Friday, 17 August, 2018

The early victims of Trump’s trade war ZlotoNews

Here's Why Trump Is Hiking Chinese Tariffs To 25% China announces $60B of US goods for tariff retaliation
Gerardo Duncan | 06 August, 2018, 07:59

Larry Kudlow, the president's chief economic adviser, told Bloomberg TV that Trump is not afraid of dragging out the fight with China.

Commenting on the latest US move to add some Chinese companies into its list of entities subject to USA export controls, the MOC said that China stands firmly against US unilateral sanctions on Chinese entities. All the while, Chinese producers are able to secure multiple markets for their goods in spite of the closed economic attitude and policies of the current U.S. administration.

July 16: China filed another complaint to the WTO over Trump's $200 billion tariff plan.

Trump's tariffs target goods the White House says benefit from industrial policies such as "Made in China 2025", which calls for developing Chinese competitors in robotic, artificial intelligence and other fields.

The US trade deficit rose 7.3 percent or $3.2 billion in June to $46.3 billion, overshooting analyst expectations.

"Instead of retaliating, China should address the longstanding concerns about its unfair trading practices", Sarah Sanders, White House press secretary, said on Friday.

Similarly, South Korean officials reached an agreement in principal in March to set a quota on steel and aluminum imports as a way to avoid tariffs, but no information about that deal has ever been disclosed.

Beijing's plans for tariffs on $60 billion of USA goods includes an additional 5 percent in duty on about 600 kinds of US products, including planes and computers; another 10 percent on nearly 1,000 products, including wigs and textiles; an extra 20 percent on more than 1,000 items, including some chemicals, cookers and paper; and an additional 25 percent on over 2,400 products such as meat, wheat, wine and liquefied natural gas.

While Mr Trump has taken credit for new steel jobs created with the help of tariffs, retaliatory measures by Beijing and others have rattled U.S. soya bean farmers and the many companies reliant on increasingly expensive steel as a raw material.

The US trade war on China has therefore resulted in the US having to spend money on bailing out domestic industries that would not need the help if Washington officials would work to resolve the trade war on a win-win compromise.

Last month, Trump threatened to impose tariffs on all goods imported from China.

Among US products targeted were a wide range of agricultural and energy products such as beef and LNG.

"Tariffs will make our country much richer than it is today", Trump said in another tweet. On Friday, U.S. data showed the merchandise trade gap with China widened slightly in June to $32.5 billion after May's $32 billion deficit. America's differences with China, a one-party state that has promised to open its markets gradually, run deep.

The deficits between the United States and Trump's main trade adversaries are also growing. The deficit had narrowed in previous months as companies rushed out exports to beat the imposition of tariffs. China's trading partners complain those might violate its market-opening pledges by subsidizing or shielding Chinese companies from competition.

China has now imposed or proposed tariffs on £85bn ($110bn) in USA goods.

It is hard to predict how the confrontation will end, Kenneth Pomeranz, a professor of Chinese history at the University of Chicago, told the BBC.

Economists have warned that the tit-for-tat import duties, which have unsettled the US stock market, could undercut manufacturing through disruptions to the supply chain and put a brake on the strong economic growth.

He noted stocks are down in China, which he said is weakening the country's bargaining power over tariffs.

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