Friday, 16 November, 2018

China: Tit-for-tat tariffs will ‘destroy’ US-China trade

Beijing described the latest US move as “totally unacceptable” bullying and urged other countries to join China to protect free trade and multilateralism. — Reuters pic China: Tit-for-tat tariffs will ‘destroy’ US-China trade
Patty Aguilar | 12 July, 2018, 05:30

It includes fruit and vegetables, handbags, refrigerators, rain jackets and baseball gloves.

President Trump published a list of Chinese goods he will give a tariff of 10 percent on, which are worth a total of £151 billion. They warned tariffs on imports raise consumer prices and expose USA farmers and manufacturers to retaliation.

President Donald Trump reacts as he poses for a family photo at the start of the North Atlantic Treaty Organisation summit in Brussels, July 11, 2018. 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".

Republican senators expressed concern over the escalation of USA tariffs.

This dispute comes alongside the US confrontation with other allies and major trading partners including Canada, Mexico and the European Union, for the steep tariffs imposed on steel and aluminum. Both governments have raised tariffs on $34 billion worth of each other's goods and already said they are considering additional charges on another $16 billion. The tariffs announced Tuesday would be the third wave.

"In part because they have only limited ammunition and in part because it's still early in the process on the United States side", Kuijs said.

The Trump administration said the new levies are a response to China's decision to retaliate against the first round of USA tariffs. "There is no justification for such action". "But it could mask over factors that could also weigh on equities in the longer run, such as tighter monetary policies led by the United States".

National Retail Federation senior Vice President for Government Relations David French said the move "doubles down on a reckless strategy that will boomerang back to harm US families and workers".

The official added that China has not been prepared to talk about Made in China 2025, a government plan to make the country a global leader in industries of the future such as robotics, electric cars and computer chips. Oil had risen the previous day, supported by a larger-than expected U.S. stock draw and supply concerns in Norway and Libya.

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"Depending on how these trade negotiations do develop, we do anticipate that there could be another rate hike by the end of 2018, but if trade negotiations deteriorate that may get pushed out further in 2019".

The move is a significant escalation of the trade war between Washington and Beijing, further raising the dangers of a major economic shock.

China, however, has explicitly excluded LNG from its list of US energy goods that may be subject to tariffs, as it seeks to fight air pollution by a massive switch from coal-fired to gas-fired residential heating.

United States officials will hold hearings in late August on the list of targeted products and an administration official said it would take about two months to finalise, at which point Trump would decide whether to go ahead with the levies.

China has imposed retaliatory tariffs on $US34 billion of American goods as a trade war begins.

The US is levying these tariffs because of what it describes as China's unfair trade practices, including forcing US companies operating in China to transfer technology to the Chinese.

Tuesday's announcement was met with backlash from some quarters.

The move drew immediate condemnation from Senate Finance Chairman Orrin Hatch, a Republican from Utah, who called it "reckless" and not "targeted".

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