China plans to hit USA with tariffs following Trump trade sanctions

24 March, 2018, 14:14 | Author: Roderick Gutierrez

USA stocks ended a turbulent week with a late-day sell-off that knocked the Dow down more than 400 points and pushed it officially back into "correction" territory as fears of a looming trade war prompted nervous investors to sell.

President Donald Trump is planning to impose tariffs of 25 per cent on imported steel and 10 per cent on aluminum-trade penalties aimed at China for flooding the world with cheap steel and aluminum.

Hong Kong-based Li & Fung alone collects about 64 of revenue from about 50 consumer-product companies in the US, including retailers Walmart, Macy's and JC Penney.

Trump also announced he was directing the USTR to pursue dispute settlement in the WTO to confront China over its policies that result in unfair treatment for USA companies and innovators trying to do business in China.

As Beijing and Washington exchange barbs that threaten a potential trade war, health-conscious Chinese shoppers are beginning to fret over what this could mean for their pockets: a potential jump in prices for USA -grown cherries and pistachios. The products include wine, nuts, fresh fruit like cherries and apples, and dried fruit. But the specter of more lingers on the horizon.

And transnational retailers such as Costco, Best Buy and Walmart may ship directly from Canada instead of transporting goods from the avoid tariffs, he said. The USDA projected last month that USA farm income is expected to decline almost 7% this year.

Trump's announcement of broader tariffs directed specifically at China sent Asian equities tumbling as investors feared an escalating trade war.

The impact on other American companies would be widespread, fanning out across the US because of the intricate links with worldwide supply chains.

The Trump administration's move to impose tariffs on countries like China undermines the rules-based system of global commerce that the United States itself helped create after World War II, experts and trading partners say.

Earlier, the commerce ministry said it was considering suspension of tariff concessions on 128 items of USA products worth about United States dollars 3 billion, a move aimed at countering the U.S. decision to impose 25 per cent tariffs on steel imports and 10 per cent on aluminium, with initial exemptions for Canada and Mexico. Previous measures against steel, aluminum and solar panels have applied to imports from other countries too.

"China is a price-sensitive market", said Dan Halstrom, chief of the U.S. Meat Export Federation.

"We'll have by far the most powerful nuclear force on Earth and it will be absolutely in flawless shape and condition and hopefully, praise be to God we don't ever have to use it", he said.

Customers shop for pork at a supermarket in Beijing, Friday, March 23, 2018.

GOP Sen. Orrin Hatch of Utah, the committee chairman, said he was "deeply disappointed in the decision to impose global tariffs to address a problem caused by China". "While we're appreciative of the administration's focus on creating fair trade between the USA and our trading partners, their "bull in a china shop" approach to fixing our trade woes is unsafe".

Ted Lieu, a Democratic congressman from California, said on Twitter that "China is not stupid".

Trump claimed that building up the US nuclear arsenal would mean that no other country would "come even close" in capability. "But just the same, these areas of trade are very important to agriculture".



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