China unveils retaliatory tariffs on $60B of USA goods in latest salvo
04 August, 2018, 22:56 | Author: Teresa Adams
One of the cited reasons behind today's market slide which started in Asia and promptly swept the rest of the globe, is a belated appreciation of Tuesday's news that the Trump administration is now considering more than doubling proposed tariffs on a further $200 billion worth of Chinese goods to 25%, up from an original 10%.
"China has been fully prepared and will have to retaliate to defend national dignity and the people's interests", the Commerce Ministry said in a statement Thursday. China also depends on trade more than the U.S.
"If the USA takes measures to further escalate the situation, we will surely take countermeasures to uphold our legitimate rights and interests", a Chinese foreign affairs ministry spokesman said Wednesday, according to Bloomberg, which first reported the proposed escalation. "So is the United States trying to put tariffs on its own companies?"
Washington is preparing to also impose tariffs on an extra $16 billion of goods in coming weeks, and Trump has warned he may ultimately put them on over half a billion dollars of goods - roughly the total amount of USA imports from China previous year.
So far, the United States has imposed duties on $34 billion of imports from China as part of a first tranche of sanctions on $50 billion of goods.
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English also explained that by shopping local the sales bump up sales tax, which brings in even more businesses to the area. Some restrictions do apply - single clothing items over $75 and individual back to school supplies over $20 will be taxed.
China has announced retaliatory tariffs on $US60 billion ($81b) worth of United States goods ranging from liquefied natural gas (LNG) to some aircraft and warned of further measures, signalling it will not back down in a protracted trade war with Washington.
The highest penalties on the new list would be imposed on honey, vegetables, mushrooms and chemicals, targeting farming and mining areas that supported President Donald Trump in the 2016 election. After Liu visited Washington later that month, the nations released a joint statement pledging to reduce the US trade deficit with China, among other things.
Wednesday's tariff announcement is all the more significant because it follows an agreement between President Trump and European Commission chief Jean-Claude Juncker to negotiate a resolution of trade differences between the U.S. and EU.
"Unilateral threats and pressure will only produce the opposite of the desired result", Geng said.
"First, I suggest the US take the right attitude and not to try to blackmail China as it doesn't work", spokesman Geng Shuang said in response to a question.
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"We said before that this round of tariffs amounted to doubling down on the recklessness of imposing trade policy that will hurt USA families and workers more than they will hurt China", said Matthew Shay, president of the National Retail Federation.
He said China has always believed that the disputes should be resolved through talks and communications, but the dialogue should be based on "equality and respect as well as established rules and credibility".
White House economic adviser Larry Kudlow warned China after it announced its retaliatory tariffs, saying Beijing should not underestimate US President Donald Trump's determination to act on trade. The public has until September 5 to comment on the proposal.
Beijing's earlier round of tariffs appeared created to minimize the impact on the Chinese economy by targeting soybeans, whiskey and other goods available from Brazil, Australia and other suppliers.
Trump has launched an aggressive trade agenda this year, threatening several countries with high tariffs if they don't purchase more USA products or allow more US investment in their countries.
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Rabobank International Ltd. predicted in June that the US may overtake Brazil as the biggest soybean exporter to the EU. He has slapped taxes on imported steel and aluminum, saying they pose a threat to USA national security.
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