Monday, 19 November, 2018

Australia hurts as China and U.S. head towards trade war

Trump promises Apple he won’t put tariff on iPhones Trump escalates China trade war with extra tariffs
| 21 June, 2018, 00:50

Global markets shuddered Tuesday after President Donald Trump threatened tariffs on billions of dollars worth of goods from China, putting the world's largest economies on the brink of a trade war. "The trade relationship between the United States and China must be much more equitable", he said.

White House trade adviser Peter Navarro, who views China as a rival economic and military power, said Beijing had more to lose from a trade war.

"This latest action by China clearly indicates its determination to keep the United States at a permanent and unfair disadvantage, which is reflected in our massive $376 billion trade imbalance in goods", Trump said about China's retaliatory tariffs.

In this file photo, shipping containers are stacked in the Kwai Tsing Terminals in Hong Kong, China, Aug. 28, 2013.

In a grave escalation of the tit-for-tat trade war between Mr Trump's administration and China, Mr Trump announced yesterday he would look at imposing tariffs on $200 billion in Chinese imports.

Wall Street slumped in midday trade as trade tensions between China and the USA continued, as the two largest economies in the world faced a tit-for-tat over trade tariffs.

Trump said he has taken steps to provide level-playing field to American businesses. "The United States will no longer be taken advantage of on trade by China and other countries in the world".

Navarro reiterated Washington's accusations that China had used a string of unfair practices - cyber-theft, state-sponsored corporate acquisitions, forced technology transfers and export restrictions - to target global dominance in advanced new industrial sectors.

U.S. President Donald Trump and China's President Xi Jinping arrive for a state dinner at the Great Hall of the People in Beijing, Nov. 9, 2017.


The tariffs on Chinese imports are the latest in a spate of protectionist measures unveiled by Trump in recent months.

But Beijing's mention of "comprehensive measures" suggests that it would go beyond tariffs, said Jake Parker of the U.S.

But Beijing faces challenges in retaliating directly: China ships far more goods to the United States ($505 billion previous year, according to USA figures) than come back in the opposite direction ($130 billion). Officials also drew up a second list of $16bn in chemical and energy products to hit with new tariffs, though China did not announce a date for imposing them.

Asked to comment on Pompeo's remarks, the Chinese foreign ministry in Beijing said in a regular briefing with reporters that the USA had lost credibility as a free trader. China is retaliating by raising import duties on $34 billion worth of American goods, including soybeans, electric cars and whiskey.

The Chinese Commerce Ministry reacted quickly to Trump's announcement, accusing the United States of "extreme pressure and extortionist behavior" and warning it would "strike back hard".

White House trade advisor Peter Navarro told reporters on Tuesday that it's China who has more to lose in any trade war, . highlighting that China's exports to the US exceeded the amount of goods exported from the U.S.to China.

The U.S. tariff hikes imposed so far affect a total of about $109 billion of imports, according to Morgan Stanley.

China responded by saying it would hit 659 U.S. products worth 50 billion usa dollars. Write to us in the Comments section, and visit our Facebook page.

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