USA lists $200 bn in Chinese goods to be hit with tariffs
14 July, 2018, 08:35 | Author: Diane Mills
"At the same time, China will report the US' unilateral behaviour to the World Trade Organization", reports China News. French said. "The way things are shaping up, it may be too late, but we hope the administration changes course before we lose the momentum from tax and regulatory reform and return to an era of high prices, job loss and negative growth in our economy".
"To protect the core interests of the nation and its people, the Chinese government will be forced to impose necessary countermeasures", China's Commerce Ministry said in a statement without elaborating. By expanding the list, the administration is beginning to hit products that USA households buy, including such things as electric lamps and fish sticks.
The latest round of tariffs are subject to a period of consultation that runs until the end of August, meaning the trade friction will continue well into the autumn campaign season for the US midterm elections.
"Trump's escalation of trade hostilities makes it increasingly hard to envision an exit path from an all-out trade war". Such a move could have a materially negative effect on U.S. stocks, Capital Economics says.
Worryingly, there have been few signs that either Beijing or Washington are prepared to ratchet down the trade frictions.
Chinese retaliation: China has threatened to retaliate dollar-for-dollar if the Trump administration imposes a new round of tariffs.
Head of United States equity strategy at JP Morgan, Dubravko Lakos-Bujas, said: "Despite trade headlines, S&P 500 companies should deliver robust earnings on above-trend revenue growth and sharply higher margins". "It's up to them to open the door again".
The administration says its tariffs are created to punish China for what it calls unfair trade practices, theft of intellectual property, and "forced technology transfers".
Donald Trump is readying tariffs on another $200 billion in Chinese imports, escalating a trade war between the world's two biggest economies.
The US Trade Representative office will hold hearings on the targeted products, and an administration official said it would take about two months to finalize the list, at which point Trump would decide whether to go ahead with the tariffs.
The trade representative regretted that China has not changed its behavior, which, he considers, puts the future of the United States economy at risk. China immediately responded with $34 billion worth of tariffs on American-made goods in retaliation.
The planned new tariffs follow the 25 percent imposed on $34 billion in Chinese products, which Beijing responded to by hitting the same amount of US imports. The first round of tariffs covered Chinese products ranging from farming plows to machine tools and communications satellites.
Last year, for example, China imported nearly four times fewer goods to the USA than what it exported to America. However, China has vowed to match every tariff tit-for-tat, and will likely follow through.
"Companies in both countries will suffer losses".
"We expected apparel to be to a primary target of the next round of tariffs. Consumers, businesses and the American jobs dependent on trade, are left in the crosshairs of an escalating global trade war", said Hun Quach, the head of worldwide trade policy for the group.
"They are a vital trading partner, and we need to continue to do business with China without the sting of these tariffs", said American Soybean Association President John Heisdorffer in a news release.
Washington, DC, July 11, 2018-Flooring is included on a list of products imported from China that could face tariffs of 10% from the U.S.
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