Donald Trump hits China with $200 billion in new tariffs
Donald Trump hits China with $200 billion in new tariffs
US prepares to impose new tariffs on additional $200B worth of Chinese goods
13 July, 2018, 07:44
Metal prices also slumped after U.S. President Donald Trump's threat overnight of 10 percent tariffs on another $200 billion of Chinese goods dampened hopes that Washington will eventually step back from the escalating row.
Last week, Washington imposed 25 percent tariffs on $34 billion of Chinese imports, and Beijing responded immediately with matching tariffs on the same amount of USA exports to China.
Global investors have mostly looked past the intensifying trade fight between the USA and China, even as the countries move to deploy tariffs on hundreds of billions of dollars in goods.
One reason why Wall Street is anxious: The People's Republic, which bought $154 billion in USA imports a year ago, is quickly running out of American products to hit with tariffs.
Financial markets could take a harder fall if China retaliates to the latest volley of USA tariffs, as Beijing has vowed, according to research firm Capital Economics.
The new round of tariffs targets more than 6000 trade lines including a wide range of low-end manufactured products from handbags, textiles, tires, leather goods, ski gloves to refrigerators to TVs.
China's retaliation has already put the squeeze to voters in the U.S.'s Republican heartland, hitting soybean farmers and other Trump supporters hardest.
USTR will hold hearings in late August on the list of targeted products, and an administration official said it would take about two months to finalize, at which point Trump would decide whether to go ahead with the tariffs.
"Tariffs are taxes, plain and simple".
The Retail Industry Leaders Association, a lobby group representing the largest USA retailers, said: "The president has broken his promise to bring 'maximum pain on China, minimum pain on consumers'".
"American families are the ones being punished". "China does steal intellectual property, they do engage in unfair trade practices", he said. "Consumers, businesses and the American jobs dependent on trade, are left in the crosshairs of an escalating global trade war".
The prospect of a 10% tariff on Chinese furniture imports sent shares of online home store WayFair Inc down almost 4% while shares of Restoration Hardware fell almost 6%.
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