Sunday, 19 August, 2018

China threatens 25% tariff on $60 billion of imports from the US

Here's Why Trump Is Hiking Chinese Tariffs To 25% China announces $60B of US goods for tariff retaliation
Ebony Burgess | 06 August, 2018, 07:58

China stands poised to impose retaliatory tariffs on $60 billion worth of USA imports, including coffee, honey and industrial chemicals, if Washington goes ahead with its latest trade threat. Cheniere Energy Inc., which began exports in February 2016 from a US gas market glutted with the fuel, fell on the news.

The threat comes two days after President Donald Trump ordered his administration to consider increasing the rate of tariffs it has already proposed on $200billion a year of Chinese goods - everything from chemicals to handbags - to 25 percent from 10 percent.

"China's countermeasures are rational", the Global Times, a tabloid run by the official People's Daily, said in a commentary.

The spat began in April with the Trump administration imposing tariffs on steel and aluminium imports into the U.S. from China, which also retaliated by imposing additional tariffs worth about United States dollars three billion on 128 usa products.

Sarah Sanders, the White House press secretary, said in a statement that "instead of retaliating, China should address the longstanding concerns about its unfair trading practices".

And he said this approach has paid huge dividends, reviving the American steel industry and bringing manufacturing jobs to the U.S.

"China will not rush to compete with USA numbers", it said, echoing comments made by state television.

"The magnitude, we don't know yet", Kassis said. The timing of Friday's announcement hinted at that conflict.

"The tariffs are concerning because it's not just what's stated as the target", said Carl Paglia, Ohio Star Forge director of sales and business development.

The US refers to the nextgen technologies as "intellectual property" since they are fundamentally software based.

On Saturday, President Donald Trump praised his tariff plan and insisted, "steelworkers are working again, and big dollars are flowing into our Treasury". To put matters bluntly, the United States government is now facing the medium term possibility of paying its farmers to throw away foodstuffs while Chinese investment in its various domestic industries is used to help push Chinese goods to the forefront of innovation while helping Chinese products ranging from agriculture to industrial goods to reach foreign shelves. Research later conducted on those tariffs found they negatively impacted employment and the USA economy.

Redding Home Loss Tops 1000; Mendocino Complex Still Growing
"The western edge of fire continued to challenge crews yesterday evening", Cal Fire said Wednesday. California governor Jerry Brown said the wildfire season was the "new normal" for the state.

Wang told reporters at the forum that China welcomed, and was willing to work with, the United States to help with faster development and better security in the region.

Chinese leaders have offered to purchase more American goods, but rejected the U.S. request to change technology policies they see as a path to prosperity and global influence.

Morgan Stanley estimates that a full-blown escalation of the trade dispute could knock 0.81 percentage points off global gross domestic product. Trump has ultimately threatened tariffs on over $500 billion in Chinese goods, covering virtually all USA imports from China.

China's imports from the United States past year totaled $153.9 billion.

The new list includes products as varied as snow blowers and 3-D printers, suggesting Chinese authorities are struggling to find enough imports their own economy can do without. But. the Chinese Party and the government control the media as well as a good bit of the economy.

Total actually implemented USA import tariffs to date - mostly levied against China - amount to only $72 billion, or 2,3 percent of a total of $3,06 trillion imports into the U.S. annually.

China's strictly controlled news outlets have frequently rebuked the United States and the Trump administration as the trade conflict has escalated, but they have largely refrained from specifically targeting Trump.

The White House had previously asked the Office of the United States Trade Representative about the possibility of imposing a 10% tariff on $200 billion worth of Chinese goods. A promise that Europe will buy more soybeans and liquefied natural gas from America, to the extent it means anything, is a promise of managed rather than free trade.

Foreign ministry spokesman Geng Shuang told media that "the Chinese side calls on the U.S. to return to rationality, and eradicate its mistakes to create the right conditions for resolving the problem".

Hopes had been rising that Trump might drop his trade-war campaign after the president announced a deal last week with European Commission President Jean-Claude Juncker that would see the U.S. and EU cut tariffs and other barriers.

Trump has said trade wars are "easy to win" and made the soaring US-China goods deficit a principal issue in his nationalist economic agenda.

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