Thursday, 16 August, 2018

China Announces Retaliatory Tariffs On $60 Billion In U.S. Goods

China threatens tariffs on $60 billion in US goods Getty Images
Ginger Lawrence | 06 August, 2018, 23:41

While he can not yet have it both ways, his tweets suggests he views tariffs as beneficial to the economy and in leveraging a better trade deal.

Several countries, including China, had a say in the matter because Qualcomm sells its products globally and the proposed merger could have been seen as giving the company a price monopoly, it said.

The latest exchanges in the mounting trade war between America and some of its biggest trading partners, including China, the EU, Canada and Mexico, comes amid early signs of damage for the world economy. Last month, the International Monetary Fund warned that escalating trade conflicts following USA tariff actions on its trading partners threaten to derail the global economic recovery.

Beijing recently slapped additional duties ranging from five to 25 percent on $60 billion worth of American goods.

The Ministry of Finance said in a statement that the retaliatory measures were in response to the latest USA threat on July 11 to slap duties on United States dollars 200 billion worth of Chinese products, and to raise those tariffs from 10 to 25 per cent.

China has announced a plan to impose new tariffs on $60 billion of American goods, in retaliation for the latest tariff threats from the Trump administration.

China said on Friday that it would respond to threatened tariffs from the United States with countermeasures of its own, and released a list of approximately 5200 USA products worth a total of $US60 billion that would be affected by customs duties of between five and 25 per cent. Data for May was revised slightly to show the trade deficit falling to $43.2 billion, instead of the previously reported $43.1 billion.

Representatives for the White House and the US Commerce Department did not immediately reply to a request for comment on China's retaliatory move. Those tariffs have already started to affect some businesses, though only a small fraction of the US economy is experiencing consequences.

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Trump also claimed that China was talking to the United States about trade, but he provided no details.

Tariffs are working far better than anyone ever anticipated.

Trump has repeatedly used the threat of tariffs to try to force concessions from a range of US trading partners around the globe, and this approach has had mixed success.

Beijing warned on Friday that it was prepared to impose new tariffs on $60 billion worth of US goods if Washington ups the ante in the escalating U.S.

The Ministry threat came after Mr. Wang met with U.S. Secretary of State Mike Pompeo at a meeting of the Association of Southeast Asian Nations (ASEAN) in Singapore on Friday. "China trade dispute. They expect solid economic growth momentum amid policy fine-tuning", an article in the official English-language China Daily newspaper said, citing Chinese economists.

"If money leaves China - and the currency could be a leading indicator - they're going to be in a heap of trouble".

China announced a list of US$60 billion worth of USA imports it plans to apply tariffs on should the Trump administration follow through with its latest trade threats.

"We've been ripped off by China for a long time", Trump declared during the interview.