New tariffs readied for Chinese goods

Evarado Alatorre
Julio 12, 2018

The Trump administration raised the stakes in the growing trade dispute, threatening 10 percent tariffs on a list of $200 billion worth of Chinese imports, sending stocks lower and prompting Beijing to warn it would be forced to respond.

Trump has recently introduced tariffs on $34 billion worth of Chinese products and, while hundreds of products have been affected, certain goods were conveniently spared from this enactment - including the products made for Ivanka's internationally manufactured fashion brand.

The survey, conducted between April 10 and May 10, reflects the mix of key concerns and realities for American businesses in China at a time of heightened uncertainty as the Trump administration raises the ante in its trade war with Beijing.

The tech sector, more broadly, will suffer from tariffs due to the nature and complexity of the worldwide supply chain that it relies on.

"We have been very clear and detailed regarding the specific changes China should undertake".

"The latest list of $200 billion of products to be subject to tariffs against China doubles down on a reckless strategy that will boomerang back to harm US families and workers".

The U.S. Trade Representative announced the possible second round of tariff hikes on Tuesday targeting a $200 billion list of Chinese goods ranging from burglar alarms to mackerel.

Trump has been considering tariffs against China since his officials concluded in March that Beijing violates USA intellectual-property rights, such as by forcing American firms to hand over technology.

"The Chinese side is shocked by the actions of the United States", a statement on the ministry's website declared. "As an industry that touches 96 percent of all manufactured goods and which has much to gain from a productive, respectful trading relationship with China, ACC and our members remain hopeful that the USA and China can resolve their differences and prevent further harm to US manufacturers, farmers, and consumers".

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"For over a year, the Trump Administration has patiently urged China to stop its unfair practices, open its market, and engage in true market competition", he said in a statement.

US Trade Representative Robert Lighthizer writes that these new tariffs come as a response to how Beijing retaliated to the initial tariffs - quickly implementing matching tariffs on the same amount of US exports to China.

China's foreign ministry said the Trump administration's actions were "typical bullying" and promised retaliatory action against the US, according to the wire service.

While Chinese shares regained Wednesday's heavy losses, with the Shanghai Composite index rising 2.2 percent, the yuan fell against the dollar following the central bank's weakest daily fixing in almost a year and Washington's fresh tariff threats.

Trump has been receiving support for regulation of US businesses as well as domestic tax cuts from the US Chamber of Commerce but soon after Tuesday's announcement a Chamber spokeswoman states, "Tariffs are taxes, plain and simple".

The trade confrontation between Washington and Beijing has been escalating for months, despite Trump's repeated statements that he has a good relationship with China's President Xi Jinping.

"But more tariffs like these will punish America's manufacturing workers - and could undermine our hard-won gains thanks to tax and regulatory reform".

US Senate Finance Committee Chairman Orrin Hatch described the move was "reckless". "In part because they have only limited ammunition and in part because it's still early in the process on the United States side", Kuijs said.

TRT World's Kevin McAleese reports from Washington DC.

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