Thursday, 20 September, 2018

Trump Announces New Taxes on TVs and Air Conditioners

What Is the Endgame for the Trump Trade Wars? Trump Announces New Taxes on TVs and Air Conditioners
Deanna Wagner | 11 July, 2018, 23:34

On Friday, the USA slapped 25 percent taxes on $34 billion in Chinese imports, majority are industrial goods that the Trump administration says receive subsidies or other unfair support from Beijing.

Stocks began to be traded lower today as a trade war between the USA and the other major economies became a reality after President Donald Trump unveiled new tariffs on Chinese goods. Chinese officials are expected to retaliate in other ways, hitting USA firms in China with unplanned inspections, delays in approving financial transactions and other administrative headaches. It's unclear what that action could include.

The U.S. Trade Representative announced Tuesday a possible second round of tariff hikes targeting a $200 billion USA list of Chinese goods ranging from burglar alarms to mackerel.

Washington on Wednesday announced it was starting the process to slap 10-per cent tariffs on another $ 200 billion in Chinese export goods as soon as September. High-level talks between the two countries starting in May failed to deliver a breakthrough to head off a trade war.

"This is an appropriate response", Robert Lighthizer, the USA trade representative, insisted last night. Only about 1% of the items on the list were consumer goods.

"The Chinese side is shocked by the actions of the USA", it said in a statement, according to a translation by Google.

Last Friday, the U.S. imposed 25% tariffs on Chinese imports worth $34bn (£25bn).

The Trump administration on July 6 imposed 25 per cent duties on US$34 billion in Chinese imports, the first time the president has implemented tariffs directly on Beijing after threatening to do so for months.

China meanwhile said it was "shocked" and warned it would impose countermeasures "to safeguard the core interests of the country and the fundamental interests of the people".

UK Government On Verge Of Collapse Days Before Trump's Visit
Her party is divided into hard-and-soft Brexit factions and she has the impossible task of keeping them on the same page. In case there was any doubt on the matter, he added: "I like Boris Johnson , I've always liked him".

The USTR will accept public comments and hold hearings August 20-23 before reaching a decision after August 31, according to a senior USA official who briefed reporters on condition of anonymity.

Beijing described Washington's latest threat as "totally unacceptable", saying it would hurt the world.

The USTR, the federal agency that oversees global trade policy and negotiations, said it was responding to Beijing's decision to retaliate instead of changing its policies.

Trade rhetoric has been escalating between the US and the rest of the world, including key American allies.

The Trump administration said the new levies are a response to China's decision to retaliate against the first round of US tariffs.

China has seven weeks to make a deal or dig in and try to outlast the USA leader.

"China seems to have no interest in bending and they will retaliate".

'Tonight's announcement appears reckless and is not a targeted approach, ' Senate Finance Chairman Orrin Hatch said. The prospect of an global trade war has sent jitters through world markets.

"Unfortunately, China has not changed its behaviour - behaviour that puts the future of the USA economy at risk".