Thursday, 15 November, 2018

Trump escalates trade war, sets new tariffs on $200B in Chinese goods

Trump orders new tariffs on additional USD 200 Bn worth of Chinese imports Trump orders new tariffs on additional USD 200 Bn worth of Chinese imports
Russell Knight | 18 September, 2018, 16:18

Fang Xinghai, vice chairman of the China Securities Regulatory Commission (CSRC), said at a conference in Tianjin that he hopes the two sides can sit down and negotiate on trade and that he looks forward to good China-US trade relations over the long term.

US President Donald Trump Monday announced imposing new tariffs on an additional United States dollars 200 billion worth of imports from China, escalating the trade war with the Asian giant.

The tariffs will rise to 25 percent on January 1 of next year.

President Donald Trump made the announcement Monday in a move that is sure to ratchet up hostilities between Washington and Beijing.

The US Trade Representative's office eliminated about 300 product categories from the proposed tariff list, along with some subsets of other categories, but administration officials said the total value of the revised list would still be "approximately $200 billion".

But the administration struck some items from the originally planned $200 billion tariff list, including bicycle helmets and other child safety products.

China warns it has no choice but to retaliate against the latest round of U.S. tariffs but did not specify how. "More generally, the direction of global trade policy in the United States continued to be a source of uncertainty for the outlook for the world economy".

US President Donald Trump has enforced higher import taxes will apply to more than 5000 Chinese goods.

The list slated for tariffs originally included more than 6,000 items, but United States officials later removed about 300 types of items, including smart watches, bicycle helmets, play pens, high chairs and baby auto seats.

The report said China is reviewing its previous plans to send a delegation headed by Vice-Premier Liu to the United States next week for fresh round of talks.

China wants talks based on 'mutual trust, ' said a foreign ministry spokesman, Geng Shuang. "I urge China's leaders to take swift action to end their country's unfair trade practices".

Trump Issues More Tariffs on $200 Billion in Chinese Goods
Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business . Last month, Mexico and the U.S. finalized a preliminary agreement on a new NAFTA pact they intend to sign by December 1.

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The two countries are fighting over Beijing's ambitions to supplant American technological supremacy.

Trump didn't otherwise elaborate on the announcement, which he described after complaining about the US trade deficit with China.

He held up China as a case in point after reaching a new trade deal with Mexico earlier this month.

But Mr. Trump made it a priority to reduce America's trade deficit with China, which was $375 billion in 2017.

"It has to take care of our workers".

By expanding the list to $200 billion of Chinese imports, Trump risks spreading the pain to ordinary households. Then last month, the escalating trade war moved up a gear when the United States brought in a 25% tax on a second wave of goods worth $16bn.

The U.S.is levying a ten percent tariff on these imports starting September 24 and continuing at that rate until the end of 2018.

The Trump administration is expected to spare three Apple products from the next round of tariffs, but escalating conflicts with China could still be a costly problem for the tech giant should a full-blown trade war ensue. But many analysts say his combative actions seem unlikely to succeed.

USA stocks were lower Monday in anticipation of the new tariffs.

The two-phase structure of the planned import tariff means that USA consumers will only feel the effects of the change after the country's November midterm elections, strategists at UBS 's Chief Investment Office said in a note. "Fortunately, the USA economy is humming, so we don't have to worry as much about what this will do to our economy".

"Tensions in the global economic system have manifested themselves in the US-China trade war, which is now seriously disrupting global supply chains", the European Union Chamber of Commerce in China said in a statement today.

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