US Worsens Trade War with China

04 August, 2018, 03:44 | Author: Carlos George
  • US-China Trade War Rhetoric Ramps Up Gold Price Remains Weak

Reacting to media reports that the higher tariffs were coming, Chinese foreign ministry spokesman Geng Shuang warned that Beijing will "definitely fight back" to defend its "lawful rights and interests".

Last month, the US proposed 10 percent tariffs on another $200 billion in Chinese products - from parachutes to sardines - in response to China's retaliation.

"The Trump Administration continues to urge China to stop its unfair practices, open its market and engage in true market competition", Lighthizer said Wednesday, adding that, "Regrettably, instead of changing its harmful behavior, China has illegally retaliated against US workers, farmers, ranchers and businesses".

Trump on Wednesday instructed the US Trade Representative to look into increasing tariffs on Chinese imports including fish, petroleum, chemicals, refrigerators, handbags and other goods to 25 per cent, reports The New York Times. After the earlier tariffs $34 billion of USA goods, about $120 billion is available for retaliation.

Washington imposed 25 per cent duties on $34 billion of Chinese goods on July 6 in response to complaints Beijing steals or pressures companies to hand over technology.

"If we're going to use tariffs, this gives us more flexibility and it's a more meaningful threat", he said, adding that Trump's pressure strategy will not work if he does not resolve trade disputes with USA allies such as the European Union, Mexico and Canada. "We hope that the trade policy makers in the United States will be cool-headed and listen to the voice of USA consumers and pay high attention to the voice of the American business community." he said, noting that higher tariffs will add to costs for USA companies operating in China and for consumers.

Mr Trump has ultimately threatened tariffs on more than $US500bn in Chinese goods, covering virtually all United States imports from China.

China's finance ministry unveiled new sets of additional tariffs on 5,207 goods imported from the United States, ranging from 5 to 25 per cent.

-China trade war, we covered blowback - the Chinese foreign ministry accused the USA of "blackmail" - to the White House's reported desire to ratchet up the tariff level on $200 billion of Chinese goods from 10 percent to 25 percent.

- Tariff increases from 10% to 25% follow CNY currency fall.

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"We have been very clear about the specific changes China should undertake".

Investors are becoming increasingly concerned about how the slowing Chinese economy will fare in a major trade spat with the United States.

However, a final decision on the size and scope of the tariffs is not expected before September.

"Instead of escalating this trade war, the president should have serious negotiations with the Chinese to create lasting change". The trade talks between Washington and Beijing have bogged down in recent weeks, a period in which the two nations have imposed reciprocal tariff hikes on various products.

- Dollars rises as White House ups ante in US-China trade spat.

China appears to have stripped back its imports of US crude oil to near zero for September, having taken about 333,000 barrels per day in the first six months of the year, according to vessel-tracking data.

And Bergsten warned that the U.S. economy is likely to slow and a trade war only makes that expected decline worse.

USA manufacturers have reported a broad-based upturn in business activity in recent months, while consumer confidence is close to multi-decade highs.

One person familiar with the internal deliberations said the United States is trying to secure certain concessions and if China agrees, it is possible the United States would back off additional tariffs.

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