U.S. tariffs on Chinese imports take effect

07 July, 2018, 10:17 | Author: Carlos George
  • China Warns US'Opening Fire On World With Tariff Threats

The Trump administration sought to limit the impact of the tariffs on US households by targeting Chinese industrial goods, not consumer products, for the first round of tariffs. They kicked in just after midnight ET, which is noon in Beijing.

The Trump administration has argued that China has deployed predatory tactics in a push to overtake USA technological dominance.

Beijing insists it's the injured party.

"In order to defend the core interests of the country and the interests of the people, we are forced to retaliate, " said the Chinese Commerce Ministry in a statement. It accused the United States of "typical trade bullying".

China said it would respond with measures of a "corresponding number and quality" if the United States produced a list of products that could be hit.

Beijing has accused the USA of starting the "largest trade war in economic history". "It seems like he has another campaign going on in 2020", the company owner Li Jiang said.

Beijing has vowed to immediately respond with an equal amount of tariffs of its own against USA autos, agricultural and other products, but it was unclear how swiftly the actions could escalate into an all-out trade war.

President Donald Trump has said the United States may ultimately impose tariffs on more than a half-trillion dollars' worth of Chinese goods as the world's two largest economies hurtled toward the start of a trade war.

There was no evidence of any last-minute negotiations between US and Chinese officials, business sources in Washington and Beijing said.

The company wants customers to split the cost of the tariff hike, but few are willing, said Tong.

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Aside from the $34 billion in Chinese products, Trump said Thursday, "You have another 16 (billion dollars) in two weeks and then, as you know, we have $200 billion in abeyance and then after the $200 billion, we have $300 billion in abeyance".

"In the past, these have proved both effective and fast", said Williams, noting that similar campaigns against South Korea and Japan at times of political tension "led to 50-percent falls in vehicle sales by those countries' firms in a single month". -China trade involves parts and supplies, rather than final goods - so the most immediate effect will be felt by the companies making the products, not the consumers finding them on store shelves.

Ahead of the tariffs, Chinese state media published a series of editorials criticising the U.S. and emphasising the country's readiness for a trade war.

The two countries have engaged increasingly in verbal sparring in recent months, but Friday's pair of haymakers has dramatically escalated the trade dispute - and that has investors across the world worries about what comes next.

And if Trump extends the tariffs to up to US$550b in Chinese imports, consumers won't be able to avoid getting caught in the crossfire: The taxes would hit products like televisions and cellphones.

The clash with China comes as the Trump administration is also fighting over trade with American allies such as Canada and the European Union. Thanks to the globe-spanning supply chains that run through China, trade deficits in the modern economy are not always what they seem. Trump has added to the tension by threatening new tariffs on cars.

The Chinese side sees Trump's threats as an attempt to hold back its economic growth - and has vowed to match them move for move. Trumps trade wars could test the USA dollars status as world reserve currency.

China's tariffs on hundreds of USA goods include top exports such as soybeans and cotton. The damage could also spread to other economies, hurting business confidence and prompting companies to delay investments.

"There are no winners in a trade war", the chamber's chairman, William Zarit, said in a statement.

Faced with President Donald Trump's threat to target USA imports of cars from Europe, German and French government officials plan to meet next week in Paris to coordinate strategy.

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