White House announces additional $200B in tariffs targeting China
White House announces additional $200B in tariffs targeting China
What Is the Endgame for the Trump Trade Wars?
11 July, 2018, 08:05
Tuesday's announcement included a 205-page public notice and list of the individual products that could be hit by the new 10-percent tariffs.
The US Trade Representative office will hold hearings on the targeted products and it's expected it will take about two months to finalize the list, at which point Mr Trump would decide whether to go ahead with the tariffs.
The president last month asked the US Trade Representative's office to identify US$200 billion of Chinese goods that could be hit with 10 per cent tariffs.
The Trump administration announced plans to levy tariffs on another $200 billion of Chinese goods as trade tensions escalate.
"Rather than address our legitimate concerns, China has begun to retaliate against United States products". Washington imposed 25 percent tariffs on $34 billion of goods in response to complaints Beijing is hurting American companies by stealing or pressuring enterprises to hand over technology.
The Trump administration's tariff hike on medical equipment, electronics and other goods from China apply to exports made by USA or European companies as well as Chinese suppliers. Or is it that the original tariffs were related to national security, and these are retaliatory tariffs intended only to retaliate against the original retaliatory Chinese tariffs-and thus don't need any particular justification?
US Senate Finance Committee Chairman Orrin Hatch described the move was "reckless".
The American president told reporters that tariffs on an additional $16 billion in Chinese goods are set to take effect in two weeks. "Given China's likelihood of retaliation, it's also billions worth of new tariffs on American exporters".
Louis Kuijs, Hong Kong-based Head of Asia Economics at Oxford Economics, said while he expects China to strongly condemn the US moves, its policy response is likely to be limited for now.
The U.S. complains that China uses predatory practices, including outright cybertheft, in a push to challenge American technological dominance.
The U.S. Chamber of Commerce, which has supported Trump's tax cuts and efforts to reduce regulation of businesses, also criticized the administration's move.
Beijing, meanwhile, has unveiled measures to help Chinese companies absorb the USA trade blows, pledging to funnel money collected from its own import levies to firms and workers tangled in the escalating trade war.
Members of Congress are increasingly questioning Trump's aggressive trade policies, warning that tariffs on imports raise prices for consumers and expose USA farmers and manufacturers to retaliation overseas.
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