Sunday, 13 October, 2019

China signals retaliation against new USA tariffs imminent

09 2017 US President Donald Trump shakes hand with China's President Xi Jinping at the end of a press conference at the Great Hall of the People in Beijing. — AFP U.S. delays 10% Chinese tariff on toys, electronics, games and clothes
Russell Knight | 17 August, 2019, 15:27

Specifically, "cell phones, laptop computers, video game consoles, certain toys, computer monitors, and certain items of footwear and clothing" flowing from China into the USA will have an extra 10-per-cent added to their import tariffs from mid-December rather than early next month. However, for some of that gear, the tariff hike will be delayed to December 15, according to the United States Trade Representative a few hours ago.

"We hope the USA side will meet China halfway, and implement the consensus reached by the two leaders during their meeting in Osaka", said Hua Chunying, the foreign ministry's spokeswoman.

The United States Trade Representative (USTR) said it has removed a number of items from the list of products that will be subject to a 10 per cent tariff as of September 1, while delayed the implementation of the tariff on others.

US President Donald Trump said trade talks with China were "very productive" Tuesday after the US and Chinese negotiators spoke by telephone.

"Core CPI was a bit higher-than-expected and anything that decreases the odds of the Fed being aggressive in cutting rates is going to be viewed as a negative", said Scott Brown, chief economist at Raymond James in St. Petersburg, Florida.

The Dow Jones Industrial Average and Nasdaq Composite both lost 3 percent, while the broader Standard and Poor's 500 lost 2.9 percent.

Trump, who on numerous occasions has said American consumers aren't paying for his tariffs, told reporters he was suspending them for the Christmas season "in case it had an impact on shopping", adding that the delay would "help a lot of people".

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Global economic worries, amplified by tariff conflicts and uncertainty over Brexit, are also hitting European economies. Both reports underlined the widening economic cracks as the trade war between the United States and China intensifies.

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In its one-sentence statement announcing the possible "countermeasures", Beijing did not go into detail on what they would entail and did not address how that might affect trade talks planned for next month in Washington.

"We've taken in close to $60 billion in tariff money".

The Trump administration said it would impose 10 percent penalties on an additional $300 billion worth of goods - a move that would cover almost all of China's exports to the USA - beginning September 1.

"They said they are going to buy farm products".

Trump also praised Chinese President Xi Jinping, calling him a "great leader" and saying he could quickly resolve the unrest in Hong Kong if he wanted to. In the U.S., Trump is facing mounting political pressure and increased costs to consumers. Treasury Secretary Steven Mnuchin also participated in the call, officials said.

"If anybody taxes them, it should be their home Country, the USA", Trump tweeted at the time.

Meanwhile the two sides are continuing trade negotiations, with a phone call due within the next two weeks, Navarro said. Hun Quach, vice president of global trade at the Retail Industry Leaders Association, welcomed the move, saying it "will mitigate some pain for consumers through the holiday shopping season".

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