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USA considering higher tariffs on US$ 200 bil. of Chinese goods

USA considering higher tariffs on US$ 200 bil. of Chinese goods

Foreign Ministry spokesman Geng Shuang made the comment at a daily news briefing in Beijing.

The US is upset that China chose to adopt a retaliatory strategy in a tit-for-tat response.

The higher tariff rate, if implemented, would apply to a list of goods valued at $US200bn identified by the USTR last month as a response to China's retaliatory tariffs on an initial round of U.S. tariffs on $US34bn worth of Chinese electronic components, machinery, autos and industrial goods.

The two sides have imposed 25 percent tariffs on billions of dollars of each other's goods in a dispute over China's technology policy.

But Trump's tariffs have drawn criticism at home in the United States for driving up costs for consumers and companies that rely on Chinese imports. "Unilateral threats and pressure will only be counterproductive".

American companies have started to feel the pinch as well from global steel and aluminum tariffs and the first tranche of China-specific duties that cover just $US34 billion of imports.

China has urged the United States to return to rationality after President Donald Trump's administration ratcheted up pressure on Beijing over trade.

Trump's trade adviser Robert Lighthizer said the United States president had taken the decision to up the levy from an original 10 per cent because China had refused to meet U.S. demands and had responded to an earlier round of tariffs with retaliatory measures, when the USA imposed tariffs on $50bn of its goods.

The EU heads of government will, according to Bloomberg, meet the leaders of nearly every major Asian economy in Brussels in October at a summit to discuss a co-ordinated response to the United States aggression on trade.

Apple enjoys its fourth straight quarter of revenue growth in Q2 2018
Samsung's performance underscored mounting concerns that Apple , too, would be victimized by a saturated smartphone market. In the last quarter, Apple's services made $9.5 billion, making it the second-largest business segment for the firm.

The dynamic has proved hard to change, given USA consumers' reliance on Chinese goods.

"China's economy is on track to slow this quarter and next", said Julian Evans-Pritchard, senior China economist at Capital Economics in Singapore.

Trump has threatened to slap tariffs on virtually all of China's exports to the United States. A fall in exchange rates could neutralise the USA tariffs by making Chinese goods cheaper for overseas customers to buy.

"Pressure and blackmail from the US won't work", Geng Shuang, a spokesman for the Chinese Foreign Ministry, said at a briefing in Beijing, the New York Times reported. Washington is expected to soon implement more tariffs on $16 billion in additional Chinese goods, which China has already announced it will match immediately.

But the move drew swift condemnation from US business lobby groups anxious that tit-for-tat tariffs would start to hamper economic growth.

But the USA did not agree to withdraw the 25 percent tariff on European Union steel and 10 percent tariff on aluminum, which used to be a precondition for Brussels to hold any talks with Washington.

A coalition of retailers, manufacturers, technology companies and agribusinesses last week submitted comments to the USTR on the proposed tariffs on $16bn of Chinese imports.

In light of the possible increase of the additional duty rate to 25 percent, the close of the written comment period is extended from August 30 to September 5, and the due date for requests to appear at the public hearing is extended to August 13.

Mickey Kantor, who was US trade representative under President Bill Clinton, warned that a trade war with China will take a toll on a USA healthy economy that from April through June registered the fastest growth since 2014.


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