China hikes tariffs on most U.S. goods in $60 billion target list
14 May, 2019, 13:53
Beijing's latest retaliation against U.S. tariff hikes - an increase on US$60 billion (S$82.1 billion) of United States imports from June 1 - could leave China running low on ammunition in the trade war. Both companies get a significant amount of revenue from China and stand to lose heavily if the trade war drags on.
The latest bullets in the U.S.
The increased funding request, announced by President Donald Trump on Twitter, comes almost two months after Vice President Mike Pence declared the objective of shortening by four years NASA's timeline for putting astronauts back on the moon for the first time since 1972.
"I think that China felt they were beaten so badly in the recent negotiation that they may as well wait around for the next election, 2020, to see if they could get lucky & have a Democrat win - in which case they would continue to rip-off the US for $500 Billion a year", Trumpsaid. I know why you want to change it, because it makes it seems less unsafe. "Would be wise for them to act now, but love collecting BIG TARIFFS!"
"Such an easy way to avoid Tariffs?"
The U.S. Trade Representative's office said later it planned to hold a public hearing next month on the possibility of imposing duties of up to 25% on a further $300 billion worth of imports from China.
China on Monday said it will impose tariffs on $60 billion worth of USA goods from June 1, after Washington announced plans to tax nearly all Chinese imports to the United States.
Although the $60 billion of retaliatory tariffs China announced Monday includes a long list of foods produced in the United States, industry experts say the impact on US agriculture is hard to predict because numerous most damaging agricultural tariffs are already in place.
China's State Councilor Wang Yi said China and the US both have the "ability and wisdom" to reach a fair trade deal that would be good for both sides. Whereas the entire country and all the people of China are being threatened.
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USA negotiators reportedly have told Beijing it has a month to reach a deal or face tariffs on all its us exports.
He argued that the U.S.is reaping "billions" through tariffs, so he may impose additional levies even as Republican allies and American farmers urged him to find an acceptable way out of the trade war. China's manufacturers will get hit by lower demand, which is an indirect cost of tariffs, and of course China's consumers will pay for their own government's tariffs.
US officials are targeting a $300 billion list of additional Chinese imports including laptop computers for tariff hikes, ratcheting up a trade fight that is shaking financial markets and fueling fears about global economic growth.
Asian stocks fell broadly, with Nikkei 225 index dropping 0.7 percent and the Shanghai Composite shedding 1.2 percent. "The U.S. -instigated trade war against China is just a hurdle in China's development process".
Beijing announced shortly after that it was hitting over 5,000 categories of United States products with tariffs of five to 10 percent.
"The market thought it was positioning and at the end of the day there would be a deal and that over the weekend they would work things out and that is clearly not the way this thing is going", said Paul Mendelsohn, chief investment strategist at Windham Financial Services in Charlotte, Vermont. However, if the Chinese negotiate team also insists on the same principle of "China First" following Trump's logic, how can the two countries reach a deal? Yet rather than a monetary response, it sees Beijing as continuing to launch "reform-oriented measures to address structural issues that may lead to economic collapse", so-called "grey rhinos" that represent obvious yet ignored risks.
Beijing is running out of US imports to penalize because of the lopsided trade balance between the world's two largest economies.
"U.S. consumers, farmers, businesses and so on have become the victims of the trade frictions provoked by the United States".
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Very bad for China, very good for USA! Mr Trump also said China had "taken so advantage of the USA for so many years". "A call between Presidents Trump and Xi in the next few days could easily turn everything back to normal".
China announced it would hit the United States with tariffs of $60bn on $200bn worth of goods starting on June 1. The move comes three days after the United States more than doubled tariffs on $200bn of Chinese imports.
Once the officer's attention was focused elsewhere, Jackson took off running, but was later found by other officers. Court records show Jackson has been charged with a felony for escape and a misdemeanor for resisting an officer.
Mr Liu said the remaining differences were crucial ones "and we will make no concessions on matters of principle". He is heading back to Beijing where officials from both sides expect to hold more talks in the near future.
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