China Promises To Lodge Complaint Over More US Tariffs

China Promises To Lodge Complaint Over More US Tariffs

High-level talks between the two countries starting in May had failed to deliver a breakthrough to head off a trade war.

Automaker BMW said Monday July 9, 2018, it will have to raise prices on the US -built SUVs it sells in China due to 40 percent import tax on cars from the United States, in retaliation for higher tariffs on Chinese goods imposed by President Donald Trump.

The new list products would be assessed at 10 per cent if Beijing insists on the retaliatory tariffs announced in June. It includes fruit and vegetables, handbags, refrigerators, rain jackets and baseball gloves.

The $200 billion move came in response to Beijing's retaliation for the first set of US duties, which primarily targeted farmers in America's heartland, but the new tariffs won't be imposed until the end of a two-month period for public comment.

Also Tuesday, China stepped up action against some US goods by announcing anti-dumping duties raw materials used in making optical fibers.

As well, the American Chemistry Council urged President Donald Trump to "bring an end to this unnecessary trade war". "Rather than altering those practices, it is now threatening United States companies, workers, and farmers who have done nothing wrong".

If the proposed tariffs go into effect after public consultations end on Aug 30, duties implemented by the administration aimed squarely at China will cover almost half of all U.S. imports from the Asian nation.

China's assistant commerce minister Li Chenggang said earlier on Wednesday that the latest proposed tariffs harms the World Trade Organisation (WTO) system and hurts globalisation. Beijing has vowed to retaliate dollar-for-dollar.

The US Trade Representative's office announced a $US200 billion list on Wednesday of Chinese goods for possible 10 per cent tariffs including fish, apples and burglar alarms.

On Tuesday, the president made good on his threat with the announcement of the new tariffs. They would go into effect sometime after August 30.

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One problem for Beijing is that it imports far less from the US than it exports - much to the annoyance of Donald Trump - and that gives it less scope to retaliate - they may run out of American goods to penalise. "There is no justification for such action".

FILE - Imported nuts from the United States are displayed at a supermarket in Beijing, March 23, 2018.

But senior Trump administration officials said on a call with reporters Tuesday that so far, the two sides haven't gotten anywhere. Malmström says its "well known" that the USA agriculture sector is one of the "few groups with political clout to bring about change in Washington", adding "it's no coincidence" that the EU, Mexico and Canada are targeting US agriculture products in response to the Trump steel and aluminum tariffs. Oil had risen the previous day, supported by a larger-than expected USA stock draw and supply concerns in Norway and Libya. However, analysts say there's little chance China will back down on the plan, which it considers crucial for developing its huge economy.

A potential implementation of the new tariffs on China will probably be a huge hit. President Donald Trump has threatened higher tariffs on more than $500 billion of goods, or almost all of China's annual exports to the United States.

The latest round of tariffs are subject to a period of consultation that runs until the end of August, meaning the trade friction will continue well into the autumn campaign season for the US midterm elections.

Orrin Hatch, the Republican Senate Finance Chairman, condemned the move as "reckless" and not "targeted", while U.S. stock index futures fell in early Asian trading.

The tariffs could lead to higher prices and job losses in a range of industries.

"Tariffs are taxes, plain and simple".

Even more tariffs could be on the way.

South Korea on Thursday warned that an escalating trade dispute between the United States and China could hit its exports of "intermediary goods" used in home appliances, computers and communications devices. He has not formally directed Lighthizer to prepare that list.

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