China, Trade, and Technology

06 August, 2018, 08:01 | Author: Mable Gonzales
  • Here's Why Trump Is Hiking Chinese Tariffs To 25%

On Friday, China threatened tariffs of up to 25% on $60 billion of USA goods, in retaliation for the Trump administration's latest threat of 25% tariffs on $200 billion of Chinese goods.

Total actually implemented United States import tariffs to date - mostly levied against China - amount to only $72 billion, or 2,3 percent of a total of $3,06 trillion imports into the usa annually.

U.S. President Donald Trump said on Saturday that his strategy of placing steep tariffs on imports of goods from China is "working far better than anyone ever anticipated", and that Beijing was talking to the United States about trade.

Beijing said it has been, quote, "forced to act" after the Trump administration on Wednesday announced it was considering raising its proposed tariffs on 200-billion dollars worth of Chinese imports from 10 to 25 percent. Those tariffs have already started to affect some businesses, though only a small fraction of the US economy is experiencing consequences.

Beijing had retaliated by imposing similar charges on the same amount of United States products. The 25 percent duty would be applied to the proposed list of $200 billion of Chinese products announced on July 10.

Last month, the White House offered government assistance to farmers hurt by the trade dispute.

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The objective of the talks was to "prepare for more formal negotiations" but the progress had been slowed down due to the mistrust on both the sides, the Post quoted official sources as saying. America's differences with China, a one-party state that has promised to open its markets gradually, run deep. They include liquefied natural gas or LNG, metals and agriculture products, like flour and smoked beef.

The ministry reiterated that since the United States has ignored the interests of companies and consumers in both countries, China has to take the necessary countermeasures to safeguard the dignity and interests of its people, defend free trade and the multilateral system, and ensure the common interests of all the countries of the world. He is deliberating whether to impose tariffs on an additional $216 billion worth of Chinese products in the coming weeks. "Any talks in the future, should they happen, should be conducted on an equal and faithful basis", the analyst said.

The US economy is more insulated from trade concerns, but Chinese leaders have retaliated strategically, targeting products made in Republican districts and final goods, like soybeans, that can be purchased elsewhere. The rise in per centage terms was the biggest since November 2016. The deficit climbed $3 billion to $46.3 billion in June from $43.2 billion in May, the Commerce Department reported Friday. That means the annual deficit would likely surpass last year's $552 billion total trade gap and hit the highest level since 2008.

Beijing's plans for tariffs on $60 billion of USA goods includes an additional 5 percent in duty on about 600 kinds of US products, including planes and computers; another 10 percent on nearly 1,000 products, including wigs and textiles; an extra 20 percent on more than 1,000 items, including some chemicals, cookers and paper; and an additional 25 percent on over 2,400 products such as meat, wheat, wine and liquefied natural gas.

Canada's global trade deficit, for instance, shrank to $481 million in June, down from $2.1 billion the month before, according to Statistics Canada. But a $1.5 trillion fiscal stimulus, which helped to power the economy to a 4.1 percent annualized growth pace in the second quarter, is assisting the United States in navigating the stormy trade waters.

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