As US slaps on fresh tariffs, China fires back
- Rodney Moran
Hay is our number two export to China at just over $100 million a year.
However, the United States imports far more from China than it exports to it, meaning Beijing may at some point need to look for other means of retaliation.
The US had already levied 25 per cent duties on US$34 billion in Chinese goods on July 6, prompting swift in-kind retaliation from Beijing.
The US and China have been trying to restart high-level talks that broke off after Trump followed through on his tariff threats.
This latest round of tariffs, which goes into effect August 23, does not include furniture.
The Chinese counter-move will take effect immediately after the U.S. imposes tariffs on the same amount of Chinese goods. "That's going to be the new reality". At Tuesday's CEO dinner, Trump said his "powerful trade policies" had contributed to the economy's 4.1 percent growth rate in the second quarter.
March 1: President Donald Trump announcestariffs on all imports of steel and aluminum, including metals from China. The tariffs will come into effect simultaneously with the U.S. ones, at 12.01 pm in Beijing, according to the statements. Along with the trade spat, Chinese stocks have suffered from slowing growth in the debt-laden economy. For instance, the major complaint is about the theft of USA intellectual property by Chinese firms. "Of course, China will retaliate, probably dollar for dollar", Hufbauer said.
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A Chinese Ministry of Commerce spokesperson wrote in a brief statement on Wednesday that the United States action was "once again overriding domestic law and global law", labelling it "a very unreasonable practice".
The tit-for-tat protectionist measures are poised to surge even higher, with the USA reviewing 10 per cent duties on a further US$200 billion in Chinese imports that it may even raise to 25 per cent after a comment period ends on Sept 6.
The new list covers products such as semiconductors, electronics, plastics, and railway equipment. "They are aimed at fellow Americans", the economist said.
The US has said the tariffs are meant to penalise China for "unfair" trade practices, such as rules that compel companies in certain sectors to take on local partners if they want to do business in the country.
But the Chinese government can employ other tools if the conflict continues.
China's exports to the United States rose 13.3 percent in the first seven months of 2018 from a year earlier, compared with a 13.5 percent rise in Jan-June. It would take a few more weeks to revise the list and make programming changes at U.S. Customs and Border Protection to begin collecting the duties.
After months of escalation, business communities in both countries are wondering when and how the trade confrontation will end.
"Trump has given China little wiggle room to save face and come to the bargaining table", he said.