Friday, 19 October, 2018

Trump threatens to increase tariffs on China; China calls it ‘blackmail’

Market report: Miners lead FTSE lower as Trump’s China tariffs hit outlook China warns US on higher tariff report - Chinadaily.com.cn
Orlando Vargas | 03 August, 2018, 11:40

The Trump administration is proposing raising planned taxes on $200 billion in Chinese imports to 25 percent from 10 percent, potentially ratcheting up a trade war with China.

The Trump administration plans to propose slapping a 25-percent tariff on $200 billion of imported Chinese goods after initially setting them at 10 percent, in a bid to pressure Beijing into making trade concessions, a source familiar with the plan said on Tuesday. Since then, the USA has continued to expand the list of targeted goods, and even threatened to add tariffs on all Chinese goods.

Last month, the US proposed 10 percent tariffs on another $200 billion in Chinese products, a response to China's retaliation. "Regrettably, instead of changing its harmful behavior, China has illegally retaliated against us workers, farmers, ranchers and businesses". Beijing responded by imposing the same penalties on the same amount of US imports.

U.S. President Donald Trump walks from Marine One as he returns from Kansas City, Missouri, to the White House in Washington, July 24, 2018. "If the United States takes further escalatory steps, China will inevitably take countermeasures and we will resolutely protect our legitimate right", Chinese Foreign Ministry spokesman Geng Shuang said in a press conference Wednesday.

"If the United States takes further measures that escalate the situation, China will definitely fight back", said Geng.

"But it's not just trade data weighing on the yuan sentiment, but the latest run of China economic data has been less than stellar playing into USA dollar versus the yuan policy divergence".

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Trump Raises Proposed Chinese Tariffs to 25%
It would represent a ramping up of pressure over Washington's trade standoff with Beijing. A further escalation of the dispute would be a threat to world trade as a whole.


The news about tariffs for China appeared shortly before the start of the negotiations round between the major world economies.

Two Trump administration officials told reporters on a conference call that the USA president remains open to communications with Beijing and that through informal conversations the two countries are discussing whether a "fruitful negotiation" is possible.

Washington and Beijing are locked in battle over American accusations that China's export economy benefits from unfair policies and subsidies while stealing American technological know-how.

Offshore yuan dropped to a 15-month low on Friday morning as the US-China trade war escalates, with traders projecting the Chinese currency to slip further through the year.

The next wave of US tariffs is set to kick in as soon as Wednesday, with the possible imposition of duties on another $16 billion of Chinese imports. "The United States' method of adding pressure will not, I'm afraid, have any effect", Wang told reporters on the sidelines of a regional forum. But the two neighbours - and other US allies and trading partners - have slapped back with tariffs of their own, often aimed at USA farmers who supported Trump in the 2016 election.

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