Trump Administration Readies Tariffs On $200 Billion Of Chinese Imports

11 July, 2018, 04:24 | Author: Regina Silva
  • In Hong Kong and China where many suppliers to US retailing giants are based shares of companies in affected sectors fell. — Reuters pic

US Trade Representative Robert Lighthizer said the United States would impose tariffs of 10 per cent on the additional Chinese imports.

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 would be the latest in the escalating trade skirmish between the world's two biggest economies.

The list could be released as soon as Tuesday, and likely this week, according to the people, who spoke on condition of anonymity because the matter isn't public.

Just after midnight on July 6, the United States began collecting 25 percent tariffs on $34 billion in imports from China.

"Although I have supported the administration's targeted efforts to combat China's technology transfer regime, tonight's announcement appears reckless and is not a targeted approach", said Sen.

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"As in the past, the United States is willing to engage in efforts that could lead to a resolution of our concerns about China's unfair trade practices and to China opening its market to USA goods and services", he added. China has vowed to retaliate dollar-for-dollar to any further US tariffs.

Chinese tariffs have already taken a toll on US exports such as soybeans, which raises questions about the possible political repercussions President Trump could face from farmers who supported him in the 2016 election.

According to the Ministry of Commerce, China considered the substitution of imports and the overall impact on trade and investment while making up a list of U.S. goods hit by import duties.

But China only bought about $135 billion in USA goods previous year, meaning it will run out of American products to tax before it matches Trump's latest move. Chinese tactics, the administration said, include outright cybertheft and forcing USA companies to hand over technology in exchange for access to the Chinese market.

Chinese officials also encouraged businesses to reduce their reliance on USA goods, urging them to shift orders for products such as soybeans and automobiles to suppliers in China or countries other than the United States.

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