China vows 'counter-measures' to United States tariff hike

19 September, 2018, 01:29 | Author: Sheri Evans
  • Trump orders new tariffs on additional USD 200 Bn worth of Chinese imports

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

US President Donald Trump Monday announced imposing new tariffs on an additional Dollars 200 billion worth of imports from China, escalating the trade war with the Asian giant.

Hours after President Trump announced tariffs on $200 billion in Chinese goods, China responded with its own levies on $60 billion worth of US products.

Contacted on Tuesday morning, a representative for the United States Trade Representative's (USTR) office would only cite Trump's Monday statement vowing further action in response to a request for comment on China's retaliatory tariffs.

If China retaliates for the latest US duties, Trump threatened Monday to add a further $267 billion in Chinese imports to the target list.

Trump has already imposed 25 per cent tariffs on US$50 billion (NZ$76 billion) in Chinese goods.

According to these experts, a large US trade deficit with China means that America is a wealthy country and American consumers can afford the most up-to-date devices.

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The tariffs will hit a wide range of industrial and consumer goods.

The higher import taxes will apply to more than 5000 items, marking the biggest round of U.S. tariffs so far.

Ross also said the U.S. was actively pursuing action against China through the World Trade Organisation (WTO), a process the secretary said was supported by Japan and the EU.

China will further respond accordingly if the United States insists on increasing tariffs, according to the Finance Ministry.

"President (Donald) Trump's decision to impose an additional $200 billion (in goods) is reckless and will create lasting harm to communities across the country", he said. Then last month, the escalating trade war moved up a gear when the U.S. brought in a 25 percent tax on a second wave of goods worth $16b.

China's Ministry of Commerce said on Tuesday that it had filed a complaint with the WTO following Washington's latest tariff action.

Kenneth Jarrett, president of the American Chamber of Commerce in Shanghai, said three quarters of its members will be hit by the tariffs, and they will not bring jobs back to the United States.

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Announcing the move on Monday night, Mr Trump said: "For months, we have urged China to change these unfair practices, and give fair and reciprocal treatment to American companies".

In the first two rounds of tariffs, the Trump administration took care to try to spare American consumers from the direct impact of the import taxes.

Trump's move means that America will now have tariffs on roughly half of its imports from China (which totalled over $500bn last year). "We don't have anything to announce to you today, in terms of any of the logistics of that, but, as the President has said, we are open to that and we hope that China will come to the table and address the concerns that we have raised", the official said.

"Most of our member companies are "in China, for China" - selling goods to Chinese companies and consumers, not to Americans - and thus ultimately boosting the United States economy", Jarrett said.

Some products - such as smart watches, Bluetooth devices, bike helmets, high chairs and play pens - were exempted from the tariffs after lobbying from companies including tech giant Apple and the chemical industry.

A Wall Street Journal report Sunday says China is considering restricting sales of materials, equipment, and parts from Chinese suppliers to US manufacturers' supply chains. The US president has launched numerous trade conflicts with a number of partners, including US ally the European Union, stating that trade deficits hurt the American economy.

The administration is targeting a bewildering variety of products - from sockeye salmon to baseball gloves to bamboo mats - forcing US companies to scramble for suppliers outside China, absorb the import taxes or pass along the cost to their customers.

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