Tuesday, 16 October, 2018

China ready to levy new duties if USA escalates trade war

China threatens tariffs on $60 billion in US goods China unveils additional retaliatory tariffs on $60bn of US goods
Orlando Vargas | 08 August, 2018, 12:56

It's the first time the fuel has been ensnared by the expanding trade war and billions of United States dollars may hang in the balance.

China on Friday announced new retaliatory tariffs against the United States on more than 5,000 us goods worth $60 billion if President Donald Trump follows through on a new round of tariffs he said he's considering.

President Donald Trump and his administration have repeatedly called on China to stop unfair trading practices, stop technology and intellectual property theft, and for a decrease in the USA trade deficit with the China. It was the largest jump in the trade gap since November 2016, according to the Commerce Department.

Amid the more heated rhetoric, USA stocks ended the week up about 0.8 per cent, the fifth straight week of advances.

Trump in a series of Tweet said the Chinese market dropped 27 per cent and still both the countries are talking.

"We have really rebuilt China, and it's time that we rebuild our own country now", Mr Trump said during about an hour of free-wheeling remarks at a rally outside Columbus, Ohio.

There are also signs the Trump administration is trying to revive formal negotiations with Beijing.

Speaking to Bloomberg TV yesterday, National Economic Council Director Larry Kudlow said: "We've said many times: no tariffs, no tariff barriers, no subsidies".

"The White House's extreme pressure and blackmail are already clear to the worldwide community", said a state television commentary. US Trade Representative Robert Lighthizer last week called trade tensions a "chronic problem" that would likely take years to resolve. "Considering the unreasonable US demands, a trade war is an act that aims to crush China's economic sovereignty, trying to force China to be a USA economic vassal".

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After China threatened to impose new retaliatory tariffs on a variety of American goods - everything from beef to condoms - the war of words between Washington and Beijing escalated yet further.

"Virtually nothing has happened in a trade dialogue with China in a month or six weeks", Kudlow said. "No one has a real incentive to blink first".

Trump on Saturday claimed his administration's enormous tariffs on other nations, including China, are "working far better than anybody anticipated", though economists have warned his trade policies could harm the global economy. China today announced a $60 billion list of USA goods including coffee, honey and industrial chemicals for retaliation if Washington goes ahead with its latest tariff threat.

Beijing fought back with matching tariffs on the same amount of US exports to China.

Beijing has insisted its measures are "rational" and warned the USA its tactics would not work. On the other hand, Chinese central bank's efforts to bolster the tumbling yuan helped to stabilize the currency.

The US economy is more insulated from trade concerns, but Chinese leaders have retaliated strategically, targeting products made in Republican districts and final goods, like soybeans, that can be purchased elsewhere. Such sentiment may weigh on business investment, which contributed last quarter to the fastest pace of growth in four years. The order was meant to stem what he described as "economic aggression" by Beijing and an unbalanced trade deficit.

Vapers are the latest victims of the escalating China Trade War.

"It's such a fundamental miscalculation that the Chinese are going to buckle", Selig said.

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