China slams US threat to impose tariffs on $200 billion in imports
23 June, 2018, 13:22
Trump's proposed new tariffs would amount to the latest round of punitive steps in an escalating rift between the world's two largest economies.
The risks of "a more meaningful impact on global trade and growth have increased", Morgan Stanley economists said in a report. Concerns about a trade war between the USA and China have limited the momentum behind the recovery attempt.
An NRF study conducted earlier this year found that $50 billion worth of tariffs against Chinese goods would reduce USA gross domestic product by almost $3 billion and cost the nation 134,000 jobs, the association said.
U.S. business groups said members were bracing for a backlash from the Chinese government that would affect all American firms in China, not just in sectors facing tariffs.
China responded with the threat of a penalty of the same size on U.S. exports, prompting Mr. Trump to order U.S. Trade Representative Robert Lighthizer to target another $200 billion in Chinese goods for 10 percent tariffs.
"These tariffs are essential to preventing further unfair transfers of American technology and intellectual property to China, which will protect American jobs".
The Trump administration, on the other hand, could impose tariffs on up to $400bn of Chinese goods.
Updated: This article has been updated to add Trump's threat to possibly follow the new round of tariffs on $200 billion of goods with another round.
"It would be serious, not only if the United States took action, but especially if other countries were to retaliate".
China could allow its yuan currency to drift lower against the dollar, making United States goods more expensive and making Chinese exports cheaper.
"Rather than altering those practices, it is now threatening United States companies, workers, and farmers who have done nothing wrong". He added that China is a "predatory economic government" that is "long overdue in being tackled", matters that include IP theft and Chinese steel and aluminum flooding the US market.
The Dow Jones was down more than 300 points, or 1.6 per cent, at the open after Asian and European markets fell sharply earlier, reports BBC. Boeing's stock shed 3.6 per cent, Caterpillar 3.7 per cent and GE 1.7 per cent.
It called Mr. Trump's tariff threat an "act of extreme pressure and blackmail" that "deviates from the consensus reached by both parties after many negotiations, and is a disappointment to the global community".
While the strong dollar affected commodities across the board, investors in USA agricultural commodities appeared particularly anxious.
Last week, Trump confirmed that the USA would impose 25% tariffs on $50bn worth of Chinese goods.
China's Commerce Ministry on Tuesday criticized President Trump's latest threat of tariffs, calling it an "act of extreme pressure and blackmail".
"If the US loses its senses and publishes a new list, China will be forced to take comprehensive measures that are both strong in quantity and gravity and will fight back", it read.
Beijing could seek to make life hard for United States companies that rely on the Chinese market.
Restrict tourism to the U.S.
One in five foreign companies in China feels compelled to hand over technology for market access, a business group said Wednesday, highlighting a key irritant in an escalating U.S.
The initial list of 1,102 Chinese products facing tariffs, covering 28 closely printed pages, was issued June 15.
It was not immediately clear when the new tariffs could be put in place, as the trade office has yet to identify the Chinese goods to be penalised or conduct a legal review. The White House is finalizing a list of $16 billion in additional goods it will sanction later. More than 800 exports, about $34 billion worth, will be subject to tariffs starting July 6.
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