What Is the Endgame for the Trump Trade Wars?

11 July, 2018, 08:06 | Author: Bert Pena
  • Trump's Zero Tariff Solution

Beijing's increases include an additional 25 percent tariff on cars imported from the United States, raising the total charge to 40 percent.

The US Trade Representative office will hold hearings on the targeted products and it's expected it will take about two months to finalize the list, at which point Mr Trump would decide whether to go ahead with the tariffs.

The move marked the latest escalation of the ongoing trade war between Washington and Beijing.

Consumer-goods companies have been bracing for months as the Trump administration steadily ramped up its rhetoric on trade with China and other major trade partners. Oil had risen the previous day, supported by a larger-than expected US stock draw and supply concerns in Norway and Libya.

The White House says the tariffs are a response to unfair trade practices by China.

On this path, the U.S. government would then nearly surely retaliate in response, raising the stakes immediately to $450 billion in imports of Chinese goods under tariff.

The United States had just imposed tariffs on Dollars 34 billion worth of Chinese goods on Friday, drawing immediate retaliatory duties from Beijing on U.S. imports in the first shots of a heated trade war.

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Scott Lincicome, a trade lawyer for the group Republicans Fighting Tariffs, said tariffs on $200 billion would amount to a "multibillion-dollar tax on American businesses and families" and prompt China to retaliate against American exporters.

The American president told reporters that tariffs on an additional $16 billion in Chinese goods are set to take effect in two weeks.

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. "We can not turn a blind eye to China's mercantilist trade practices, but this action falls short of a strategy that will give the administration negotiating leverage with China while maintaining the long-term health and prosperity of the American economy".

The fight with China comes as Mr. Trump is also locked in a trade war with Canada, Mexico, the European Union and other US allies. "Unfortunately, China has not changed its behaviour".

In Beijing, Li Chenggang, assistant minister at China's Commerce Ministry, said that the latest US proposals would hurt both countries and pointed to declines in Chinese export growth and overseas investment to the United States in the first half of this year.

Beijing has called on Chinese firms to substitute American imports with those from other countries in response to United States trade tariffs.

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