Friday, 23 August, 2019

Trump Says U.S. Tariffs On Chinese Goods Could Exceed $500 Billion

President Donald Trump rally supporters President Donald Trump arrives for a rally at the Nashville Municipal Auditorium
Pablo Mccormick | 06 July, 2018, 10:46

China's additional tariffs on some import products from the United States will be implemented immediately after the new USA tariffs take effect, the country's customs authority said Thursday.

"U.S. measures are essentially attacking global supply and value chains", Chinese Commerce Ministry spokesperson Gao Feng said in a statement. "To put it simply, the U.S.is opening fire on the entire world, including itself", Gao said.

Gao said China would not bow to threats or blackmail and would have to fight back if the USA went ahead and imposed the tariffs.

In response to the USA announcement to impose additional duties on Chinese imports, the Customs Tariff Commission of the State Council decided in mid-June that additional tariffs for 545 items worth about 34 billion US dollars, including agricultural products, vehicles and aquatic products, will be effective from July 6, 2018.

Under a full-blown trade war in which the USA slaps 10 percent tariffs on all other countries and they respond, the economists reckon US growth would slow by 0.8 percentage point by 2020.

The president expressed plans to impose a 25-percent tariff on items from cars to smart home devices imported from China beginning July 6.

But officials in Beijing say China is prepared to do what's needed to safeguard its national interests.

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They kept a close eye on the type of files generated by the applications and whether they were sent to an unpredicted party. The incident demonstrates how easy it can be for companies to gather personal data, without the users knowing about it.

Beijing had earlier released a target list of $34bn worth of imported United States goods including autos and agricultural products also faced 25 percent tariffs.

In a country where regulation enforcement can vary widely by region, it's hard for analysts to know whether these sudden administrative headaches are a coincidence or the Chinese government following through on threats to make life harder for Americans in business. The company has developed its own Kirin line of chip sets to power some of its phones, reducing reliance on USA -based Qualcomm Corp.'s Snapdragon and other foreign suppliers. -China trade war and protectionism even against US allies such as Japan.

U.S. Customs and Border Protection officials are due to collect 25 percent duties on a range of products including motor vehicles, computer disk drives, parts of pumps, valves and printers and many other industrial components.

"Historically whether it's a trade war or a physical war, people go into it thinking it's going to be short-lived", said Cohen, "China wants to have an innovative economy".

Trump for President, Inc., the committee organizing Trump's reelect run, has publicly committed to buying American, saying that "we put America First and take great pride in selling 100% Made in the U.S. products to our supporters throughout the country". Trump's tariffs around going after industrial goods and technology, a move created to take aim at Chinese President Xi Jinping's heralded Made in China 2025 plan.

"A hit to China's exports would act as an additional drag on an economy that already shows signs of losing some growth momentum", said Eswar Prasad, a professor of trade policy at Cornell University. "Now it is pursuing economic hegemony", the English-language newspaper said in an editorial.

Chinese buying of soybeans has already ground almost to a halt ahead of the duties.

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The other, carrying 39 people - reportedly Chinese and European tourists - also capsized in a separate incident in the same area. Officials had earlier issued a warning of severe weather until next Tuesday, including heavy rain and strong winds.

In the latest sign that the risk of penalties is hitting trade, a vessel carrying US coal heading for China switched its destination to Singapore.

Even before Friday, the trade dispute between the world's top two economies had rattled markets and prompted warnings from companies of damage to their bottom lines and higher prices for consumers.

Economists expect a tit-for-tat tariffs to drive up prices paid by US consumers and force job cuts in industries that rely on raw materials from China or sales to the huge Chinese market.

Adding to the tensions, a Chinese court this week temporarily barred Micron Technology Inc from selling its main semiconductor products in the world's biggest memorychip market, citing breaches of patents held by Hsinchu-based United Microelectronics Corp (聯電).

Chinese stocks have taken a beating in recent weeks, entering a bear market, as concerns about the trade-war have mingled with worries about how an ongoing debt-control campaign will feed through into the outlook for economic growth.

"As China is an important supporter and participant of globalization and global supply chains, many of [China's] exports are produced by non-Chinese companies", Gao noted.

"I'm afraid not, for now", said Tu Xinquan, a trade expert at Beijing's University of International Business and Economics, who has advised the Chinese government.

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Thomas Jefferson drafted the Declaration of Independence , who later served as the third President of America from 1801 to 1809. Famous landmarks are lit up with bright lights and big fireworks displays can be seen in some of America's biggest cities.

The Trump administration contends that China has deployed predatory tactics in a push to overtake United States technological dominance.

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