Renewed U.S.-China trade spat boosts safety demand for yen
20 June, 2018, 02:45 | Author: Corey Lynch
Should China impose its proposed expanded tariffs, Trump warned, he would slap duties on an additional $200 billion of Chinese imports.
As tensions continue to escalate between the United States and China over a US plan to tax $50 billion in Chinese products, Apple is concerned that China's government will create regulatory and shipping hurdles for its products, The New York Times reports today.
This comes after the USA slapped 25 percent duties on $50 billion worth of Chinese imports. 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.
But some economists say Chinese policymakers would be wary of letting the yuan slide sharply against the dollar. By most accounts, Beijing has made a routine practice of stealing American intellectual property - as part of its broader "Made in China 2025" project, which aims to position China as a dominant force in the high-tech industries of the future.
The latest threat from Mr Trump comes before the first wave of 25 per cent import levies takes effect on July 6.
"Escalation (of trade tensions) is a sort of impossible thing to forecast, but if it stops at this level you have probably created some nice risk premia in Asia and emerging markets", said Hans Peterson, global head of asset allocation at SEB Investment Management.
In response, Beijing confirmed during the weekend it would bring in tit-for-tat tariffs on $34 billion of U.S. imports next month. Chinese authorities also pledged to add another 114 product categories to the existing list.
Last Friday, he did just that, announcing that the U.S.
Led by President Donald Trump, U.S. officials have started a trade war with China in an effort to wring concessions from the country, which has surged economically over the past two decades due to cheap labor and lax intellectual property protections.
China bought American goods worth $153.9 billion previous year, while exports to the United States totaled $429.8 billion, according to customs data.
Canada and Mexico, both members with Washington of the North American Free Trade Agreement (NAFTA), have not been spared the U.S. offensive on steel and aluminium and are threatening their own reprisals.
However, this time, Trump is raising the stakes over the additional $100 billion he previously said he would consider, charging the U.S. Trade Representative to consider $200 billion in additional tariffs on Chinese goods, with yet another $200 billion possible if China refuses to relent. And it says it would impose tariffs on $16 billion more if the United States does so.
Pompeo raised the trade issue directly with China last week, when he met in Beijing with President Xi Jinping and others.
Even as the USA trade conflict with China deepens, Trump has raised trade tensions on other fronts.
Since June 1, steel and aluminium imports from the European Union, Canada and Mexico have been hit with tariffs of 25 per cent and 10 per cent, respectively. Even an internal report from the White House Council of Economic Advisers reported by the New York Times found that Trump's trade agenda would hurt the us economy.
Asked to comment on Pompeo's remarks, the Chinese foreign ministry in Beijing said in a regular briefing with reporters that the USA had lost credibility as a free trader.
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