China says it will retaliate against new USA tariffs

Beijing may also decline to participate in proposed trade talks with Washington later this month if the Trump administration goes ahead with the additional tariffs the Wall Street Journal reported yesterday. — AFP pic

The Trump administration will slap a 10% tariff on about $200bn in Chinese goods next week, and more than double the rate in 2019, setting up what could be a prolonged trade war between the world's two biggest economies. We have been ripped off by China.

As expected, China has promised to retaliate against Donald Trump's newest round of tariffs, though it hasn't yet revealed exactly how it will do so.

Furthermore, if these tariffs do turn into an all-out trade war, with Trump going the full $505 billion and China throwing the kitchen sink in response, that's a protracted conflict that China would probably win. "They also know that I am the one that knows how to stop it", he continued.

While China indicated a desire to 'sit down and talk calmly' about the plan, it appears said talks have not gone well: Trump has issued another memorandum which not only retains the extant $60 billion tariff coverage but extends it to a further $200 billion of imports - despite concerns from technology companies in the usa that the tariffs will have a serious impact, with the majority of components and assembly taking place overseas rather than in the US.

Beijing will hit back with new duties on $60bn of American imports.

"When a country has USD 375 billion in trade deficits, and then many billions of dollars in other liabilities of all different types, one has to do something about it", said the US President.

The new US tariffs will begin on September 24 at 10 percent and will increase to 25 percent by the end of 2018, with Bank of America Merrill Lynch forecasting a 0.5 percentage point decline in Chinese gross domestic product (GDP) growth for 2019 to 6.1 percent.

As Trump has pursued his confrontation trade policy, China, Canada, Mexico and the European Union have all fought back, and have targeted goods seen as hitting areas loyal to Trump, including soybeans, bourbon, and blue jeans.

The United States may make a deal at some point, Trump said during a joint press conference with Polish President Andrzej Duda in the Oval Office on Sept 18. Such a move would mean that roughly all USA imports of Chinese goods - worth about $505 billion a year ago - would be subjected to tariffs. "China will be forced to take synchronous counter-measures to safeguard our legitimate rights.as well as the global free trade order", a spokesperson said.

The Trump administration's duties on $200 billion spared smartwatches and Bluetooth devices, bicycle helmets, high chairs, children's vehicle seats and playpens.

Asian markets are having another positive day amid the latest tit-for-tat US-China trade tariffs. U.S. Treasury Secretary Steven Mnuchin last week invited top Chinese officials to discussions.

Trump's leap from tariffs on $50 billion worth of goods to $250 billion worth of goods is a remarkable escalation.

Issa also said China had failed to keep its commitments made during its accession to the World Trade Organisation, making it doubtful that the multilateral trade body could effectively help solve the dispute between Washington and Beijing. That would raise the total affected by USA penalties to $517 billion - covering almost everything China sells the United States. As counterintuitive as it might seem, the president sees this fact as ultimately helping US workers. This should have been done for the last 20 years.

"Knowing a lot of farmers who are wondering how [the tariff] is going to impact our families, and our crops, we had a frost already", said Emily Spooner, a local almond farmer."We've not had the best year".

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