U.S. to slap tariffs on extra $200 billion of Chinese imports

11 July, 2018, 08:56 | Author: Corey Lynch
  • In Hong Kong and China where many suppliers to US retailing giants are based shares of companies in affected sectors fell. — Reuters pic

"This type of irrational behaviour is unpopular", the statement said, adding China would tack on the case to its suit against the U.S. at the WTO.

US Trade Representative Robert Lighthizer late Tuesday accused China of retaliating to its tariffs "without any global legal basis or justification".

The new tariffs will not immediately go into effect, instead going through a two-month review process, with hearings in late August.

President Trump had warned China that if the country retaliated to those tariffs, he would impose additional ones; China did, quickly adding tariffs to more than 500 different American imports.

U-S Trade Representative Robert Lighthizer says tariffs of 10 percent could be imposed as soon as September in response to Beijing's retaliatory measures against earlier U-S tariffs.

Last Friday, the USA imposed 25 percent tariffs on $34 billion in Chinese products, and Beijing responded by hitting the same amount of US imports.

Although it was not a direct reaction to the new move from Trump's administration, the official English-language newspaper China Daily said in an editorial that Beijing had to stand up to Washington.

Members of Congress are increasingly questioning Trump's aggressive trade policies, warning that tariffs on imports raise prices for consumers and expose US farmers and manufacturers to retaliation overseas. The Republican chairman of the U-S Senate Finance Committee says the move is reckless.




"Tariffs are taxes, plain and simple". "Given China's likelihood of retaliation, it's also billions worth of new tariffs on American exporters". "At the same time, we call on the worldwide community to work together to safeguard the rules of free trade and the multilateral trading system and jointly oppose trade hegemony", it added.

Louis Kuijs, Hong Kong-based Head of Asia Economics at Oxford Economics, said while he expects China to strongly condemn the USA moves, its policy response is likely to be limited for now.

"In part because they have only limited ammunition and in part because it's still early in the process on the US side", Kuijs said.

Earlier in the day, Li Chenggang, assistant minister at China's Commerce Ministry, said that the latest USA proposals would hurt both countries and pointed to declines in Chinese export growth and overseas investment to the United States in the first half of this year.

"It seems that the United States is escalating the scale of this trade friction", Li added. "Right now, world trade is relatively chaotic".

U.S. policy "actually interferes with the process of economic globalization" and "damages the world economic order", charged Li.

Trump has been following through on pledges he made during his presidential campaign to get tough on China, which he accuses of unfair trade practices including theft of intellectual property and forced technology transfer that has led to a US$375 billion United States trade deficit with China.

"China has no option but to fight fire with fire".

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