Saturday, 22 September, 2018

Retailers study shows more Trump tariffs could cost consumers $6 billion

US-China trade war escalates as new tariffs kick Trade war: The US and China just slapped new tariffs on each other
Lloyd Bates | 24 August, 2018, 07:40

This exceeds the totality of Chinese exports to the USA previous year, which was 505 billion dollars.

"Here we are three months later and if anything during that time the hawk's position has been consolidated because we drove over the cliff and discovered our vehicle can fly with the USA economy still doing fairly well and President Trump still popular among Republicans", said Scott Kennedy, an expert on U.S.

Shortly after the White House said it was considering raising tariffs on $200 billion of Chinese goods, to 25 percent from 10 percent - tariffs that have not yet gone into effect - China answered that it would retaliate with four kinds of tariffs on $60 billion of us goods.

Thousands of American and Chinese products became 25 percent more expensive overnight, but talks are underway Thursday to try to avert more economic damage from President Donald Trump's multifront trade confrontations.

The tax targeted 279 Chinese products, including chemical products, motorcycles, speedometers and antennas, the USA media reported.

Trump previously said he would ready tariffs on an additional $200 billion across 6,031 Chinese product lines.

In Beijing, China's foreign ministry declined to provide details on the progress of the negotiations.

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

Washington appears to believe it is winning the trade war as China's economy slows and its stock markets tumble.

Even as China and the USA trade tariffs, a Chinese delegation meeting with their American counterparts for trade talks this week in Washington, D.C. And a Chinese foreign ministry spokesperson expressed guarded optimism about how they're going.

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VNA Xinhua News Agency/NewscomAmid warnings from economists and his own political base, President Donald Trump is pressing forward with a misguided trade war.

China's commerce ministry has said that it firmly opposes and reserves its right to retaliate to the latest batch of USA tariffs that went into effect on Thursday and targeted another $16bn worth of imports from the Asian country.

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

China so far has retaliated in kind, hitting American agricultural goods and autos in July, along with new taxes on more than 300 U.S. products Thursday.

Combined with the round of tariffs that took effect in early July, two countries have imposed tariffs on a total of $100 billion of their traded goods.

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 previous year from China.

Commerce Secretary Wilbur Ross has said China will not be able to continue to retaliate at the same pace as the US.

Trump's administration has also been cracking down on all Chinese involvement in the American tech sphere, including with draft legislation barring the sale of national security-sensitive technology to China and blocking government or contractors from buying telecommunications equipment and services from Chinese heavyweights Huawei and ZTE.

This week's talks are also taking place as hundreds of executives and officials from USA companies, trade groups and other entities have descended on Washington to weigh in on the administration's planned tariffs on the additional US$200 billion in Chinese imports. China's retaliatory tariffs apply to United States goods including coal, petrol, vehicles, motorcycles and medical equipment.

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