Monday, 24 September, 2018

Trump launches further $200 BILLION tariffs on China as TRADE WAR escalates

Chairman Xi speaks at the National People’s Congress in Beijing Chairman Xi speaks at the National People’s Congress in Beijing
Jay Anderson | 11 July, 2018, 08:07

President Donald Trump vowed to hit back on a growing list of products after China retaliated in kind for the first round of 25 per cent tariffs on $34 billion worth of imports that Washington imposed last week.

Scott Lincicome, a trade lawyer for the group Republicans Fighting Tariffs, said tariffs on $200 billion would amount to a "multibillion-dollar tax on American businesses and families" and prompt China to retaliate against American exporters.

The tariffs will not be imposed until after a two-month period of public comment on the proposed list, but some US business groups and senior lawmakers were quick to criticize the move.

They expect the tariffs to be implemented, which is likely to further escalate the trade war resulting in $US450 billion worth of USA tariffs. The United States and China launched what Beijing called the "biggest trade war in economic history" Friday, July 6, imposing tariffs on billions of dollars of each other's goods amid a spiraling dispute over technology.

Some countries have already announced retaliatory tariffs and other moves that USA industries have said forced them to curb plans for expansion and investments overseas.

Some companies had successfully lobbied to get their products excluded from an earlier list of USA tariffs.




He told reporters: "The Trump administration lacks the savvy skill to impose tariffs in such a way that doesn't simply harm every single strategic trading partner from the European Union to China". Orrin Hatch, chairman of the Senate Finance Committee.

The president has repeatedly described his resort to tariffs - which are paid by American importers - as a lever to extract negotiating concessions from USA trading partners. A public hearing is scheduled for August 20-23.

"China has no option but to fight fire with fire".

Up until now, only a few companies, including Harley-Davidson Inc. and Brown-Forman Corp., have publicly said the tariffs will affect their businesses, as most United States retailers and consumer brands were spared in the first round of tariffs on Chinese imports.

The ministry released no further details about how it would spread the financial relief or whether the aid would cover the total cost of losses, but analysts said the move suggests China could significantly increase its support for industries that stand to be bled by the commercial battle. President Donald Trump had ordered him last month to draw up the list in the event China retaliated against a previous round of US tariffs.

The Washington Post's Danielle Paquette reported from Beijing.

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