China hits back by levying tariffs on US$60b of United States goods
18 September, 2018, 18:27 | Author: Regina Silva
"In order to safeguard our legitimate rights and interests and the global free trade order, China will have to synchronize its countermoves". "We deeply regret this".
A White House statement said tariffs would start at 10 percent and go into effect in a week, on September 24, before kicking into full gear at 25 percent at the start of the new calendar year.
If the USA continues to raise its tariffs, China will respond in kind, the report said. China has said it will retaliate.
Trump said the tariffs aim to force a change in Chinese trade policies that he said posed "a grave threat to the long-term health and prosperity of the United States economy".
China is one of Apple's largest markets, and the tech giant said increasing tariffs on Chinese goods could harm its business.
China is reviewing plans to send a delegation to Washington for fresh talks in light of the US action, the South China Morning Post reported on Tuesday, citing a government source in Beijing. Economists say the cost of consumer products such as air conditioners, furniture, lamps and handbags will rise, since many American manufacturers assemble goods on Chinese soil.
While there are measures China can take to retaliate, it is limited by the imbalance between its exports to the United States and its imports from the U.S., which amount to only about $US130 billion a year.
"If the United States insists on raising tariffs even more, China will respond accordingly", the finance ministry added.
"I think that kind of tactic is not going to work with China".
"We've spoken to Mr. Tim Cook many times", Kudlow said.
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Trump didn't otherwise elaborate on the announcement, which he described after complaining about the USA trade deficit with China. Chinese officials have suggested that planned talks between trade delegations from both countries will now not go ahead.
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China's vice premier, Liu He, was expected to visit Washington next week to restart negotiations with Treasury Secretary Steven Mnuchin, but analysts say the $200 billion development likely knocked that meeting off the table. The Wall Street Journal reports Pyongyang has worked with Russian Federation and China to avoid sanctions, according to a confidential United Nations report, making the latest economic penalties "ineffective".
Trump also warned that if China takes retaliatory action against United States farmers or industries, "we will immediately pursue phase three, which is tariffs on approximately US$267 billion of additional imports".
But a senior Trump administration official said Monday that, while it seeks changes in China's trade policies, the U.S.is "not trying to constrain China's growth".
Consumer discretionary.SPLRCD and technology.SPLRCT were the biggest percentage losers on the S&P 500 index during the regular session, falling 1.3 percent and 1.4 percent, respectively.
"The weakening of the RMB could help offset the new tariffs", said Larry Hu, chief China economist at Macquarie Commodities and Global Markets, a consultancy in Hong Kong. It will also do a lot of damage to the USA itself.
"The economy and trade had been seen as Trump's strong point, however, his presidential approval rating has dropped four percentage points over the past month to just 38%".
The Shanghai Composite Index, meanwhile, has plummeted more than 20 percent since the year's start, with losses snowballing after Trump launched the trade war.
Gold traded 0.28 percent higher at $1,196.26 an ounce XAU= , some way from last week's top at $1,212.65.
And if the Trump administration enacts a further $267 billion round of tariffs, almost every Chinese import, the iPhone, along with all other smart phones, are likely to be included in the list.
Malmstrom said the 28-nation European Union - the world's biggest trading bloc - shares Washington's concerns about some of China's policies "but we disagree with the methods that the U.S.is using".
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