China Imposing $50 Billion In New Tariffs On US Goods

05 April, 2018, 00:58 | Author: Essie Rivera
  • Financial Markets Fall Wall Street

Late Tuesday the Trump administration outlined proposed tariffs on a similar amount of Chinese goods.

However, there was no evidence yet of an organized campaign to stoke anti-U.S. behavior, or that consumers were yet shunning US goods in any numbers.

"We have done everything to prevent this from happening, but we are still calling for a resolution", said Zhang Xiaoping, China Director of the U.S. Soybean Export Council said.

On Tuesday, the administration of President Donald Trump threatened to slap tariffs on $50bn in Chinese imports across 1,300 categories of products, ranging from industrial robots to locomotives.

The Chinese government did not specify when its penalties would be imposed, but the Chinese finance ministry said that the authorities are closely watching how the United States will implement its actions.

USA business groups mostly agree that something needs to be done about China's aggressive push in technology.

As a developing country, it is completely in line with World Trade Organization (WTO) rules for China to ask foreign investors to establish joint venture enterprises when entering certain Chinese industries, said Wang. Indeed, the Trump administration reaffirmed the cyber pact with Beijing last October.

On Monday, China imposed extra tariffs on imports of American goods including wine, in response to USA duties on steel and aluminum imports.

In 2017, the USA and China traded $657 billion in goods alone.

But economists say a trade war would drag down growth for the US and other countries in a number of ways. "China's response is a surprise for some people", said Julian Evans-Pritchard, senior China economist at Capital Economics, noting that neither side had yet called for enforcement of the tariffs.

For more details on the trade dispute between the US and China, including USA opposition to foreign takeovers, read the full National Bank report. "They are collecting confidential business information, it's just the intellectual property theft that has been stopped".

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Chinese items targeted by the United States in this latest round of tariffs include televisions and motorcycles. The tariffs target products that appear to have received significant support from Chinese government policies. Chinese officials did not set a date for implementation, saying what happens next will depend on whether the US president pushes ahead with his tariff plans.

Meyers also told The Hill that the firm has seen a large increase in activity targeting US law firms since June 2017.

Foreign business groups complain that strategy will limit or outright block access to those industries.

The activity is likely to continue to pose a challenge for the new administration, which has sought to cooperate with China on global issues like ending North Korea's nuclear program. Figures from the U.S. Commerce Department put last year's trade gap with the Asian nation at $337 billion.

China is a key market for Boeing, accounting for almost one-fourth of the Chicago company's deliveries of commercial airplanes past year.

Trade tensions between the United States and China have been escalating over the past month, following President Donald Trump's decision to impose steep tariffs on steel and aluminum imports.

Beijing has options for retaliating against USA companies operating in China.

In another warning move, Chinese regulators launched an anti-dumping investigation of US sorghum last month as rhetoric between Beijing and Washington heated up. So far, the proposed tariffs by China haven't been massive, "but this could be a game-changer and may be what turns the table on this whole thing", O'Brien said. "Making unfounded accusation is counterproductive".

Beijing has already shown it is willing to fight back.

The release of the list by U.S. Trade Representative Robert Lighthizer leads into a roughly 60-day period when the public can provide feedback and the government holds hearings on the tariffs.

Stocks opened sharply lower on Wall Street as an escalating trade dispute between the USA and China poses a threat to global economic growth and corporate profits.

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