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Money US ramps up its trade war with China, unveiling a $200 billion list of goods for new tariffs

05:16  11 july  2018
05:16  11 july  2018 Source:   businessinsider.com.au

China's Tariff Response Takes Effect as Trump Ignites Trade War

  China's Tariff Response Takes Effect as Trump Ignites Trade War U.S. President Donald Trump is firing the biggest shot yet in the global trade war by imposing tariffs on $34 billion of Chinese imports . China retaliated. Duties on Chinese goods started at 12:01 a.m. Friday in Washington, just after midday in China. Another $16 billion of goods could follow in two weeks, Trump earlier told reporters, before suggesting the final total could eventually reach $550 billion, a figure that exceeds all of U.S. goods imports from China in 2017. U.S.

The Trump administration on Tuesday released a list of 10 percent tariffs on $ 200 billion in Chinese goods , making good on the president’s recent threats to escalate a broadening trade war with Beijing. “The $ 200 billion figure we 're looking at is roughly equal to their exports to us

US officials have revealed a list of Chinese goods they will be targeting with 10 percent tariffs , raising fears of an escalating trade war . US retailers have slammed the decision, as has China itself.

a man wearing a suit and tie: US President Donald Trump with China's President Xi Jinping on November 9, 2017 in Beijing, China. © Provided by Getty US President Donald Trump with China's President Xi Jinping on November 9, 2017 in Beijing, China.

The Trump administration has released a gargantuan list of Chinese goods that will be subject to tariffs, kicking a burgeoning trade war into high gear.

The new 10% tariffs will apply to a huge amount of items ranging from seafood and other fresh goods to raw materials and industrial chemicals, according to the list released by US Trade Representative Robert Lighthizer.

“As a result of China’s retaliation [the introduction of tariffs on $US34 billion worth of US imports] and failure to change its practices, the President has ordered the US Trade Representative (USTR) to begin the process of imposing tariffs of 10% on an additional $US200 billion of Chinese imports,” Lighthizer said.

How China could hurt US once it ran out of imports to tax

  How China could hurt US once it ran out of imports to tax Some of those steps might hurt China's own interests. But Beijing might still be willing to deploy them, at least temporarily, if its trade war with Washington were to drag on.In his trade war with China, President Donald Trump wields one seeming advantage: The United States could ultimately slap tariffs on more than $500 billion in imported Chinese goods. Beijing has much less to tax: It imported just $130 billion in U.S. goods last year.

A tariff on $ 200 billion worth of Chinese goods would be a massive escalation of Trump's trade war with China . The Trump administration has released a gargantuan list of Chinese goods that will be subject to tariffs , kicking a burgeoning trade war into high gear.

China had offered to ramp up purchases of American goods by billion to help cut its yawning trade surplus with the United States , whereas Trump had demanded a $ 200 billion deficit cut. – ‘Unacceptable’ –.

“This is an appropriate response ... to obtain the elimination of China’s harmful industrial policies. USTR will proceed with a transparent and comprehensive public notice and comment process prior to the imposition of final tariffs, as we have for previous tariffs.”

The tariffs are in addition to Trump's 25% tariffs on $US50 billion worth of Chinese goods. Tariffs on the first $US34 billion worth of goods went into place on Friday. The second round, which will apply to around $US16 billion worth of Chinese goods, is set to be imposed in the coming weeks. That second round will be derived from a list already released by the US Trade Representative.

The release of the $US200 billion list is perhaps the most concrete step yet toward an all-out trade war with China and triggers a formal process to implement the tariffs. The next step will be a comment period, during which businesses and consumers can raise issues with the inclusion of certain goods on the list.

China Vows Fightback Against Trump’s Proposed $200 Billion Tariff Threat

  China Vows Fightback Against Trump’s Proposed $200 Billion Tariff Threat President Donald Trump is preparing to release a list of an additional $200 billion in Chinese products to be hit with tariffs, according to two people familiar with the matter.Beijing described the latest U.S. move as "totally unacceptable" bullying, and urged other countries to join China to protect free trade and multilateralism. China promised to lodge complaints at the World Trade Organization but didn’t detail what its retaliatory measures would be.

The Trump administration pushed ahead this week with plans to impose tariffs on additional $ 200 billion in Chinese products by releasing a list of targets, marking a sharp escalation in a trade war between the world's two largest economies.

The U . S . - China trade war escalated on Tuesday evening, with the Trump administration announcing a list of possible new tariffs on $ 200 billion worth of Chinese goods . The measures are subject to a series of hearings and a public comment period.

The developments means roughly half of all Chinese imports to the US will be subject to increased duties.

Trump has warned that if the Chinese decide to counter the tariffs on $US200 billion worth of goods, a fourth round of restrictions will hit another $US200 billion worth of Chinese goods. In the event all threats are realised, Trump will have hit just over 80% of all Chinese exports to the US with tariffs.

So far, Chinese officials have not backed off their promises to retaliate to any Trump tariff move. On Friday, the Chinese Ministry of Commerce said Trump started the "largest trade war in economic history."

Testing the faith of Trump's supporters at the heart of the US-China trade war .
Donald Trump's trade war is on track to cost Iowa's farmers millions of dollars, but many are still backing him — for now. It's no coincidence that China's tariffs hit America's rural farming communities — they are the ones who voted Donald Trump into the White House.

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