Published: Fri, July 13, 2018
Economy | By Shawn Conner

New round of tariffs targets $200 billion of Chinese goods

New round of tariffs targets $200 billion of Chinese goods

Asian markets dipped as US President Donald Trump raised the pressure on Beijing in a trade war over its intellectual property practices by publishing a list of an additional $US200 billion worth of Chinese goods he plans to hit with a 10% tariff.

Last week, President Donald Trump said the USA might ultimately impose tariffs on more than $500 billion worth of Chinese goods, nearly the total amount of U.S. imports from China past year.

China retaliated against the initial US tariffs with 25 per cent tariffs of its own on $50-billion of USA goods. But China only bought about $135 billion in USA goods a year ago, meaning it will run out of American products to tax before it matches Trump's latest move.

China's Ministry of Commerce is considering ways to use the extra revenue from its own tariffs on $US34 billion worth of USA goods to mitigate the effects of the trade war on businesses and workers.

For the full list, see the 205-page document. China has accused the United States of bullying and warned it could hit back, although it was unclear how it would retaliate.

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The Trump administration also denied that USA officials had threatened trade sanctions in the debate over the resolution, AP reported.

The administration will consult on the list over the summer, and make a final decision on tariffs after August 30, said a senior official.

"At the same time, China will report the US' unilateral behaviour to the World Trade Organization", reports China News.

The new list published on Tuesday targets many more consumer goods than those covered under the tariffs imposed last week, raising the direct threat to consumers and retail firms.

Or is it that the original tariffs were related to national security, and these are retaliatory tariffs intended only to retaliate against the original retaliatory Chinese tariffs-and thus don't need any particular justification?

The tariffs will not be imposed until after a two-month period of public comment on the proposed list, but some USA business groups and senior lawmakers were quick to criticise the move.

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Defense lawyers, in response, said the government had selected "snippets" of the conversations to support their version of events. The prosecutors' filing says Manafort has everything he needs to prepare for the trial, including his own phone and computer.

"Tariffs are taxes, plain and simple".

The President, who blames China and other developing countries for hollowing out the USA manufacturing sector, was elected in large part by promising to bring back factory jobs by going to war with trading partners.

The Retail Industry Leaders Association, a lobby group representing the largest U.S. retailers, said: "The president has broken his promise to bring "maximum pain on China, minimum pain on consumers". Those nations also have retaliated.

Canadian soybean farmers are feeling the pain from already imposed Chinese tariffs on American goods.

"American families are the ones being punished".

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Zanganeh added that Iran had already devised a plan to counter Trump's threats, and that the plan was working successfully. It said that the United States was "not granting waivers" to any country which was in business with Iran.

"Unfortunately the markets haven't come to grips with the current levels of trade policies and tariffs", said Art Hogan, chief market strategist at B. Riley FBR in NY. "Consumers, businesses and the American jobs dependent on trade, are left in the crosshairs of an escalating global trade war". Mr Tusk added "we spend on defence much more than Russian Federation and as much as China".

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