USA to slap tariffs on extra $200 billion of Chinese imports

12 July, 2018, 05:28 | Author: Carlos George
  • European exporters shift trade to avoid higher US tariffs

"The administration's announcement of a potential 10 percent tariff on $200 billion of additional imports from China, including a significant amount of chemicals, is a stunning and unfortunate development for USA manufacturers and consumers", ACC said in a July 11 statement.

The White House said it was considering additional tariffs of 10% on $200 billion worth of Chinese exports.

The list is subject to a two-month public comment period.

TRT World's Kevin McAleese reports from Washington DC.

The list includes agricultural products, minerals and consumer goods such as handbags, among other items.

In a statement USA trade representative Robert Lighthizer said these new additional tariffs are a result of "China's retaliation and failure to change its practices" after the first round of tariffs.

The Trump administration said the new levies are a response to China's decision to retaliate against the first round of US tariffs.

US Trade Representative Robert Lighthizer said China's retaliatory tariffs were "without any worldwide legal basis or justification".

Pushing past 112 "would suggest the market is bullish on the dollar irrespective of the trade war", said Boris Schlossberg, managing director of FX strategy at BK Asset Management. Beijing said it would be forced to retaliate, describing the move as "totally unacceptable".

"The United States has unveiled the list of tariffs in an escalating manner". "This irrational behavior is unpopular".

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Trump makes good on threat - $200 billion in new tariffs on China
The US is planning to implement 25 per cent tariffs on a further $US16 billion worth of Chinese imports within the next fortnight. The move comes just days after the United States and China imposed tit-for-tat tariffs of $34bn on the other countries' goods.

Stocks fell sharply Wednesday as concerns over escalating trade tensions threatened to erase the week's gains.

S&P 500 and Dow futures dropped around 1 per cent, pointing to a weak opening on Wall Street later on Wednesday. That came four days after Washington added 25 per cent duties on US$34 billion worth of Chinese goods and Beijing responded by increasing taxes on the same amount of American imports.

Both governments have already levied $34 billion in tariffs on each other's goods, and are considering imposing tariffs on an additional $16 billion worth of one another's goods.

In the United States, some lawmakers and business groups criticised the latest U.S. move. "It is imperative that we maintain the robust market we have worked so hard for decades to establish with China". Senate Finance Committee Chairman Orrin Hatch called it "reckless", adding that the tariffs were "not a targeted approach".

"It is a chaotic time in worldwide trade", said Li.

"Tariffs are taxes, plain and simple". Beijing immediately responded with its own tariffs on United States goods worth $34 billion.

They also said they remain open to working with China to try to resolve the dispute, but the response from Beijing so far has been unsatisfactory.

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

Beijing has said it would hit back against Washington's escalating tariff measures, including through "qualitative measures", a threat that US businesses in China fear could mean anything from stepped-up inspections to delays in investment approvals and even consumer boycotts.

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