China state media attack U.S. tariffs, leave scope for negotiation

17 June, 2018, 17:48 | Author: Donnie King
  • Billions in new tariffs signal start of US-China 'trade war'

US President Donald Trump announced on Friday tariffs on tens of billions of dollars in Chinese imports, triggering retaliation from China and igniting a trade dispute that threatens to cut into the countries' massive bilateral trade - potentially harming exporters and US multinationals keen on China's huge market. According to the Post report: "It took little more than an hour for the Ministry of Commerce in Beijing to fire back at the president with a late-night statement pledging to erect trade barriers of the "same scale and the same strength". The EU, along with Canada and Mexico, will impose retaliatory tariffs on US goods, and file dispute settlement cases with the World Trade Organization in Geneva.

"'There is no trade war".

According to the US Trade Representative's (USTR) office, the tariffs would come in two parts.

Trump said the tariffs were "essential to preventing further unfair transfers of American technology and intellectual property to China, which will protect American jobs". Beijing immediately said it will place 25 percent tariffs on 106 American goods worth $50 billion.

Earlier, trade expert Stephen Jacobi told NBR that while New Zealand has few exports in the areas targetted by Mr Trump for tariffs (our steel and aluminium exports to the USA a year ago totalled $60m), there could be a substantial indirect cost.

USA officials have said Beijing has sought industrial dominance in emerging technologies through the theft of American know-how through forced technology transfers, hacking and other forms industrial espionage.

China would also cancel agreements it had reached with the U.S. during previous discussions over the penalties, it said.

The White House placed the tariffs on $50 billion worth of Chinese imports to punish intellectual property crime and other unfair trade practices that the administration blames for a large trade deficit.

Chinese media have mocked US President Donald Trump over plans to impose 25% tariffs on $50bn worth of Chinese goods, saying "wise men build bridges but fools build walls".

President Trump unveiled an initial list of strategically important goods that would be subject to a 25% tariff effective July 6, and China's Commerce Ministry responded with its own list of USA imports targeting soybeans, aircraft, autos and chemicals.

China stated that if Washington imposed further tariffs in response, they too would take corresponding measures.

Trump outraged Canadian, Mexican and European leaders last month by imposing punishing tariffs on imports of steel and aluminum to protect American producers from allegedly unfair competition.

Mr Jacobi says that as a small, trade-dependent nation, NZ depends on the rules-based system overseen by the World Trade Organisation.

How will USA consumers and businesses be affected? Trump has been unmoved by a Chinese offer to buy an additional $70 billion worth of US farm and energy products and other goods, according to people familiar with the matter.

The U.S. imports a LOT more Chinese goods than the Chinese import in regards to American goods and its easy to see above.

That raises the specter of an intensifying trade war, which would hurt consumers, companies and the global economy.



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