China vows to hit back over new USA tariffs

Evarado Alatorre
Julio 12, 2018

Last week, President Donald Trump said the United States might ultimately impose tariffs on more than $500 billion worth of Chinese goods, nearly the total amount of U.S. imports from China a year ago. On Friday, the US slapped 25 percent taxes on $34 billion in Chinese imports, a lot of them are industrial goods that the Trump administration says receive subsidies or other unfair support from Beijing.

There is a two-month period of public comment on the latest proposed list before the tariffs get imposed.

"For many years, China has pursued abusive trading practices with regard to intellectual property and innovation", Mr. Lighthizer said in a statement on Tuesday.

The Republican chairman of the U-S Senate Finance Committee says the move is reckless.

The U.S.is pursuing a new set of tariffs that would hit $200 billion in Chinese goods, according to senior administration officials.

For now, the USTR continues to work on the process of finalizing an additional $16 billion in goods to face 25 percent tariffs to bring the total up to $50 billion.

Accusing China of not negotiating "seriously" on trade, the Trump administration has released a list of products it wants to impose a ten percent tariff on, amounting to $200 billion.

Beijing has said it would hit back against Washington's escalating tariff measures, including through "qualitative measures", a threat that U.S. businesses in China fear could mean anything from stepped-up inspections to delays in investment approvals and even consumer boycotts.

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Members of Congress are increasingly questioning Trump's aggressive trade policies, warning that tariffs on imports raise prices for consumers and expose USA farmers and manufacturers to retaliation overseas.

Australia's dollar, often seen as a proxy for China's economic fortunes due to Australian raw materials exported there, was 0.83 percent lower.

The President's tariffs are already squeezing some US firms, which have started to raise prices or lay off workers as a result. French said. "The way things are shaping up, it may be too late, but we hope the administration changes course before we lose the momentum from tax and regulatory reform and return to an era of high prices, job loss and negative growth in our economy".

Investors said trade war worries may slip to the background as investors begin to focus more closely on second-quarter earnings over the coming weeks.

Oil prices were also hit by the trade war concerns.

Global markets in turmoil as Trump intensifies trade war once again.

Financial markets could take a harder fall if China retaliates to the latest volley of USA tariffs, as Beijing has vowed, according to research firm Capital Economics.

China' s Ministry of Commerce said that the tariffs are "totally unacceptable" and it is hurting the entire world, as well as China.

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