China Vows Retaliation for Latest US Tariff Threat
China Vows Retaliation for Latest US Tariff Threat
US prepares to impose new tariffs on additional $200B worth of Chinese goods
12 July, 2018, 03:30
They criticize Trump's tactics but share USA complaints about Beijing's industrial policies. The tariffs announced Tuesday would be the third wave.
He said the plastics industry needs a "reliable, rational approach to trade".
The eventual goal is to impose tariffs on 40 percent of Chinese imports, the same proportion of U.S. goods hit by Beijing's retaliation, an official told reporters.
"If we see an increase in shipments from the latter in the coming months, we will be able to say there has been a shift in the supply chain, rather than simply a change in reporting techniques", he said.
Washington, DC, July 11, 2018-Flooring is included on a list of products imported from China that could face tariffs of 10% from the U.S.
The National Association of Manufacturers also criticized the USA decision, saying this latest round of tariffs could undermine the economic gains from the administration's tax and regulatory reform policies.
The International Monetary Fund has warned that a full-blown trade war could undermine the broadest global upswing in years. These levies target sectors key to China's industrial strategy, including computer hardware, railway equipment and aerospace manufacturing.
'Given China's likelihood of retaliation, it's also billions worth of new tariffs on American exporters'.
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"In light of China's decision to respond to the investigation by imposing duties on US goods, the Trade Representative proposes a modification of the action taken in this investigation". Trump has said he may ultimately target more than $500 billion worth of Chinese goods, the total amount of United States imports from China a year ago. Since then, the president has said his administration could impose duties on virtually all Chinese imports into the U.S. That list includes Chinese plastics machinery and molds.
China said tit-for-tat tariffs will "destroy" trade between the world's top two economies, after Washington fired the next shot in a ballooning trade war, readying fresh levies on $200 billion in Chinese goods.
"We will remain vigilant in defending the ability of our workers and businesses to compete on a fair and reciprocal basis", he said.
"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 Chinese government as always will have no choice but to take the necessary countermeasures", said China's ministry of commerce in a statement, without elaborating further.
Flooring products included on list are vinyl; plastic; wood-both engineered and solid; bamboo; cork; carpet-tufted and woven; tile; and ceramic-glazed and unglazed.
Officials later issued a list of thousands of Chinese products the White House wants to hit with new tariffs, including hundreds of food products as well as tobacco, chemicals and coal.
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.
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