Home » Money

China's latest tariff threat brings clothing into the fray

08 August, 2018, 12:59 | Author: Melinda Barton
  • China is threatening to impose tariffs on U.S. coffee and honey

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's trade 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".

The tariffs would be imposed at four different tax rates, China's Ministry of Commerce said in a statement.

The ministry said timing of the implementation of the new tariffs on USA goods would depend on the actions of the US.

The action could threaten the health of the US economy, including the machinery and farming sectors of the Mahoning Valley economy, officials say.


If China follows through on the threat, almost 90% of all United 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".

Recommended:

  • Iran: Clashes Between Police, Demonstrators on Third Day of Protests

    Iran: Clashes Between Police, Demonstrators on Third Day of Protests

    Motahari's open letter to Jafari was published before Iran's supreme leader and President Hassan Rouhani had responded to Trump's offer.
    UN to convene Yemen talks in Geneva next month

    UN to convene Yemen talks in Geneva next month

    The Houthis say the attacks targeted city's Public al-Thawra Hospital as well as a busy fishing port; at least 124 Yemenis were also wounded in the attack.
    OPEC oil production climbs as Saudi Arabia pumps moreNaija247news

    OPEC oil production climbs as Saudi Arabia pumps moreNaija247news

    American oil production in May actually inched down from April by 0.3 percent, according to EIA's Monthly Crude Oil and Natural Gas Production report.
  • Musk looking to privatise Tesla

    Musk looking to privatise Tesla

    Tesla CEO Elon Musk , in true Elon Musk fashion, took to Twitter to think out loud about his electric vehicle business. Tesla's shares jumped as high as US$371.15 in afternoon trading before trading was halted .
    Demi Lovato Agrees to Go to Rehab After Hospital Release

    Demi Lovato Agrees to Go to Rehab After Hospital Release

    Unnamed sources told TMZ Thursday and People Friday that the singer will begin treatment immediately after she is discharged. Demi experienced complications after her apparent overdose and remained in the hospital with extreme nausea and fever.
    Swiss police confirm 20 dead in WWII vintage plane crash

    Swiss police confirm 20 dead in WWII vintage plane crash

    He said officials have essentially ruled out a collision with another aircraft or hitting an obstacle such as a wire. They also expect the investigation into the cause of the crash to be "relatively complex".
  • Browns agree to trade WR Corey Coleman to Bills

    Browns agree to trade WR Corey Coleman to Bills

    Buffalo entered training camp with Kelvin Benjamin as its top receiver and questions down the rest of its depth chart. The team gave up a seventh-round pick in 2020 to acquire the former first rounder from the Cleveland Browns .

    "Totally Legal": Trump Admits His Son Met Russian Lawyer In Election Year

    The Trump team has argued that Mr Trump Jr ultimately did not receive any damaging information about Mrs Clinton at the meeting. Constitution to stop any investigation conducted by the Department of Justice.
    Verizon, Motorola unveil 5G-upgradable smartphone, Moto Z3

    Verizon, Motorola unveil 5G-upgradable smartphone, Moto Z3

    However, the cool thing about Moto Z3 is that it is super thin and that it sells for the somewhat affordable price of $460. The smartphone doesn't yet have a United Kingdom release date or price , but it will be hitting USA stores from 16 August.
  • OH  poll is a key test for Trump

    OH poll is a key test for Trump

    The Republican campaign arm and its allied super PAC were forced to pick up the slack, spending more than $4 million between them. Gretchen Whitmer, left, won Michigan's Democratic nomination for the state's gubernatorial primary on Tuesday night.
    Iranian protesters attack Islamic school as sanctions loom

    Iranian protesters attack Islamic school as sanctions loom

    President Donald Trump's decision to pull out of an global agreement on Iran's nuclear program and re-impose sanctions on Tehran . As an original signatory, the USA also pledged to waive secondary sanctions as long as Iran continued to abide by the deap.
    Iwobi signs long-term Arsenal deal

    Iwobi signs long-term Arsenal deal

    There's always going to be pressure in football and it's always wonderful for young kids, especially at Hale End (where his shirt adorns the wall), to look up to me.


Popular

Reports from France explain how Liverpool can still sign Nabil Fekir
It does not necessarily represent the position of Liverpool Football Club. He said, speaking to Lyon's website, "As you can see, I am in Lyon".

Deadly California plane crash caught on video, 29-year-old victim identified
He said it appeared that the plane "went down pretty abruptly", and added that while the plane leaked jet fuel, it didn't ignite. Santa Ana fire and police and Orange County Fire departments respond to the scene of a deadly plane crash in a parking lot.

Courtois fails to report to Chelsea training
With Sarri since being brought in as a replacement for Conte, Willian hopes for a better relationship with the 59-year-old. While Courtois is attempting to engineer a move away, Hazard has decided not to agitate for his own switch to Real.

South Sudan rivals sign final power-sharing deal
Thousands of people have died in the 2013 civil war after troops loyal to the rebel Machar clashed with government troops. A similar arrangement fell apart in July 2016 when fighting erupted in the capital, Juba, and Machar fled the country.

Star Witness Gates Testifies He Committed Crimes With Manafort
Manafort attorney Kevin Downing says that Rick Gates will testify at the conclusion of the testimony of Manafort's tax preparer. Gates also reportedly told the court on Monday that he had been told by Mr Manafort not to disclose foreign bank accounts.

China, Trade, and Technology
Noticeably absent from the latest list is polysilicon, the main ingredient in solar cells, which the US does export to China. A lot of Republicans in Congress will tell you that they support President Donald Trump but disagree with him about trade.

Pedro signs one-year contract extension at Chelsea
While Hazard still has two years left on his contract, Chelsea are trying to tie him down to a new deal worth £300,000-a-week . The player was due to return on Monday following his exploits with Brazil in this summer's World Cup.

Solid July Jobs Report Points to Momentum in Q3
Strong demand from consumers and businesses sharply reduced the stockpiles of goods held on many store shelves and warehouses. The consensus on Wall Street calls for the central bank to raise rates twice more this year, in September and December.

India’s central bank raises interest rate to fight inflation
Accordingly, the Marginal Standing Facility rate and the Bank Rate too stand adjusted at 6.75 per cent. The pound slid as much as 0.9 per cent and was down 0.5 per cent at US$1.3063 as of 2:55 p.m.

Hot, dusty and on fire: Portugal's heatwave breaks records
In July, the Scandinavian country witnessed record temperatures and wildfires that extended into the Arctic Circle. A heat wave that killed three people in Spain threatens record-high temperatures in Europe this weekend.