‘Totally unacceptable’: Beijing vows retaliation if United States taxes $200bn of Chinese goods

13 July, 2018, 10:14 | Author: Wade Massey
  • ‘Totally unacceptable’: Beijing vows retaliation if United States taxes $200bn of Chinese goods

On Tuesday the Trump Administration announced a large list of Chinese products that would be targeted with the next round of tariffs the government is threatening to impose.

The statement issued by Lighthizer was that of an imperial overlord whose word is law, to be obeyed without question, with any opposition to be met by escalating reprisals.

The US on Tuesday published a list of $200 billion (€170 billion) worth of Chinese goods that could soon be hit with tariffs.

China's imports of US goods are so small that Beijing "cannot match fresh USA tariffs", said Vishnu Varathan of Mizuho Bank in a report. "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.

"For over a year, the Trump Administration has patiently urged China to stop its unfair practices, open its market, and engage in true market competition", Lighthizer said.

USA ambassador Dennis Shea, who was among the first to speak at the closed-door review, argued that China had exploited its membership to take advantage of other nations and that if unchecked Beijing's misconduct would ruin the WTO.

"Unilateral actions that alienate long-standing USA allies and close off the US market to the rest of the world are not a recipe for economic growth and prosperity and are very unlikely to change China's unfair practices", ACC said.

"Given China's likelihood of retaliation, it's also billions worth of new tariffs on American exporters".

China slammed the latest U.S. tariff threat as a "totally unacceptable" escalation of their trade battle and vowed Wednesday to protect its "core interests".

Margot Robbie and Saoirse Ronan star in 'Mary, Queen of Scots' trailer
There's also a historical war feel at play here, with England Scotland clashing on the battlefield in the fight for the crown . Countless films, TV episodes, songs, and poems have portrayed Mary Stuart's attempted coup with varying degrees of success.


Hundreds of former Pakistan ruling party members detained, they say
While Junaid, on the other hand, has come forward that the PTI workers spat at him and even proceeded to attack him. He faces two more corruption cases against him following the Panama Paper scandal.


Jerry West: LeBron James was not a tough sign
Never said his next project is a Lakers team mural that includes all players-including James. People had a big problem with the word 'of.' I get where they are coming from".


At the same time, US companies like Boeing, General Motors and Apple now make plenty of money in China's vast consumer market, giving Beijing leverage over the USA economy that it once lacked.

Trump has been considering tariffs against China since his officials concluded in March that Beijing violates US intellectual-property rights, such as by forcing American firms to hand over technology. "This is totally unacceptable", the statement said. "The negative impact of the trade friction has already appeared". But Beijing could fight back with other measures to make life hard for American companies doing business in China. The U.S. last month agreed to lift the measures after ZTE pays a record fine and consents to management changes.

"Tariffs at the end of the day are a tax, and companies are going to have to figure out how they're going to pay that tax and it's mostly going to come through higher pricing, which is going to slow the economy down", Bergh said.

There was a price to be paid by American companies as government policies legislated winners and losers.

It vowed to immediately file an additional lawsuit against the USA to the World Trade Organization.

Trade war with the world: USA tariffs on aluminum and steel from Canada, the European Union and other countries have also triggered retaliatory tariffs on United States goods. Both trends would slow economic growth.

Members of Congress are increasingly questioning Trump's tactics. It's a potential effect of a new round of tariffs the Trump administration is proposing to slap on Chinese imports as soon as September.

"If you are Trump, you basically want to go after China only after you make sure that NAFTA is a go". A Bank of America survey last week reported that investor thinking had shifted since the spring, and the market saw potential dollar-positive implications from a trade war, as the United States would be better equipped to weather a slowdown in trade than other major economies. David French, a senior official at the National Retail Federation, told the Financial Times that they could "boomerang back" and hit consumers and workers. It followed a 10.1% rise in April. Before the latest anti-China announcement, German Chancellor Angela Merkel and Chinese premier Li Keqiang held a meeting in Berlin in which they pledged to uphold the rules-based order. That would leave China only $80 billion for further retaliation. The producer of chemical compounds used in electronics only ships 10% of its product to the United States, but had wanted to expand there, according to Mr. Ma, a sales manager who only gave his last name. Holmes said the tariffs so far haven't reduced demand. "We should try to reach a deal, otherwise we will be forced to take action", she stated and expressed the hope that China and Germany "won't get caught up in a global spiral of protectionism".

Beijing has begun downplaying Made in China 2025, the state-backed industrial policy that has provoked alarm in the West and is core to Washington's complaints about the country's unfair trade practices.

Recommended:



Popular

Smartphone lens-maker Moment finally brings its camera app to Android
Part of the problem is that we don't yet fully understand how smartphones are changing our habits and our brains. Third-party apps for maintaining focus and reducing distraction have been around for a long time, of course.

Stormy Daniels Arrested After Performing in Ohio Strip Show
Clifford was charged with "three counts of the same violation for illegal touching three different undercover Vice detectives". NBC News have posted a video online of what they say is Ms Daniels arriving at Jackson Pike Correctional Center in handcuffs .

United Kingdom slips to 35th in global table of broadband speeds
It's the result of 168 million speed tests in 200 countries over the past year, running up to 19th May 2018. Singapore took top spot, followed by Sweden and Denmark, while Yemen had the slowest average speed.

Supermarkets recall frozen vegetables over contamination fears
The full list of foods affected by the bacteria have now been revealed, and consumers should be trying their best to avoid them. The Woolworths product is sourced from Belgium and contains frozen sweetcorn sourced from the Greenyard Factory in Hungary.

Icelandic whalers accused of killing rare blue whale
He told the Sydney Morning Herald the whale did not have "any characteristics" to suggest it was a hybrid. Kristjan Loftsson, the managing director of Hvalur, said he was certain it was not a blue whale.

Vettel and Ferrari bid to 'kill magic' of Hamilton and Mercedes
Hamilton would run third with Raikkonen taking advantage of a mistake by Verstappen to take P4 on the Hangar Straight. Hamilton added: "All I would say is that it's two races in which a Ferrari has taken out a Mercedes".

Abe visiting flood-hit western Japan as deaths reach 176
The Japan Meteorological Agency said as much as 10 centimeters of rain per hour fell on large parts of southwestern Japan. Rainfall estimate in Japan from July 2 through 9. "I'm anxious because I have no idea how long it will stay like this".

Michael Flynn joining new lobbying firm
Some conservative activists have called for a "flash mob" of Flynn supporters to gather outside the courthouse Tuesday morning. Last December, the former lieutenant general pleaded guilty to lying to the Federal Bureau of Investigation .

The 'dual-screen' Ticwatch Pro costs $250
It enables lower power consumption as the tech allows the watch owner to switch between FSTN LCD display and an OLED display . As you'd expect, this displays your typical Wear OS software with Mobvoi's collection of watchfaces on board as well.

Egypt explosion: Twelve hurt in blast near Cairo airport
Flights were briefly suspended while officials investigated the nature of the explosion, according to the Reuters news agency. Egyptian state television is reporting that a fire raging as a result of the explosion had been brought under control.