European exporters shift trade to avoid higher USA tariffs
European exporters shift trade to avoid higher USA tariffs
The Trump administration's latest shot in the trade war with China has sent shudders through global financial markets
15 July, 2018, 13:02
"This is an appropriate response under the authority of Section 301 to obtain the elimination of China's harmful industrial policies", Lighthizer said of the proposed tariffs on US$200 billion of Chinese goods.
The eventual goal is to impose tariffs on 40 percent of Chinese imports, the same proportion of United States goods hit by Beijing's retaliation, an official told reporters.
Lighthizer reiterated that the tariffs "will eventually cover up to US$50 billion in Chinese imports as legal processes conclude".
The goal is to bring the total amount of Chinese imports up to 40 per cent of the total imported from the Asian power, since the USA products hit by Beijing's retaliation represent that share of exports, an official told reporters in a conference call.
It also includes consumer goods ranging from vehicle tires, furniture, wood products, handbags and suitcases, to dog and cat food, baseball gloves, carpets, doors, bicycles, skis, golf bags, toilet paper and beauty products.
"Rather than address our legitimate concerns, China has begun to retaliate against USA products".
"Tonight's announcement appears reckless and is not a targeted approach", said Senate Finance Chairman Orrin Hatch in a statement.
China only imported $130 billion worth of goods from the United States previous year - which is down nearly a third of the value of United States' imports from China. "The U.S. side ignored the progress, adopted unilateral and protectionist measures, and started the trade war".
ASIA'S DAY: Japan's benchmark Nikkei 225 fell 1.2 percent to 21,932.21 and South Korea's Kospi lost 0.6 percent to finish at 2,280.62. The S&P 500 index rose 0.3 percent to 2,793.84 on Tuesday, climbing to its highest level since February 1.
The dollar rose sharply against the Japanese currency, increasing to 112.04 yen from 111.28 yen.
MORE U.S. -CHINA TARIFFS: The U.S. Trade Representative said Washington is preparing to impose 10 percent tariffs on another $200 billion in Chinese imports, including 6,031 product lines ranging from burglar alarms to electric lamps and fish sticks. And American consumers will have to pay the high price because USA firms will have to buy them despite the high tariffs.
The new tariff will go into effect in August after going through a process of public comment and review and a public hearing, which is scheduled for August.
Some U.S. business groups and lawmakers from Trump's own Republican Party were critical of the escalating tariffs.
There have been no confirmed high-level talks between the world's two largest economies since an early June visit to Beijing by U.S. Commerce Secretary Wilbur Ross that achieved no breakthroughs. "It will also result in retaliatory tariffs, further hurting American workers", a Chamber spokeswoman said, according to Reuters.
The U.S. economy is in what many would consider "goldilocks" mode-with unemployment at lows not seen in almost two decades and strong GDP growth.
In regard to auto parts, Xu said Chinese products are no longer made in the US. But President Donald Trump's measures targeting Chinese medical, construction and factory equipment hit exporters that say price-conscious American customers have stopped buying.
Analysts have warned that ballooning trade tensions between the two financial powerhouses could have a damaging impact on the global economy and will have a far-reaching across the planet.
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Some companies had successfully lobbied to get their products excluded from an earlier list of USA tariffs. A public hearing is scheduled for August 20-23. "China has no option but to fight fire with fire".
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