Saturday, 16 February, 2019

Trump imposes tariffs on $200B more of Chinese goods

Russell Knight | 18 September, 2018, 03:12

Prospects for the new tariffs have weighed on global stocks, with all three major us stock market indexes lower Monday.

China retaliated against the first round of US tariffs, which were applied mostly to Chinese technology imports, with its own $50 billion of tariffs, primarily on USA agricultural goods.

However, senior administration officials told reporters the initial list announced in July was reduced by 300 product lines after the administration received 6,000 written comments from consumers and businesses. Beijing has warned that it would hit an additional $60 billion in American products if Trump ordered more tariffs.

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

The statements come as relations between the USA and China appear to strain. The company did not identify the iPhone as a product that would be subject to duties in a September 5 letter to US Trade Representative Robert Lighthizer.

Trump initiated the fight to punish Beijing for what he says are China's predatory tactics to try to supplant USA technological supremacy. Apple Inc. said last month the proposed duties on US$200 billion cover a wide range of products used in its usa operations.

Watch: are Chinese consumers less willing to buy American goods?

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New Zealand have been more or less unbeatable on home soil for a decade now. "It gives us hope for the World Cup", he added.

Beijing has already said it will retaliate for the new round of tariffs. "Make your products in the United States instead of China".

In a filing with the government, for instance, Giant Bicycles Inc. of Newbury Park, California, noting that 94 per cent of imported bicycles came from China previous year, complained that "there is no way our business can shift its supply chain to a new market" to avoid the tariffs and warned "a tariff increase of this magnitude will inevitably be paid for by the American consumer".

If the administration pursues what it calls "phase three" of the tariff strategy, it would raise the total value of affected Chinese goods to $517 billion - covering almost everything China sells the United States.

"If you don't know what the rules are or how it's going to operate, you are going to be fairly hesitant about making that investment", said Snyder, who was in China to promote his state's industries, including autonomous vehicle technology. Earlier this year, a newspaper in the country also named Apple as one of the USA companies a trade war might hurt the most.

Apple Inc. said last month the proposed duties on $200 billion cover a wide range of products used in its USA operations.U.S. stock futures edged lower, Asian equities slumped and European shares fluctuated amid investor concerns a heightened trade war will crimp corporate profits and undermine economic growth.

Trump's tariffs on China raise costs and create uncertainty for companies that have built supply chains that span the Pacific Ocean.

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