New round of tariffs targets $200 billion of Chinese goods
New round of tariffs targets $200 billion of Chinese goods
Canola is an “imperfect substitute” for soybeans
Mike Drew Postmedia
12 July, 2018, 01:57
President Donald Trump has therefore ordered the trade department to "begin the process of imposing tariffs of 10% on an additional $200 billion of Chinese imports", Lighthizer pointed out.
There is a two-month period of public comment on the latest proposed list before the tariffs get imposed.
U.S. Trade Representative Robert Lighthizersaid in a statement that this is "an appropriate response", as China has for years "pursued abusive trading practices with regard to intellectual property and innovation".
"The Chinese government as always will have no choice but to take the necessary countermeasures", said China's ministry of commerce in a statement, without elaborating further.
China's Commerce Ministry has vowed to retaliate to the countermove.
Senate Finance Committee Chairman Orrin Hatch, of Utah, called the new levies "reckless" and not "targeted". China responded to that action by imposing tariffs on $34 billion of US products, and the country has vowed to take countermeasures against the current action as well.
More than 6,031 product lines are affected by the proposed tariffs, including seafood, fruits and vegetables, grains, tobacco, auto rearview mirrors and burglar alarms.
China slammed the USA threat to expand tariff hikes to imports including apples, fish sticks and French doors as a "totally unacceptable" escalation of their trade battle and vowed Wednesday to protect its "core interests".
The tariff list could be released as soon as Tuesday, and likely this week, the report said.
Trump has said continuously that China has taken advantage of the USA economy, and he has vowed to hit almost all the country's products with tariffs, as much as $450bn.
Instead of giving in, however, China hit back with dollar-for-dollar retaliatory tariffs on USA products.
The U.S. Trade Representative is taking comments on these proposed tariffs until August 17. The tariffs could raise the price of everything from baseball gloves to handbags to digital cameras just voters are heading to the polls.
Beijing has retaliated with duties on the same value of USA imports, ranging from soybeans to cars, and has vowed to respond proportionally to any new U.S. tariffs. "Consumers, businesses and the American jobs dependent on trade, are left in the crosshairs of an escalating global trade war", said Hun Quach, the head of worldwide trade policy for the group.
The move is a significant escalation of the trade war between Washington and Beijing, further raising the dangers of a major economic shock.
The news could "bring some negative emotion to financial markets in the short term, but over the long run, fundamentals of Chinese financial markets have not changed, and (investors) shouldn't over-value its impact", Guan Tao, former director of the worldwide payments department at China's State Administration of Foreign Exchange (SAFE) was quoted as saying by the state-owned Xinhua news agency.
"There certainly is going to be pronounced risks mainly because we have now moved on to the tit-for-tat-for-tit phase of it", said Vishnu Varathan, head of economics and strategy at Mizuho Bank in Singapore. French said. "The way things are shaping up, it may be too late, but we hope the administration changes course before we lose the momentum from tax and regulatory reform and return to an era of high prices, job loss and negative growth in our economy".
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It also said that China would have to respond to the United States actions. "There is no justification for such action". The National Retail Federation, an industry group, warned about the impact on prices from the new measures.
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