Wednesday, 19 December, 2018

Trump imposes tariffs on $200B more of Chinese goods

Larry Kudlow REUTERS  Kevin LamarqueMore Larry Kudlow REUTERS Kevin LamarqueMore
Lloyd Bates | 18 September, 2018, 10:43

President Trump imposed tariffs on an additional $200 billion worth of tarrifs Chinese goods coming into the us, continuing an ongoing trade war between the two countries.

The Wall Street Journal reported on Saturday that the US plans to impose 10 percent tariffs on $200 billion of Chinese goods in the coming days and they will take effect within weeks.

Sohn said he believed China will retaliate against every US tariff and the tit-for-tat exchanges will escalate until the U.S.is taxing all Chinese imports - $524 billion a year ago.

Mr Trump's economic adviser, Larry Kudlow, earlier said they were still happy to talk: "We are ready to negotiate and talk with China anytime they are ready for serious and substantive negotiations", he said. "Once again, I urge China's leaders to take swift action to end their country's unfair trade practices". Beijing does not want to push the United States towards investing elsewhere and sourcing products outside China, he said.

An official Chinese newspaper called for more aggressive measures to "make American pain worse" following tariff hikes by both sides on $50billion of each other's goods.

Trump kicked off his trade war with China in March, imposing higher tariffs after an investigation by Trade Representative Robert Lighthizer had found that China used foreign ownership restrictions to require tech transfers from United States to Chinese companies, as well as conducting espionage to acquire intellectual property.

U.S. businesses - which have warned that tariffs could hurt profits, force job cuts, and, in some cases, destroy companies, said the taxes were going to hurt the United States more than the administration realized.

"China, however, still refuses to change its practices - and indeed recently imposed new tariffs in an effort to hurt the United States economy", President Trump said Monday.

Writing in the 1930s, Leon Trotsky explained that the interdependence of every country in the global economy meant that the program of economic nationalism, of the kind now being practised by the Trump administration, was a reactionary "utopia" insofar as it set itself the task of harmonious national economic development on the basis of private property.

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In the first two rounds of tariffs, the Trump administration was careful to try to spare consumers from the direct impact of the import taxes.

"Consumers not China's will bear the brunt of these tariffs and American farmers and ranchers will see the harmful effects of retaliation worsen".

The additional tariffs which will take effect on September 24.

. Yet despite months of tariff talk, the gap between what the USA buys from China and what it sells there continues to widen.

"We must strive for American ownership of American companies in China".

Last month, Mexico and the USA finalised a preliminary agreement on a new Nafta pact they intend to sign by Dec 1.

Trump has reversed decades of USA policy in favor of ever-freer trade. Japan has informed the WTO that it plans to impose retaliatory measures on USA goods to the tune of 50 billion yen (US$455 million). Some companies are looking to move out of China to dodge the tariffs, said Ted Murphy, a partner at the Baker McKenzie law firm. FOX Business' Edward Lawrence reports on the exemptions included in the latest round of tariffs.

And as the China tariffs are imposed, top officials of the European Union are meeting to discuss how they might overcome the financial sanctions the U.S. will impose against European companies if they maintain economic ties with Iran after November 4 following the unilateral abrogation of the Iran nuclear deal.

Oil prices rebounded from earlier losses as supply concerns outweighed assurances from Washington that Saudi Arabia, Russia and the United States can raise output fast enough to offset falling supplies from Iran and elsewhere.

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