USA imposes tariffs on another $16bn of Chinese goods

24 August, 2018, 07:41 | Author: Corey Lynch
  • US-China trade war escalates as new tariffs kick

While the English-language state broadcaster has previously published videos criticising the USA president, its latest clip took a particularly biting line.

Beijing has denied United States allegations that it systematically forces the unfair transfer of USA technology, and has said that it adheres to World Trade Organisation rules.

The two countries have now targeted $50 billion of each other's goods and threatened duties on most of the rest of their bilateral trade, raising concerns that the conflict could dent global economic growth.

Economists also believe that every $100 billion of imports affected by tariffs would reduce global trade by around 0.5 percent.

China's tariff list covers 333 products including large passenger cars, motorcycles and baby carriages. And then it matched the Trump administration's move with tariffs on $16 billion worth of US imports, ranging from diesel fuel and coal to medical instruments and cars.

"The Trump administration has attempted to limit the application of tariffs to manufacturing goods, so it's really masked the impact on consumers even though it raises the costs for inputs to American manufacturers and service providers, that will ultimately be felt by the consumers", Jake Colvin, a vice president at the National Foreign Trade Council and one of the people who testified at this week's tariff hearings, told NPR's David Greene.

"Instead, these tariffs threaten to increase costs for American families and destroy the livelihoods of USA workers", Gold said.

The US was the first to impose the latest round of tariffs on goods including plastics and chemicals, which China vowed to "counter-attack" with levies on products such as steel, coal and medical equipment.

Chinese authorities have said they will take "comprehensive measures", which companies worry could mean targeting operations of American businesses in China for disruption.

"We hope the U.S. can make concerted efforts with China and follow a rational and practical attitude to earnestly seek good results", foreign ministry spokesman Lu Kang said at a regular news briefing.

The tariffs took effect amid two days of talks in Washington between mid-level officials from both sides, the first formal negotiations since US Commerce Secretary met with Chinese economic adviser Liu He in Beijing in June.

But a pessimistic Mr Trump yesterday claimed the talks would make no real progress, saying: "I don't anticipate much".

China's Commerce Ministry said in Beijing that it has filed a complaint with the World Trade Organization over the latest round of US tariffs.

Though it is too early for trade damage to show up in much economic data as yet, tariffs are beginning to increase costs for consumers and businesses on both sides of the Pacific, forcing companies to adjust their supply chains and pricing, with some USA firms looking to decrease their reliance on China.

CGTN did not immediately respond to a request for comment about the removal.

In an interview with the business channel CNBC, he said, "I'm willing to go to 500", referring roughly to the $505.5 billion in goods imported a year ago from China. That effort, however, has been resisted by other parts of the Trump administration and it is unclear whether they will be ready to be presented to the visiting Chinese delegation.

The latest tit-for-tat escalation comes as representatives from both sides meet in Washington for further talks. The list of US products this time includes oil products and coal for the first time, S&P Global Platts reports.



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