China's latest tariff threat brings clothing into the fray
08 August, 2018, 12:59 | Author: Melinda Barton
The latest shot came yesterday, when China released a list of US$60 billion (RM244.9 billion) in USA goods that Beijing intends to hit with tariffs in retaliation for Trump's plan to impose duties on US$200 billion in Chinese imports.
Last Friday, China's Finance Ministry introduced new sets of additional tariffs on 5,207 goods imported from the U.S. worth $60 billion.
In an interview last month on business-news channel CNBC, Trump threatened to impose punitive tariffs on nearly all imported goods from China.
In July, Washington fired the first salvo in the escalating trade war with Beijing by introducing 25 percent tariffs on Chinese imports worth $34 billion.
Chinese state media on Monday lashed out at U.S. President Donald Trump'strade policies in an unusually personal attack, and sought to reassure investors anxious about China's economy as growth concerns rattled its financial markets.
Washington had already imposed import tariffs on $34bn of Chinese goods last month, with Beijing immediately retaliating.
U.S. threats have escalated since, with the president saying he is ready to impose tariffs on all $500bn of Chinese imports.
Beijing's attack on Trump comes after the president told supporters during a campaign rally in OH on Saturday that "we have really rebuilt China, and it's time that we rebuild our own country now".
If China follows through on the threat, almost 90% of allUnited States goods heading to China will be subject to tariffs.
President Trump vowed Saturday to continue imposing tariffs as a central part of his economic agenda and called his critics "fools", pivoting sharply away from the free-trade message that senior advisers had tried to erect in recent weeks.
China's stocks were lower on Monday as Beijing's latest tariff warnings escalated the tit-for-tat US-China trade war.
Trump has threatened tariffs on over $500 billion in Chinese goods, covering virtually all USA imports from the Asian giant, demanding that Beijing make fundamental changes to its policies on intellectual property protection, technology transfers and subsidies for high technology industries.
China has said it will levy new tariffs on more than 5,200 U.S. products, if the White House moves forward with its latest tariff threat.
"When developing tariff measures, China took into full consideration the potential impact on its companies and people".
The timing of Friday's announcement hinted at that conflict. Kudlow cited state subsidies and forced technology transfers as behaviours that the Trump administration wants China to end.
The State Council outlined the plan just days after the U.S. said it was considering higher tariffs on $200bn of Chinese goods than initially planned.
"We have really rebuilt China, and it's time that we rebuild our own country now", Mr Trump said during about an hour of free-wheeling remarks at a rally outside Columbus, Ohio.
It's the first time the fuel has been ensnared by the expanding trade war and billions of USA dollars may hang in the balance. "Other countries use Tariffs against, but when we use them, foolish people scream!"
With LNG demand expected to skyrocket over the next 12 to 18 months, there are still some two dozen firms seeking to build new LNG export terminals in the United States and tariffs may limit their ability to secure sufficient buyers to finance their proposed projects. "Plants are opening all over the United States, steelworkers are working again, and big dollars are flowing into our Treasury".
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