Money Trade war ramps up as US threatens $200bn in Chinese goods

15:01  11 july  2018
15:01  11 july  2018 Source:   msn.com

Trump says he's 'ready' to put tariffs on all $505 billion of Chinese goods imported to the US

  Trump says he's 'ready' to put tariffs on all $505 billion of Chinese goods imported to the US President Donald Trump has indicated that he is willing to slap tariffs on every Chinese good imported to the U.S. should the need arise. "I'm ready to go to 500," the president told CNBC's Joe Kernen in a "Squawk Box" interview.The reference is to the dollar amount of Chinese imports the U.S. accepted in 2017 — $505.5 billion to be exact, compared to the $129.9 billion the U.S. exported to China, according to Census Bureau data.Related: How will Trump's trade war affect the UK economy?Thus far in the burgeoning trade war, the U.S.

Introduction: US to add tariffs to $ 200 bn of Chinese imports. Analysts: Trade war could hurt global growth. European markets fall after losses in Asia. China vows to retaliate as US threatens tariffs on further $ 200 bn of goods .

US President Donald Trump is looking to impose a 10 percent tariff on another $ 200 billion-worth of Chinese goods , after Beijing imposed reciprocal tariffs on US imports, as part of an expanding trade war with Washington.

Experts have warned the trade war will have far reaching consequences © Provided by AFP Experts have warned the trade war will have far reaching consequences

The United States and China have fired the next shots in their escalating trade war, with Washington threatening to impose fresh tariffs on another $200 billion in Chinese goods and Beijing vowing to retaliate.

The latest moves in the ballooning trade conflict between the world's top two economies came just days after tit-for-tat duties on $34 billion in goods came into effect.

Analysts have warned that spiralling trade tensions between the two powerhouses could have a damaging impact on the global economy and far-reaching consequences across the planet.

China warns on trade war as economy slows

  China warns on trade war as economy slows China has warned of risks to the world economy from a Donald Trump-inspired trade war, while reporting a slowdown in its own growth. The world's second-largest economy said gross domestic product (GDP) rose at an annual rate of 6.7% in the second quarter of 2018 - slightly down on the 6.8% registered between January and March.It was explained by the authorities on factory output growth weakening to a two-year low, with demand at home and abroad falling.

It has to resolutely fight back while taking proper measures to help minimise the cost to domestic enterprises and further open up its economy to global investors," it said. Tags: donald trump, us hits with tariffs on chinese products, us - china trade war , us chamber of commerce.

Golf carts to soybeans: products targeted in US - China trade war . Markets dropped across the world after Trump threatened to impose $ 200 bn more in levies on Chinese goods .

US Trade Representative Robert Lighthizer late Tuesday accused China of retaliating to its tariffs "without any international legal basis or justification."

President Donald Trump has therefore ordered the trade department to "begin the process of imposing tariffs of 10 percent on an additional $200 billion of Chinese imports," Lighthizer said in a statement.

Officials will hold hearings in late August on the list of targeted products and an administration official said it would take about two months to finalise, at which point Trump would decide whether to go ahead with the levies.

The eventual goal is to impose tariffs on 40 percent of Chinese imports, the same proportion of US goods hit by Beijing's retaliation, an official told reporters.

Asian Stocks Mixed in Face of Tariff Imposition: Markets Wrap

  Asian Stocks Mixed in Face of Tariff Imposition: Markets Wrap Asian stocks traded mixed Friday as U.S.-China trade tensions are about to kick up a gear with the imminent imposition of tariff increases. The dollar edged higher and Treasuries slipped. Stocks in Japan rose while those in South Korea and Hong Kong posted modest gains. Chinese shares fluctuated in early trading. Shares in Singapore sank after the government unexpectedly tightened curbs on the property market. Earlier, U.S. equity benchmarks gained as minutes from the June Federal Reserve meeting showed confidence in the economic outlook, despite risks from trade disputes. Oil drifted and the yen ticked lower.

Here are the products China and the US are targeting in their trade war . Trump has threatened additional 10 percent tariffs on another $ 200 billion in Chinese goods if Beijing proceeds with its own retaliatory tariffs.

A long- threatened trade war between the US and China has got under way after the world’s two largest economies imposed tariffs on each other. The US implemented tariffs on bn in Chinese goods , to which Beijing responded with levies on a similar quantity of US imports.

If the measures are imposed, it would mean new taxes on thousands of products from fish to chemicals, metals and tyres.

- Markets tumble -

Reacting to the "totally unacceptable" Washington list, the commerce ministry in Beijing said it would be forced to take "countermeasures."

"The behaviour of the US is hurting China, hurting the world, and hurting itself," the ministry said in a statement, saying it was "shocked" by the US actions.

"In order to safeguard the core interests of the country and the fundamental interests of the people, the Chinese government as always will have no choice but to take the necessary countermeasures," it added.

