Thursday, 18 October, 2018

Trump could raise tariffs further on Chinese goods

Trump plans to impose 25 percent tariffs on $200B worth of Chinese goods China warns of retaliation if US takes more trade steps
Jodi Jackson | 04 August, 2018, 22:53

Yet another reason that forced Trump's hand is that as several banks have recently pointed out, the Yuan devaluation to date has effectively offset the adverse impact to Beijing from the $34 billion in tariffs enacted on Chinese goods, mainly machinery and components (to which China retaliated with tariffs on the same amount of USA exports, especially farm products). The Asian economic giant has shown no signs of backing down from Trump's threats, and is said to be considering other types of retaliation, such as tougher inspections on American imports and delaying licensing and approvals for mergers.

The proposed tariff increase poses big risks for both the US and global economy.

The United States and China implemented tariffs on $34 billion worth of each others' goods in July. But it can delay licenses and hold up mergers and acquisition approvals for American businesses and increase inspections of USA products at ports. The U.S. threat and pressure will not work.

A Chinese foreign ministry spokesman had earlier called on Washington to "come to its senses" and settle the dispute.

Trump has complained repeatedly about the gap between the amount of goods US companies buy from China and the amount of goods that USA companies export to China.

Mickey Kantor, who was USA trade representative under President Bill Clinton, warned that a trade war with China will take a toll on a us healthy economy that from April through June registered the fastest growth since 2014.

Talks on a new NAFTA began nearly a year ago but got bogged down over the Trump team's insistence on measures that would discourage investment in Mexico and shift auto production to the United States.

On July 10, Washington unveiled a list of another US$200 billion in Chinese goods, from areas as varied as electrical machinery, leather goods and seafood, that would be hit with 10 per cent import duties.

Donald Trump is ramping up the pressure on China.

Paulina Dedaj is a writer/ reporter for Fox News.

"It's very hard to see how this doesn't negatively impact all Americans in every walk of life", FDRA president and CEO Matt Priest previously told FN.

But what exactly prompted Trump to push for the sharp reset in Chinese tariffs?

- China yet to retaliate but United States dollars remains bid, risk assets lower.

China has already complained to the World Trade Organization about the 10% tariff plan.

With talks to resolve the dispute stalled, Trump is looking to up the ante. The two sides have not held high-level talks for a couple months now.

At a news briefing, Foreign Ministry spokesman Geng Shuang accused the usa of engaging in "blackmail", according to Reuters.

Senior administration officials expressed frustration Wednesday that China has responded to USA tariffs with retaliation rather than capitulation. Container imports at the Port of Oakland reached all-time highs in June. The deficit in goods trade with China also rose.

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