Fears rise of long US-China trade battle

09 July, 2018, 05:34 | Author: Bert Pena
  • Europe rejects China‚Äôs offer of alliance in trade war with United States

He thus directed U.S. Trade Representative Lighthizer "to identify $200 billion worth of Chinese goods for additional tariffs at a rate of ten percent".

"China is forced to strike back to safeguard core national interests and the interests of its people", the Commerce Ministry said in a statement on Friday.

Team Trump and China slapped tit-for-tat tariffs on $34 billion worth of United States and Chinese imports on Friday, with Beijing accusing Washington of triggering the "largest-scale trade war" as the world's two biggest economies escalated their battle.

President Donald Trump argues that new tariffs on Chinese goods are created to protect USA businesses and force China to change its economic policy.

"So we have 50 plus 200 plus nearly 300", Trump, who is keen to reduce the huge USA trade deficit with China, told reporters aboard Air Force One en route to a rally in Montana.

The total value of the U.S. tariffs on China amounts to $50bn, though they will come into effect in two tranches, with the first round covering 818 products worth about $34bn having come into force on Friday.

On the other hand, Bangladesh market may also be flooded with cheap Chinese products affecting local industry as China will try to retain its market elsewhere.

The United States plans to invoke the duties on the remainder after taking necessary procedures, such as conducting public hearings.

Mr Trump has already imposed tariffs on imported washing machines and solar panels, and started charging levies on the imports of steel and aluminium from the European Union, Mexico and Canada.

The US on Friday put a 25 percent tax on US$34 billion of Chinese imports.

Mr. Trump's tariffs against China will likely resonate with voters who believe in his "America First" campaign and perceive the trade deficit with China as a loss to the US economy. Trump is already eyeing another $16bn of Chinese goods and suggesting the final total could top $500bn, more than the U.S. bought in 2017.

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"This could not be happening at a worse time for US farmers and ranchers", Michele Aavang, an IL soy farmer and Farm Bureau member, told NBC News in an email.

Distillers are anxious that retaliatory tariffs, not only from China but Europe and Canada as well, could stunt their sales and slow expansion and hiring plans.

Even though the tariffs just kicked in, they were approved in back in March and have already managed to make a negative impact.

"There are winners and losers in every trade war", said the Iowa Soybean Association.

There was no evidence of any last-minute negotiations between USA and Chinese officials, business sources in Washington and Beijing said.

The Chinese Foreign Ministry said the USA had blatantly violated the WTO rules. "Hinders the pace of global economic recovery, triggers global market turmoil and will affect more innocent multinational companies, general companies and consumers".

Wall Street has taken the China-US tariffs enacted on Friday in its stride so far, but investors are on alert for a ramp-up in the trade conflict.

Washington imposed 25 percent tariffs on $34 billion worth of Chinese imports, a first step in what could become an accelerating series of tariffs.

The Chinese government said Friday it "immediately" retaliated against increased USA tariffs on Chinese imports as President Donald Trump's administration effectively launched a trade war with its most important trading partner.

A member of China's central bank monetary policy committee, Ma Jun, said Friday that the first punches will have a "limited impact" on the Chinese economy.

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