Trump poised to make major China trade announcement

19 September, 2018, 12:30 | Author: Salvatore Jensen
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The trade gap means China will run out of US imports to tax while the USA still has plenty of Chinese imports to target.

The commerce ministry's statement came hours after Trump said he was imposing 10 percent tariffs on about $200 billion worth of imports from China, and threatened duties on about $267 billion more if China retaliated against the United States action.

According to official figures, USA goods and services trade with China totalled an estimated $710.4 billion in 2017 of which United States exports were $187.5 billion and imports were $522.9 billion.

American and European businesses operating in China say that if Washington presses ahead with more and more tariffs, it is likely to only add to the challenges businesses are already facing. "What China does not understand is that these people are great patriots and fully understand that".

U.S. President Donald Trump on Tuesday said China had been taking advantage of the U.S. on trade for many years and that he knew how to stop it.

The new tariff measures will take effect at 12.01pm local time on September 24.

A Chinese Foreign Ministry spokesman said Tuesday that Trump's latest tariff salvo "has brought uncertainty" to the planned negotiations, but he stopped short of saying that Beijing was pulling out.

Another co-author Tom Clougherty, from the Centre for Policy Studies, said: "This isn't just an ideal free trade agreement between Britain and the United States".

"China has always managed to find the proper solutions to put its economy back on track", the China Daily said.

Commerce Secretary Wilbur Ross defended the new tariffs in an interview with CNBC, noting that China was "out of bullets" in the ongoing trade battle.

Its decision to retaliate against the latest salvo from Trump raises the prospect of further escalation in the trade war.

USA industries have generally opposed tariffs, arguing they increase prices for consumers and could hurt economic growth.

Trump added that many of those workers back his presidency, saying the Chinese tariffs are an attempt to influence USA elections. Lead by US President Donald Trump's protectionist policies, the punitive trade measures are aimed at pressuring China to halt what it terms "predatory" and "unfair" trading practices.

The Trump administration in July and August already imposed 25% tariffs on $50bn on Chinese goods, sparking in-kind retaliation.

Separately, in a tweet before his announcement, Trump wrote: "Tariffs have put the a very strong bargaining position, with Billions of Dollars, and Jobs, flowing into our Country - and yet cost increases have thus far been nearly unnoticeable". "So far, the trade conflict between the U.S. and China has had no visible impact on oil demand in either country".

"We were trying to do things that were least intrusive on the consumer", Ross said on CNBC.

The 297 items removed from the list include certain consumer electronics such as smart watches and Bluetooth devices; certain chemical inputs for manufacturered goods, textles and agriculture; certain health and safety products such as bicycle helmets and child safety furniture including carseats and playpens.

Kudlow declined to specify details of the expected announcement but noted that reports indicating Trump will unveil 10 percent duties on $200 billion in imports are "more or less correct".

They warned, however, if Beijing decides to execute its own round of tariffs on American goods, the president will unleash further measures.

"If we're not right, we'll roll them back, " Trump is reported to have said.

Altogether about 300 product categories were given reprieves, including some non-tech consumer devices such as bicycle helmets and baby vehicle seats.


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