Trump Says U.S. Tariffs On Chinese Goods Could Exceed $500 Billion
Trump Says U.S. Tariffs On Chinese Goods Could Exceed $500 Billion
President Donald Trump arrives for a rally at the Nashville Municipal Auditorium
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.
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.
Dozens missing after tourist boat capsizes off Thailand
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.
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.
Most of the tourists were understood to be Chinese, with two believed to be westerners, according to the boat's captain. Another two boats, including a yacht carrying 39 people, also capsized but its passengers have been brought to safety.
Naturally it doesn't go down well with Alex M, who feels Wes should have "been a man" and told Alex M he wanted to take Megan out. The couples up for elimination were revealed to be Megan Barton Hanson and Alex , Ellie and Sam Bird, and Adam and Darylle.
It's unclear if Mancini will also be involved with the theatrical reboot. "We intend to stay true to the universe we've created". The film kicked off a franchise that started off relatively serious, before drifting more into comedy horror.
Barrett, 46, is now on the 7th Circuit Court of Appeals after being nominated by Trump in mid-2017 and confirmed in October. Susan Collins of ME , two relative centrists who have expressed concern over the dismantling of abortion rights in the U.S.
Documents later showed Pruitt's chief of staff had signed off on the pay hikes, indicating he had the administrator's consent. The Environmental Working Group called Pruitt "unquestionably the worst head of the agency in its 48-year history".
After the morning drop, market participants suspected the central bank of intervening in the currency market to support the yuan. The yen gained 0.2 percent versus the dollar to 110.39, supported by its safe haven status.
Nadal will begin his Wimbledon fixture against Dudi Sela of Israel on July 3. "No, expectations are always high". Federer was joined in the second round by the man he defeated in the 2017 final, Marin Cilic .
Williams seems to be in a good shape and a second-week appearance should be anticipated from the seven-time former champion. Maybe that's the part I don't like so much - the inconsistency of the places where they test", Federer said.
Fromm also made news this summer when he made an unexpected trip to the emergency room to have a fish hook removed from his leg. Fromm played in each of Georgia's 15 games last season, starting all except the season opener against Appalachian State.
All in all, the Senate panel's report was a unflinching contradiction of numerous core claims made by Trump allies in the House. Just last week, Trump again said there was no election meddling done on behalf of the Russians because they said so.
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