Saturday, 17 November, 2018

Donald Trump hits China with $200 billion in new tariffs

Trump Announces New Taxes on TVs and Air Conditioners US prepares to impose new tariffs on additional $200B worth of Chinese goods
Elsie Buchanan | 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.

For the full list, see the 205-page document. That raises the risk China could retaliate in other ways, such as placing restrictions on USA companies doing business in the country.

Although it was not a direct reaction to the new move from Trump's administration, the official English-language newspaper China Daily said in an editorial that Beijing had to stand up to Washington.

Analysts have warned that a spiralling trade war between the world's two financial powerhouses could have a damaging impact on the global economy.

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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%.

"In part because they have only limited ammunition and in part because it's still early in the process on the United States side", Mr Kuijs added.

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