Sunday, 18 November, 2018

United States to move forward on US$200b China tariff list

Canola is an “imperfect substitute” for soybeans
Mike Drew  Postmedia Canola is an “imperfect substitute” for soybeans Mike Drew Postmedia
Elsie Buchanan | 11 July, 2018, 04:22

The US Trade Representative released a new round of proposed tariffs on Chinese goods, listing 200 pages of items with a value of US$200 billion.

The official said the decision was not final and that the list of Chinese goods would not become final until after the public had a chance to comment.

The new list would mark the latest escalation of the trade war between the world's two biggest economies. Another source who is familiar with the situation confirmed the Bloomberg report to Reuters.

The Trump administration is readying tariffs on another $200 billion United States in Chinese imports, ranging from burglar alarms to mackerel.

All told, Trump has threatened eventually to slap tariffs on up to $550 billion in Chinese imports - more than China actually exported to the United States previous year - if Beijing won't relent to USA pressure and continues to retaliate.

China's retaliation to those measures was "without any worldwide legal basis or justification", Lighthizer said Tuesday.

Consumer-goods companies have been bracing for months as the Trump administration steadily ramped up its rhetoric on trade with China and other major trade partners.

Tropical Storm Chris could become a hurricane later today
Tropical Storm Chris is shown off the eastern coast of North and SC , U.S., in this satellite image July 9, 2018 at 16:12 UTC. Puerto Rico Governor Ricardo Rossello said the territory had opened more than 40 evacuation shelters for those in need.


The tariffs could take effect after public consultations end on August 30, according to a statement from the U.S. Trade Representative's office Tuesday.

"These practices are an existential threat to America's most critical comparative advantage and the future of our economy", said Robert Lighthizer, the president's chief trade negotiator.

"Tonight's announcement appears reckless and is not a targeted approach", Senate Finance Chairman Orrin Hatch (R-Utah) said in a statement.

Beijing has vowed to respond in kind to any USA trade action.

Tariff hikes are "hitting immediately the bottom line" of companies that rely on the flow of components and finished goods across countries, said Mats Harborn, president of the European Union Chamber of Commerce in China.

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 International Monetary Fund has warned that a full-blown trade war could undermine the broadest global upswing in years. Since then, the president has said his administration could impose duties on virtually all Chinese imports into the US. But Mr Trump hasn't backed down, arguing that China's unfair trading practices are hurting American workers.

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