First round of US tariffs on Chinese goods to hit $50B – USTR
10 August, 2018, 06:37
The office of US Trade Representative Robert Lighthizer said its "exhaustive" investigation showed "China's acts, policies and practices related to technology transfer, intellectual property and innovation are unreasonable and discriminatory and burden US commerce".
China has already retaliated with duties of its own, and has pledged to match the U.S. dollar for dollar with new tariffs.
President Donald Trump has threatened to impose tariffs on almost all Chinese imports to the US.
This latest round of tariffs, which goes into effect August 23, does not include furniture. Washington applied a 25% tariff on Chinese imports including airplane tires and various industrial parts. Beijing is expected to hit $16 billion worth of U.S. goods with equal tariffs in response to Tuesday's move.
China has already retaliated with duties of its own, and has pledged to match the United States dollar-for-dollar with new tariffs, including on the next $16 billion.
The growth rate was the strongest in almost four years, and Trump said it was further proof his economic policies were working.
China has repeatedly warned it will strike back against any further punitive measures by Trump, saying the United States is threatening the global free trade order with its protectionism.
The investigation had revealed that China uses joint venture requirements, foreign investment restrictions, and administrative review and licensing processes to require or pressure technology transfer from United States companies and it deprives U.S. companies of the ability to set market-based terms in licensing and other technology-related negotiations.
August 1:Washington more than doubles the value of its tariff threats against Beijing, announcing plans to increase the size of proposed duties on $200 billion worth of Chinese goods to 25% from 10%.
But the Chinese government can employ other tools if the conflict continues. But it was 11 percent higher than in the same month previous year. "We have been very clear about the specific changes China should undertake".
After months of escalation, business executives in both countries are wondering when and how the trade confrontation will end. "By continuing to up the ante, Trump is, in effect, publicly demanding an unconditional surrender from Beijing".
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The US is also considering further tariffs on another $200bn worth of Chinese goods which could come into effect in September. The trade balance between the two countries, which is at the center of the tariffs tussle, continued to be in favor of China.
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