China hits back at Trump: Tariffs on $60 billion of United States goods

26 September, 2018, 06:02 | Author: Roderick Gutierrez
  • The Latest: Sec. Ross: Americans won't feel trade-war sting

President Donald Trump's latest round of tariffs added a new dimension to the trade war with China: US consumers are going to get hit directly. The levy takes effect on September 24 and will rise to 25 percent at year's end.

Toughened (tempered) safety glass of size and shape suitable for incorporation in vehicles, aircraft, spacecraft or vessels are also affected. They will affect some $200 billion-worth of Chinese imports, and the president said he would tack on even more if China retaliates. US officials are set to impose a new round of levies on an additional $200 billion of Chinese imports ranging from detergent to luggage.

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In his statement, Trump noted that the tariff actions being taken are a result of the Section 301 process that the USTR has been leading for more than 12 months.

In retrospect, the Trump administration should clearly have worked more closely with those CEOs to design an approach to China the USA business community could embrace. The Reserve Bank of Australia has announced that the trade war is emerging as a "material risk" to the global economy. But, he said, that is a challenge for China, because parts of the Chinese economy are very dependent on unfair access to US markets, with the same being the case for Canada, Mexico, and Germany. "Now it's just a question of how the Chinese can save face and say "alright we're going to change, going to open up wider access not only to the USA but to the European Union and Japan", said Christopher Peel, chief investment officer at Tavistock Wealth in London.

But Ma told official news agency Xinhua his vow had been made on the basis of continued cooperation and trade growth between the United States and China, and would now be hard to fulfill. Far from backing down, its government announced retaliatory tariffs of 5 percent to 10 percent on $60 billion of US imports.

Trump has cautioned the world's second-largest economy to think twice before engaging in a trade war in which, he claims, the United States has "more bullets".

Chinese President Xi Jinping has responded in kind by raising China's tariffs on American exports in a no-win war that has rattled financial markets and threatens to destroy economic relations with one of our largest trading partners.

"This thing will last long", Jack Ma, the billionaire chairman of Alibaba Group, warned a meeting of investors on Tuesday in Hangzhou, China.

By cutting tariffs, China is hoping to stimulate its economy and increase domestic consumption.

But China is only a sham capitalist economy. There can be no compromise with the United States if that is the case.

This nonsense is going to go on for a long time, and everybody will end up at least slightly poorer, but it probably won't bring on the Second Great Recession.

Earlier, the Trump administration signaled that it might be willing to settle for a reduction in America's massive trade deficit with China, $336 billion a year ago.



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