariffs on $34 billion in Chinese imports (pdf) taking effect, with Beijing quickly announcing roughly equivalent retaliatory measures.
That would bring the total of targeted Chinese goods to potentially $550 billion, which is more than the $506 billion in goods that China actually shipped to the United States previous year.
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China says it may hike tariffs on USA pork, other goods.
For the past three months, the "war of words" between the world's two largest economies has gathered pace after the White House pledged to cut the ballooning USA trade deficit with China.
"This is a potential concern for the outlook of corporate investment and consumption around world", Hui said.
Also China Daily: "The Trump administration is behaving like a gang of hoodlums with its shakedown of other countries, particularly China".
As for the wider aspect, analysts expect this first round of tariffs won't do major immediate damage; however, a drawn-out battle could disrupt the global economy.
The tariffs target a broad spectrum of Chinese goods - such as passenger vehicles, radio transmitters, aircraft parts and computer hard drives - from industries Washington says have benefited from unfair trade practices.
American farmers and manufacturers, in particular, seem poised to bear the brunt of the effects of the U.S. -Chinese tensions, Zarit said. "At that point, the USA will be more interested in negotiations, and the Chinese side will also want to come to the table".
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