China warns of retaliation after Trump’s threats of fresh tariffs

20 June, 2018, 02:58 | Author: Corey Lynch
  • China labels Trump tariff threat as ‘extreme pressure and blackmailing’ | TheHill

Mr. Trump recently ordered tariffs on $50 billion in Chinese goods in retaliation for intellectual property theft.

Last week, Washington announced tariffs on 1,102 separate categories of Chinese products, to come into effect on July 6.

But Oosterveld said he was optimistic that the U.S. and China would ultimately reach a bilateral deal by the end of the year. "China has, for example, always been engaging in several unfair practices related to the acquisition of American intellectual property and technology", Trump declared last week.

"This latest action by China clearly indicates its determination to keep the United States at a permanent and unfair disadvantage", Trump said.

U.S. President Donald Trump said on Tuesday progress was being made in slow-moving talks to update the NAFTA trade accord between the United States, Canada and Mexico, but he held out the prospect of striking bilateral pacts if a three-way deal could not be reached.

The fact that America imports more from China will make it harder for Beijing to match Trump's attacks, according to Derek Scissors, a resident scholar at the conservative American Enterprise Institute in Washington who focuses on China. "It did not meet the current development trend of the world, harmed the interests of the people and enterprises of China and the United States, and harmed the interests of the people of the world".




Uncertainty over how severe the USA dispute with China could get appears to be spurring investors to trim risk in their investments portfolios, Craig Erlam, a senior market analyst at Oanda, a trading firm in NY. "It is very unfortunate that instead of eliminating these unfair trading practices China said that it intends to impose unjustified tariffs targeting United States workers, farmers, ranchers, and businesses".

Trump had already warned last week of "additional tariffs" should Beijing hit back with tit-for-tat duties on American goods.

The president said he directed the trade representative to "identify $200 billion worth of Chinese goods for additional tariffs at a rate of 10 percent". The move would be the largest blow in the tit-for-tat tariff fight between the United States and China.

If President Donald Trump delivers on threats to slap 25 percent tariffs on imported automobiles and parts, experts say it will cut auto sales and cost jobs. "The problem is, such a tactic is unlikely to work with China", said Kota Hirayama, senior emerging markets economist at SMBC Nikko Securities in Tokyo. Neither of those tariffs have gone into effect yet. That would encompass roughly 90 percent of the $505 billion worth of goods that China exported to the United States in 2017. Qualcomm (QCOM), whose merger with NXP Semiconductors (NXPI) appears tied up in U.S.

US companies caught in the middle of the trade fight between the world's two biggest economies "are not immune" and could see their sales and earnings come under pressure if the situation worsens and commerce slows, Erlam said. Trump's June 15 tariffs came in response to a months-long investigation that documented trade practices from forcing USA companies to share trade secrets to subsiding domestic industries which have been widely condemned as unfair.

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