China hits U.S with $60B in tariffs to escalate trade war
20 September, 2018, 01:41 | Author: Sheri Evans
The Wall Street Journalreported that Beijing was considering sending Vice Commerce Minister Wang Shouwen to trade talks this month but not Vice Premier Liu He, a senior official who is close to China's president. What China does not understand is that these people are great patriots and fully understand that....
The new tariffs will begin on September 24 and will increase to 25 percent by the end of 2018.
China's No. 2 leader appealed Wednesday for support for free trade and promised to improve conditions for foreign companies following tit-for-tat USA and Chinese tariff hikes in an escalating battle over Beijing's technology policy. "I've not heard they've been canceled".
In June, the Trump administration said talks to change China's trade behavior - which had spanned decades - were going nowhere and announced duties on US$50 billion worth of Chinese imports.
China responded by imposing tariffs on US$60 billion worth of U.S. goods.
China responded to President Donald Trump's tariff hike by imposing its own penalties Tuesday on $60 billion of American imports.
That would raise the total affected by USA penalties to $517 billion, covering almost everything China sells to the United States.
As Trump has pursued his confrontation trade policy, China, Canada, Mexico and the European Union have all fought back, and have targeted goods seen as hitting areas loyal to Trump, including soybeans, bourbon, and blue jeans. Such a move would mean that roughly all USA imports of Chinese goods - worth about $505 billion a year ago - would be subjected to tariffs. "China has been taking advantage of the United States for a long time and that's not happening anymore". They have high expectations that Trump will fail in the elections.
In Beijing, proponents of the new approach, which would scale down China's tariffs in dollar terms to reflect the lopsided trade imbalance between the two countries, say Chinese leaders could still revisit the idea because it offers them a way to contain the damage and soothe tensions.
China's Vice-Premier Liu He may cancel his visit to the US capital next week to restart negotiations with Treasury Secretary Steven Mnuchin, the South China Morning Post reported. Manufacturing accounted for 27.5 percent of the jobs in the 2nd District previous year and 26.2 percent in the 3rd District, according to U.S. Census Bureau data.
Mr Li's comments come amid an escalating trade war between the world's two largest economies.
This week, Washington raised the stakes by saying it would impose new tariffs on $200bn (£152.1bn) worth of Chinese goods from Monday. As counterintuitive as it might seem, the president sees this fact as ultimately helping USA workers.
"The objective of the tariffs is to modify China's behavior", Commerce Secretary Wilbur Ross said on CNBC.
Beijing has retaliated in kind but some analysts and American businesses are concerned it could resort to other measures, such as pressuring U.S. companies operating in China.
"The downward spiral that we have previously warned about now seems certain to materialize", the chamber chairman, William Zarit, said in a statement.
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The trade war between the United States and China just got a lot bigger after both sides announced their broadest waves of tariffs yet. "There are many legitimate trade concerns US companies have in the global marketplace, but tariffs are unwieldy and often counterproductive to address those problems". -China trade, and investors withdrew, the USA economy would be 1.6 percent - or $320 billion - smaller than under normal trading circumstances while China would lose 3.5 percent of its gross domestic product, according to a presentation Freund gave Monday at the Peterson Institute.
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