Walmart warns Trump that new China tariffs could mean price hikes
23 September, 2018, 20:29 | Author: Essie Rivera
In the long run higher prices for Chinese goods in the United States might damage its market share there, with negative effects on employment in China, but that's a slow process. But talk of a trade war is alarming to many U.S. business leaders, who largely support existing trade deals, and the securities markets, which fear lower profits and slower economic growth.
The Bloomberg report did not specify the countries that could enjoy lower Chinese tariffs.
The timing of the cut would suggest the tariff tool is being used as a tactic in the trade war, taking into account both domestic and global considerations.
"[The measure] will serve as a tax increase on the American public and consumers by increasing the costs of a new auto or truck and of maintaining the hundreds of millions of vehicles now on the roads", stated Mema. The action by the Chinese Ministry of Commerce places tariffs on 5,207 US product categories beginning September 24, the same day the USA tariffs on Chinese goods begin.
The US trading relationship with China has been the most fraught, and has escalated dramatically in the past week.
Alibaba founder Jack Ma said his ambitious pledge to create 1 million jobs in the United States had been scuppered by the trade row between Beijing and Washington, Chinese state news reported Thursday. Yet Mr. Trump no longer approaches China quite as isolated from the rest of the world as he had previously.
Chinese foreign ministry spokesman Geng Shuang rejected the claims, saying: "Anyone who has some knowledge of China's diplomacy will know that we will not interfere in other countries' domestic affairs".
Beijing has tried to appear restrained by doing no more than matching Trump's penalties.
He also threatened further potential tariffs on $16bn worth of products. The move could also strike a blow in the ongoing trade war with the United States, but it is not clear how many USA imports already targeted by Beijing could benefit from reduced tariff barriers if they enter China through a third country.
Yet, unless you're importing these goods or in one of these businesses, you probably haven't felt the effects of these tariffs.
According to the rating agency Moody's, this new escalation could cut as much as 0.5 percentage points from Chinese economic growth next year.
The administration says its demands are clear: Stop stealing trade secrets.
"The question becomes how much pain is the president willing to inflict on the US consumers and USA firms that pay the price of these tariffs? And we're just not letting that happen anymore".
China, the world's biggest importer of soybeans - used in cooking oil and animal feed - bought about one third of its beans from the USA previous year.
Tit-for-tat tariffs "so far have only produced increased costs for American businesses, farmers, importers, exporters and consumers, " a coalition of about 150 business and trade organisations told the Trump administration. Amongst others, these tariffs will affect computers, textiles, chemicals, meat, and wine.
And that comes along with the fact that the U.S.is now the world's largest producer of oil, meaning oil is no longer a factor in the trade deficit, he said.
"China is facing a host of difficulties and challenges in economic development", stated Li Keqiang, the Premier of the State Council of the People's Republic of China.
The Journal report quoted one senior Chinese advisory official saying China would not negotiate "with a gun pointed to its head". The US is imposing new tariffs on $200bn (£150bn) worth of Chinese goods as it escalates its trade war with Beijing.
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