Trump readies tariffs on another $US200m of Chinese goods

12 July, 2018, 07:29 | Author: Kim Reid
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China has vowed to retaliate dollar-for-dollar to any further U.S. tariffs.

"We can not turn a blind eye to China's mercantilist trade practices, but this action falls short of a strategy that will give the administration negotiating leverage with China while maintaining the long-term health and prosperity of the American economy", Hatch said in a statement.

Mr. Trump hit US$34-billion worth of Chinese imports with 25-per-cent tariffs starting last week, with another US$16-billion worth to be added shortly.

"The United States has unveiled the list of tariffs in an escalating manner". "To protect the core interests of the nation and its people, the Chinese government will be forced to impose necessary countermeasures".

The US administration late on Tuesday released a huge list of new tariffs on $US200 billion worth of goods from China.

The list amounts to $200 billion in products in total and also includes chemicals, steel, aluminum, TV components and many consumer products, including food and clothing.

White House officials said the president has asked U.S. trade representative Robert Lighthizer to begin preparations for levies of 10 per cent on a host of consumer products, just days after the two economic giants hit one another with $34bn export tariffs.

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China gave no details, but it has plenty of options to retaliate that could extend beyond additional tariffs on U.S. imports.

The Chinese commerce ministry said that it was "shocked at the United States action" and warned that it would be forced to retaliate "to protect the core interests of the nation and its people".

The measure is a significant escalation of the conflict and easily tops the $50 billion in tariffs that the two countries have so far levied on each other, or are about to levy.

U.S. Trade Representative Robert Lighthizer said the tariffs of 10 percent are "a result of China's retaliation and failure to change its practices" in response to earlier U.S. tariffs.

Tuesday's action makes good on a threat President Donald Trump made last month.

Industry would be given time to comment on any new levies before they take effect. Senate Finance Committee Chairman Orrin Hatch called it "reckless", adding that the tariffs were "not a targeted approach".

The US Chamber of Commerce has supported Trump's domestic tax cuts and efforts to reduce regulation of businesses, but it has been critical of Trump's aggressive tariff policies.

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Canadian soybean farmers are feeling the pain from already imposed Chinese tariffs on American goods. "Imposing taxes on another $200 billion worth of products will raise the costs of everyday goods for American families".

But the USA action drew a swift reaction from the plastics and petrochemical industries, with the head of the Plastics Industry Association saying the tariffs would "boomerang" and hurt manufacturing.

Analysts have warned that a spiralling trade war between the world's two financial powerhouses could have a damaging impact on the global economy.

Republican senators expressed concern over the escalation of US tariffs.

China "cannot match fresh USA tariffs", Vishnu Varathan of Mizuho Bank said in a report.

The move has been swiftly and heavily criticised by China, which said it was "totally unacceptable" for America to keep escalating the trade dispute.

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