China Retaliates Against U.S. Tariffs with ‘Equal Scale’ Tax Measures
01:03, Jun 18, 2018
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The United States has "now launched a trade war", China's Commerce Ministry responded, saying it would immediately implement "countermeasures of the same scale and strength".
US Trade Representative Robert Lighthizer said Friday the United States would begin collecting duties on 818 Chinese imports valued at $34 billion as of July 6.
This person also said Ross had said the list would take aim at products for which China supplied 33 percent or less of total USA imports in individual product categories, making it easier to shift to other countries' supplies.
Farmers in Minnesota fear that their success in global trade will impale them on the "tip of the spear" as China retaliates against 25 percent tariffs President Donald Trumpannounced Friday.
"The United States can no longer tolerate losing our technology and intellectual property through unfair economic practices", Trump said.
Trump also warned China of more tariffs if Beijing retaliated on the announcement, which would trigger a full-fledged trade war between the world's two largest economies.
Beijing will impose an additional 25 percent tariff starting July 6 on 545 products from the United States including soybeans, electric cars, orange juice, whiskey, lobsters, salmon and cigars, according to the Ministry of Finance. The new list includes more agricultural produce, including dairy, alfalfa and seafood, than an initial group published in April.
By contrast, the Trump administration earlier this year imposed steep tariffs on imported washing machines.
Washington has also completed a second list of possible tariffs on another US$100 billion of Chinese goods, in the expectation that China will respond to the initial USA tariff list in kind, sources said.
Tariffs on these products will go into effect after a public comment period. USA companies that rely on the targeted imports - and can't find substitutes - can apply for exemptions from the tariffs.
China has leverage over key exports from U.S. states that voted for Trump in 2016.
Trump is hardly the first foreign leader to complain.
"I don't want China cheating on us", said Bill Gordon who grows corn and soybeans on a 2,000-acre family farm in Worthington, Minn. The United States now dominates those industries, but Chinese government support could make it hard for US companies to compete.
The moves to import tariffs came as the two countries held several rounds of talks following Trump's demand to slash bilateral trade deficit by USD 100 billion in a month followed by USD 200 billion to address the USD 375 billion deficit. A further round of trade talks in Beijing earlier this month failed to yield any breakthroughs.
Analysts at Capital Economics said the impact of the tariffs on China's economy would be small.
Boeing earned about 12.8 per cent of its 2017 revenues from China and is seen as among the USA multinationals more vulnerable to a full-on trade war.
"Neither side will be brought to its knees - which is one reason to think the trade dispute could drag on", Capital Economics said. Aluminum supplier Alcoa shares fell 5.2 percent. "Although we have to pay a certain price in coping with the trade war. such a price can be paid and is worth paying", it said. In fact, China's other trading partners like - Europe, Japan and few others, have also expressed similar concerns, but Trump has been unusually direct about challenging Beijing and threatening to disrupt such a large volume of exports.
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