Wednesday, 18 July, 2018

President Trump threatens new tariffs on $200 billion in Chinese imports

President Donald Trump and China's President Xi Jinping arrive for a state dinner in Beijing last year President Donald Trump and China's President Xi Jinping arrive for a state dinner in Beijing last year Credit Thomas Peter Reuters
| 22 June, 2018, 20:29

China has threatened "qualitative" as well as "quantitative" moves if the dispute worsens, meaning it could use inspections of goods, visa applications and other regulatory measures to make life more hard for United States companies doing business in China.

China is vowing to "fight back firmly" if the United States makes good on President Donald Trump's latest tariff threats. In a forceful statement, it said Beijing was ready to "defend the interests of the Chinese people and enterprises".

It gave no details.

China responded to the us announcement Friday of a 25 per cent tariff on $34-billion of Chinese goods by imposing an identical charge on the same amount of American goods. The Standard & Poor's 500 index and Nasdaq composite index both fell by 1 percent.

The pain has been limited so far to sellers of goods targeted by US and Chinese tariffs, but economists say the impact could spread. Not only that but possible expansion globally of the treat now looks more real.

The United States has now imposed tariffs on up to $450bn in Chinese goods, out of a total of $500bn.

This possible trade war now is threading to create more pressure on the Chinese economy.

A White House advisor said Beijing has underestimated President Donald Trump in its trade dispute, raising the spectre of an escalating trade war.


Tariffs on other U.S. goods will be announced at a later date, the Xinhua news agency reported. -Chinese dispute but share the complaints of their American counterparts about market barriers and unfair regulation. While U.S. markets have taken only the most modest of dips, China's markets have sold off quickly.

CGTN's Elaine Reyes spoke to Arthur Dong, a professor at Georgetown University's McDonough School of Business, about the threat of a growing trade conflict between the USA and China. While the U.K.'s FTSE 100 Index fell by 0.4 percent, the French CAC 40 Index and the German DAX Index slumped by 1.1 percent and 1.2 percent, respectively.

"Due to the fact that the US continues to apply protective measures in the form of additional import duties on steel and aluminum and refuses to provide compensation for Russia's losses, Russia is using its WTO rights and introducing balancing measures with respect to imports from the United States", Oreshkin said, according to Russian newspaper Kommersant.

American semiconductor makers saw larger losses at 2 percent or more due to their high exposure in China, according to CNBC.

Beijing has offered to narrow its politically volatile trade surplus with the United States but has resisted changing development plans its leaders see as a path to prosperity and to restoring China's rightful role as a global leader. They've taken so much.

China said it would impose such tariffs following Washington's 25 percent tariff on Chinese goods worth 50 billion dollars.

Trump's former economic adviser, Gary Cohn, has warned that a continuing trade dispute could result in higher inflation and personal debt. "It's time, folks. It's time", Mr Trump said.

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