Beijing said it would "immediately" tack on the case to its suit against Washington's "unilateralist" behaviour at the World Trade Organization.

At a forum in Beijing, a senior official accused the US of "damaging the world economic order" and said tit-for-tat tariffs would "destroy" trade between the rival powers.

Brexit plan will give great freedom to negotiate US trade deal, says Fox

  Brexit plan will give great freedom to negotiate US trade deal, says Fox The International Trade Secretary says talks with US officials have been ‘very positive’.Following the Prime Minister’s meeting with President Donald Trump at Chequers, Dr Fox said “very positive” discussions had been taking place with US officials on a future deal after Britain has left the EU.

Last month, the US president claimed that “ trade wars are good , and easy to win”. Trump’s threatened increase of tariffs on Chinese goods would affect only about 30% of what China exports to the US .

Investors fear an escalating trade war between the world’s two biggest economies could hit global growth. Imposing taxes on another $ 200 billion worth of products will raise the costs of every day goods for American families, farmers, ranchers, workers, and job creators.

Stocks across Asia fell on the news © Provided by AFP Stocks across Asia fell on the news

"The outburst of large-scale mutual levying of tariffs between China and the United States will inevitably destroy Sino-US trade," said assistant minister of commerce Li Chenggang.

The dispute comes on top of Washington's confrontation with other allies and major trading partners including Canada, Mexico and the European Union, after it imposed steep tariffs on their steel and aluminium. Those nations have also retaliated.

The new trade frictions sent investors running for cover, with equity markets across Asia tumbling more than one percent.

The benchmark Shanghai Composite Index led the declines, dropping 1.76 percent. Hong Kong's Hang Seng Index dropped 1.29 percent while Tokyo's Nikkei was off 1.19 percent.

"The market didn't expect the second round of tariffs would come so quickly and it has impacted investor sentiment," said Zhang Gang, analyst with Central China Securities.

The trade confrontation between Washington and Beijing has been escalating for months, despite Trump's repeated statements that he has a good relationship with China's President Xi Jinping.

How US tariffs are already costing Britain

  How US tariffs are already costing Britain There's a widespread assumption in economic circles that Donald Trump's bark is considerably worse than his bite. That for all the threats of tariffs and protectionism, the actual havoc wreaked by the US president is likely to be limited.Try telling that to Samson Folkes.Mr Folkes is the managing director of Somers Forge, one of the world's leading advanced steel forges.

Investors fear an escalating trade war between the world's two biggest economies could hit global growth. President Donald Trump has said he may ultimately impose tariffs on more than 0 billion worth of Chinese goods - roughly the total amount of U . S . imports from China last year.

Trade war fears are escalating as president Trump pledges fresh measures against Chinese imports; Beijing calls it ‘blackmail’ and vows to retaliate. Sign in/ up . My account. Introduction: Trump threatens to impose 10% tariff on $ 200 bn Chinese imports. Beijing: We ’ll hit back.

China accused the US of starting "the largest trade war in economic history," after the first round of tariffs took effect last week.

- 'Unfair practices' -

But Trump has said continuously that China has taken advantage of the US economy, and he has vowed to hit nearly all the country's products with tariffs, as much as $450 billion.

The US trade deficit in goods with China ballooned to a record $375.2 billion last year, stoking his anger.

For now, the USTR continues to work on the process of finalising an additional $16 billion in goods to face 25-percent tariffs to bring the total up to $50 billion. Beijing has vowed to retaliate accordingly.

The US trade deficit with China has infuriated President Donald Trump © Provided by AFP The US trade deficit with China has infuriated President Donald Trump

The new list of goods to face 10-percent punitive duties includes frozen meats, live and fresh fish and seafood, butter, onions, garlic and other vegetables, fruits, nuts, metals, and a massive list of chemicals, as well as tires, leather, fabrics, wood and paper.

The officials said they tried to target goods that would reduce the harm to US consumers.

They also said they remain open to working with China to try to resolve the dispute, but the response from Beijing so far has been unsatisfactory.

"For over a year, the Trump Administration has patiently urged China to stop its unfair practices, open its market, and engage in true market competition," Lighthizer said.

"Unfortunately, China has not changed its behaviour."

But he added that "the United States is willing to engage in efforts that could lead to a resolution of our concerns."

Beijing gears up for long, bitter trade war with US .
If you're Chinese, it's obvious: US tariffs are "typical trade bullying", according to the Ministry of Commerce here in Beijing. China Daily, a state-run newspaper, isn't so polite.The Trump administration is "behaving like a gang of hoodlums", it says. © Reuters Hours before the tariffs came into effect, Mr Trump held a rally for supporters Chinese media had been pretty measured up to this point.According to propaganda instructions leaked to China Digital Times, news organisations were ordered "to prepare well for protracted conflict".

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