Published: Tue, September 18, 2018
Finance | By Jaime Brady

Trump slaps fresh tariffs on $200B of Chinese goods

Trump slaps fresh tariffs on $200B of Chinese goods

China has accused the United States of starting the "largest trade war in economic history", and has again vowed to retaliate with duties on US$60 billion in U.S. goods, but since the country only imports US$130 billion in USA goods, its ability to hit back with matching tariffs is now limited.

Collection of tariffs on the long-anticipated list will start 24 September but the rate will increase to 25% by the end of 2018, allowing USA companies some time to adjust their supply chains to alternate countries, a senior administration official said.

Sohn said he thinks that China will retaliate against every USA tariff and that the back-and-forth sparring will escalate until the U.S.is taxing all Chinese imports - $524 billion past year.

The officials said China had been given "chance after chance" to change the trade practices considered unfair to U.S. businesses, but "have remained obdurate".

Taken together, it means roughly half of the products that China sells to the USA each year will be hit by American tariffs.

Distance Beijing Heaping more duties on Chinese goods will only further distance Beijing from resolving the conflict through a negotiated solution, said one of the people.

Sohn said the Trump administration is pursuing a legitimate goal of getting China to stop violating global trade rules but that it should have enlisted support from other trading partners, such as the European Union, Canada and Mexico, and presented Beijing with a united front.

Australian stocks are set for a weak start with the futures index falling following reports President Trump will finally impose tariffs on $200 billion worth of Chinese goods.

Trump administration does not want to constrain China's growth, development. "I think that kind of tactic is not going to work with China", Fang Xinghai, vice chairman of China's securities regulator, said at a conference in the port city of Tianjin. That is below the 25 percent the administration said it was considering for this possible round of tariffs.

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Many US businesses have warned that a new rounds of tariffs would threaten to increase prices of everyday goods for Americans - goods as varied as baby seats and bikes.

In proceeding with additional tariffs, Trump ignored pleas from hundreds of U.S. companies who opposed the new levies at public hearings last month.

Trump also has complained about America's massive trade deficit - $336 billion previous year - with China, its biggest trading partner.

But there is little prospect of such an outcome because, while the U.S. is demanding that the trade deficit with China be reduced, the conflict does not merely centre on that issue.

Before the latest announcement, 20% of total tonnage and trade value of the Los Angeles port was exposed to the tariffs and retaliatory charges. Japan has informed the WTO that it plans to impose retaliatory measures on United States goods to the tune of 50 billion yen (US$455 million).

Its own long-term economic and strategic ambitions and its domestic political stability make it hard for China's President Xi Jinping to be seen to be intimidated into conceding to the USA actions and threats. Some companies are looking to move out of China to dodge the tariffs, said Ted Murphy, a partner at the Baker McKenzie law firm.

The U.S. economy appears strong enough to withstand damage from the tariff battle, he said. The price of washing machines in the U.S.

However, senior administration officials told reporters the initial list announced in July was reduced by 300 product lines after the administration received 6,000 written comments from consumers and businesses.

The vast majority of economists say that tariffs increase the cost of goods to companies and consumers without a meaningful improvement for domestic industries that benefit from reduced competition, because the higher prices subsequently charged reduce demand.

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