US tariffs take effect, China warns of 'counterattack'

09 July, 2018, 15:38 | Author: Eric Barnett
  • Exchange Group offices are seen in the City of London Britain

Trump's tariffs on the EU, Canada and Mexico are for as much as 25% on imports of steel and aluminium, which the United States has imposed on grounds of national security.

So you don't think these US tariffs and Chinese counter tariffs today are here to stay?

The Foreign Ministry in Beijing said retaliatory measures "took effect immediately", with state news agency Xinhua confirming they involved 25% tariffs on an equal amount of goods.

What's worse is that the Trump administration has paved no way out of this situation, said Matthew Gold, former deputy assistant US trade representative for North America.

"The duties are typical bullying behavior, which will have a serious impact on the global industrial and value chain and pose obstacles to global economic recovery", China's commerce ministry said.

Besides affecting "innocent" transnational companies, the tariffs will also hurt ordinary companies, global consumers, as well as US enterprises and consumers, the Chinese ministry added.

President Trump said that the USA tariffs on Chinese goods will take effect just after midnight on Friday in Washington.

Underpinning the dispute is Trump's anger at America's $376 billion deficit in goods trade with China.

The administration accuses China of using predatory practices in a push to overtake US technological dominance.

The tariffs will make trade more expensive and complicated, and consumers will end up paying a price, Wilson said.

Why is the United States imposing tariffs?


That would bring the total of targeted Chinese goods to potentially $550 billion - more than the $506 billion in goods that China actually shipped to the United States a year ago.

Economists usually agree higher tariffs are counterproductive. The negative impact on China's gross domestic product growth - and Chinese consumer prices - is also expected to be minimal.

Doug Goehring, the Republican state agriculture commissioner, said the Chinese tariffs are causing some anxiety, but he advocated taking a "deep breath".

The Trump administration has already threatened to raise the stakes.

The clash with China comes as the Trump administration is also fighting over trade with American allies such as Canada and the European Union. "Isn't that right?" the company owner Li Jiang said. China accounts for 87 per cent of counterfeit goods seized coming into the United States.

The Trump administration has argued that China has deployed predatory tactics in a push to overtake US technological dominance.

Chinese officials have rejected the accusations of theft and said no foreign company is obligated to share technology. Some fiber originally sold to China was redirected to Vietnam. He reminded that following the decision, Whirlpool announced 200 new jobs in Ohio.

Beijing's commerce ministry, in a statement shortly after the USA deadline passed on Friday, said the world's No. 2 economy was forced to retaliate by placing jacked-up 25 percent tariffs on U.S. cars, soybeans and lobsters.

"The United States has blatantly violated WTO rules", Lu said.

Despite the pressures, farmers here in the Midwest are holding on in the hope that the president's tactics will get them a fair trade deal, one in which countries aren't slapping American goods with high tariffs while being allowed to freely import into our market.

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