Thursday, 15 November, 2018

USA imposes new $200bn tariffs on China

Russell Knight | 18 September, 2018, 07:13

White House economic adviser Larry Kudlow announced during an interview on Monday that President Donald Trump would likely be imposing new tariffs on a "couple hundred billion" worth of imports from China.

But Trump warned that "if China takes retaliatory action against our farmers or other industries, we will immediately pursue phase three, which is tariffs on approximately $267 billion of additional imports".

There was likely to be a "lagging effect" from USA trade disputes with China, Canada and Mexico that could undercut the positive impacts of Trump's tax cuts, he said. "But, so far, China has been unwilling to change its practices". "These practices plainly constitute a grave threat to the long-term health and prosperity of the United States economy". "What's going to happen is businesses will start moving back into the United States, which to me is - that's the dream", Trump said.

The new tariffs could also prompt a rejection by Beijing of an invitation by US Treasury Secretary Steven Mnuchin for further high-level trade negotiations with Chinese Vice-Premier Liu He.

By imposing such a tariff, the official said, the U.S. is not trying to constrain China's growth.

The president early on Monday seemed to undermine any efforts for a negotiated solution, saying tariffs have bolstered the United States bargaining position, while cost increases to consumers have been negligible and warned of more levies.

Earlier this month, Apple wrote a letter to the U.S. Trade Representative. But Chinese officials have other ways of making the USA hurt, including by harassing American multinationals with tax audits and customs inspections or even mobilising consumer boycotts against them.

Eagles' Doug Pederson: Carson Wentz is back!
Due to all the damage, the Eagles always knew there was a chance that Wentz wouldn't be ready to play early in the season. Sunday will mark the first time Wentz will see the field since tearing his ACL and LCL on December 10, 2017.

Trump imposes tariffs on $200B more of Chinese goods
Apple Inc. said last month the proposed duties on US$ 200 billion cover a wide range of products used in its usa operations. Earlier this year, a newspaper in the country also named Apple as one of the USA companies a trade war might hurt the most.

US to spare some Apple products from latest China tariffs
The tech-heavy Nasdaq composite index fell 1.4 percent, or nearly triple the decline of the broad market S&P 500 index. Yields on 10-year German bunds rose to 0.472 per cent, but pared losses to trade at 0.458 per cent.

The Chinese government may decline to participate in proposed trade talks if the Trump administration moves forward with additional tariffs, the Wall Street Journal reported on Sunday, citing Chinese officials. Monday's announcement means almost half of all goods imported from China will be subject to tariffs. China has previously stated if America imposed this new larger set of taxes, China would place tariffs on American imports that total $60 billion.

"Let's face it, nobody on either side has any idea how long this tariff war will last or where it will end up", said Rufus Yerxa, president of the National Foreign Trade Council.

However now, nearly 8 months or so in to the trade conflict, we see that significant actual tariffs have been implemented amid a wide variety of other sanctions between USA and Chinese companies.

'We have always maintained that the only correct means to resolve the trade dispute is through dialogue and consultation on an equal basis with mutual trust and respect, ' responded China's foreign ministry spokesman Geng Shuang.

Apple Inc. said last month the proposed duties on $200 billion cover a wide range of products used in its United States operations.usa 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. And in a victory for Apple Inc. and its American customers, the administration removed smart watches and some other consumer electronics products from the list of goods to be targeted by the new tariffs.

A decision to back away from confrontation with China could be made only by one man.

"In the short term, we will have higher prices and fewer jobs than we would have had otherwise", Sohn said.

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