China vows 'firm and forceful' counter-measures against USA tariffs
14 July, 2018, 12:46 | Author: Donnie King
President Donald Trump's administration has released a list of proposed tariffs on United Statesdollars200 billion worth of Chinese goods, affecting a wide range of sectors and including seafood products. It includes fruit and vegetables, handbags, refrigerators, rain jackets and baseball gloves.
The move came after US President Donald Trump said last week the United States may ultimately impose tariffs on more than $500 billion worth of Chinese goods - roughly the total amount of US imports from China past year.
The US listed $200bn (£150bn) worth of additional products it intends to place tariffs on as soon as September.
Even if the Trump administration doesn't follow through on that threat, more individuals could be affected over time by the tariffs that kicked in last week.
Many companies in the United States are opposed to the administration's use of tariffs against China, saying they risk hurting business and the economy without being likely to change behaviour.
There are fears that Beijing could attempt to disrupt operations of American auto makers, retailers and others that see China as a key market.
South Korea's exports to China jumped 30 per cent in June, driven by chips and other intermediary goods, the trade ministry said earlier this month.
"The behaviour of the USA is hurting China, hurting the world and hurting itself", a spokesperson for China's commerce ministry said in a statement. They would go into effect sometime after August 30.
A survey by the American Chamber of Commerce in Shanghai found that most USA businesses operating in China oppose the use of tariffs in retaliation for the challenges they face, from an uneven playing field to poor protection of intellectual property rights. While that came amid fresh threats of retaliation from Beijing, it matches some willingness from the Trump team to resume talks at a high level, according to a person familiar with the administration's thinking. They criticize Trump's tactics but share USA complaints about Beijing's industrial policies.
So far, China has been measured in its response to the new U.S. trade policy.
Concerns about an escalating U.S.
Trump said Tuesday he intends to target another $200 billion in Chinese imports - from fish and mattresses to baseball gloves and phone components - with 10-percent taxes.
It wasn't immediately clear how China would respond to the new tariff list.
China meanwhile said it was "shocked" and warned it would impose countermeasures "to safeguard the core interests of the country and the fundamental interests of the people".
The United States insists that China abandon the brass-knuckles tactics it's used to try to supplant America's technological dominance.
"Tonight's announcement appears reckless and is not a targeted approach", Senate Finance Chairman Orrin Hatch said in a statement.
"For over a year, the Trump Administration has patiently urged China to stop its unfair practices, open its market, and engage in true market competition", Lighthizer says.
With more potential tariffs on the way, many Americans are wondering what impact they could feel. The list covers some $200 billion in Chinese exports that could be hit by a 10 percent tariff. He has not formally directed Lighthizer to prepare that list.
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