A new round of proposed Trump tariffs would hit U.S. consumers

15 July, 2018, 13:02 | Author: Shannon Aguilar
  • Trump Announces New Taxes on TVs and Air Conditioners

Both governments have raised tariffs on $34 billion worth of each other's goods and already said they are considering additional charges on another $16 billion.

The US administration late on Tuesday released a huge list of new Chinese products subject to tariffs.

A Commerce Ministry statement said Beijing will use revenue from the higher import duties to "alleviate the impact on enterprises and employees" but gave no details. It said Beijing would take unspecified "necessary countermeasures" to protect its "core interests". The Dow Jones Industrial Average fell 160 points at the open, or a decline of 0.6 percent, and the S&P 500 slipped 17 points, or 0.6 percent.

The USTR will accept public comments and hold hearings august 20-23 before reaching a decision after august 31, according to a senior USA official who briefed reporters on condition of anonymity.

It seems that the United States is escalating the scale of this trade friction.

Trump had earlier said he would upscale the aggression on China if there were any effort to suppress USA exports.

President Donald Trump vowed to hit back after China retaliated for the first round of 25 per cent tariffs on United States dollars 34 billion worth of imports that Washington imposed last week.

The $200 billion far exceeds the total value of goods China imports from the United States, which means Beijing may need to think of creative ways to respond to such US measures.

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That intensification of the trade conflict, which commentators are increasingly calling a full-scale trade war, has investors spooked about the future of the global world order and the global economy, pushing stock markets around the world deep into the red.

The officials said they tried to target goods that would reduce the harm to United States consumers.

The dollar rose sharply against the Japanese currency, increasing to 112.04 yen from 111.28 yen.

Market drops started in Asia overnight, with all of China and Hong Kong's share indexes losing more than 1%.

Senate Finance Committee Chairman Orrin Hatch said the announcement "appears reckless and is not a targeted approach".

After months of threats and negotiations, the trade war between the USA and China officially launched on Friday with both countries imposingtit-for-tat tariffs. Imposing taxes on another $200 billion worth of products will raise the costs of every day goods for American families, farmers, ranchers, workers, and job creators.

The general manager of a medical device exporter that makes 15 percent to 20 percent of its sales to the United States said he plans to fly to the USA this week to negotiate with customers who stopped ordering its syringes and other equipment. The ministry said it would also double efforts to get the World Trade Organisation to block Washington's efforts to penalise China for the wrong reasons. But the strength of the greenback against the yen suggests investors are reflecting faith in the USA economy rather than seeking safety. During a visit to Germany this week by Chinese Premier Keqiang Li, the countries signed business deals worth more than $23 billion.

Tariff hikes are "hitting immediately the bottom line" of companies that rely on the free flow of trade across countries, said Mats Harborn, president of the European Union Chamber of Commerce in China.

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