Trump Announces 10% Tariffs on $200B Worth of Chinese Goods

18 September, 2018, 09:08 | Author: Regina Silva
  • The Donald Trump administration is for the first time publicly planning for a trade spat that drags into 2019 and possibly beyond

The lira fell 1.1 percent to 6.2369 TRY= while Russia's rouble dropped 0.2 percent to 68.146 RUB= as the effect of the Russian central bank rate rise on Friday faded.

President Trump has signaled numerous times during the past weeks that he could slap additional tariffs on a wide range of consumer goods manufactured in China.

The trade war was initiated by Washington's 25 percent tariff on 34 billion dollars worth of Chinese goods in July, . prompting China to hit back with its own levies on American goods worth the same amount.

Besides retaliating with tariffs, China could also restrict export of goods, raw materials and components core to U.S. manufacturing supply chains, former finance minister Lou Jiwei told a Beijing forum on Sunday, according to an attendee. 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".

Beijing has since accused the United States of starting the "largest trade war in economic history".

But in a last-minute reprieve, he spared smart watches from Apple and other consumer products like bicycle helmets and baby auto seats from the tariffs.

At the same time, the Trump administration said it remains open to negotiations with China.

A U.S. business representative in China said that Trump's latest threat would be seen in China as "holding a gun to its head".

The two countries are fighting over Beijing's ambitions to supplant American technological supremacy.

Trump has demanded that China cut its $375 billion trade surplus with the United States, end policies aimed at acquiring US technologies and intellectual property, and roll back high-tech industrial subsidies.

This addition brings tariffs to about half of all goods imported from China to the U.S. Tariffs increase the cost of goods to U.S. buyers, and lead to higher prices for the same items from domestic producers and imports from countries that have avoided tariffs.

Trump also has complained about America's massive trade deficit - $336 billion past year - with China, its biggest trading partner. But Trump quickly backed away from the truce.

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Trump said his administration is taking this action as a result of the Section 301 process that the USTR has been pursuing for more than 12 months. The tariffs focused on industrial products, not on things Americans buy at the mall or via Amazon.

For example, higher prices for raw materials in the U.S. could flow through into higher prices for food packaging which could impact the price of goods in New Zealand supermarkets, he said.

Last year, Southern California ports handled $173bn in Chinese imports, about a third of all goods shipped from China to the US, CNBC reported.

In a filing with the government, for instance, Giant Bicycles of Newbury Park, California, noting that 94 percent of imported bicycles came from China past year, complained that "there is no way our business can shift its supply chain to a new market" to avoid the tariffs and warned "a tariff increase of this magnitude will inevitably be paid for by the American consumer".

U.S. President Donald Trump said he would announce his latest plan on Chinese commerce after markets closed. But many analysts say his combative actions seem unlikely to succeed.

On Sunday, former Chinese finance minister, Lou Jiwei, said that Beijing could go as far as to place export bans on key components needed by U.S. manufacturers, according to a report in Caixin.

One precondition for the talks was that the Americans would show sufficient goodwill but the United States president's decision on Monday to escalate the trade war by slapping 10 per cent tariffs on nearly half of all Chinese exports may have scuppered the talks, the source added, although a final decision has yet to be made.

Still, many market players expect the US economy to ride out the impact for now. "Fortunately, the USA economy is humming, so we don't have to worry as much about what this will do to our economy".

Earlier Monday, Trump praised his aggressive trade policy that has also damaged ties with Canada, Mexico, Asian allies and the European Union.

The US President also said he had great respect for Chinese President Xi Jinping, but the US goods trade deficit with China was too large and "we can't do that any more".

It has signalled it might target products manufactured in China that are critical to the supply chains of U.S. technology and manufacturing companies; products relatively low in value but not easily or readily available elsewhere. It will cost jobs and economic growth even though China is now far less reliant on exports than it once was. "It's unfair to businesses", he said.

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