China responds to Trump tariffs

25 March, 2018, 00:44 | Author: Jeannette Greene
  • By Canadian Press

On Thursday, the White House announced plans to introduce tariffs on US$60 billion worth of Chinese imports.

The commerce ministry warned that a 15 percent tariff on 120 goods worth nearly Dollars 1 billion - including fresh fruit, nuts, ginseng and wine - would be imposed if the United States fails to reach a negotiated agreement. It sets up yet another dramatic deadline. With Beijing's response to the tariffs aimed at intellectual-property abuses-enacted under Section 301 of the USA trade law-as yet unannounced, the relatively limited value of trade curbs may be just the first stage of its response. He added: "China is going to end up treating us fairly".

"My colleagues in the capital have been preparing those options and this response", he said.

"China does not want to fight a trade war, but it is absolutely not afraid of a trade war", the commerce ministry said.

Tokyo's main Nikkei share index was down more than 4 percent Friday, while share indexes in Shanghai and Seoul fell by more than 3 percent, following similar declines on Wall Street overnight. "China should first take measures to deal a blow to the industries in US states that helped Trump win the 2016 presidential election and those states whose political leaders are still backing him in this year's midterm election".

Trump campaigned on promises to bring down America's trade deficit, which stood at $566 billion previous year, by rewriting trade agreements and cracking down on what he called abusive commercial practices by USA trading partners.

Another concern remains how Chinese President Xi Jinping himself will respond as he consolidates power. Foreign business groups complain Chinese regulators are trying to squeeze them out of promising industries.

The stakes are high: China is America's largest trading partner. Moscow has repeatedly said Washington is hindering the project, because it wants Europe to buy American LNG instead of cheaper Russian gas.

It allows unrestricted travel by USA officials to meet with members of Taiwan's government and for Taiwanese officials to visit the US under "respectful conditions", during which they are allowed to meet with their counterparts, including those from the departments of state and defence. "They have offered concessions", said Mary Lovely, a Syracuse University economist and senior fellow at the Peterson Institute for International Economics. But "it's inevitable that Chinese companies develop and sell products similar to those of American companies through contract electronics manufacturers", a senior official at a Japanese manufacturer said.


Lou was speaking at the annual China Development Forum in Beijing.

Amid concerns that cheap Chinese steel will enter the USA from exempted countries, Navarro says those countries must agree to quotas on exports into the U.S. A second list of goods including wine, apples, ethanol and stainless steel pipe would be charged 15 percent.

The initial Chinese response may not be as severe as many fear but the conflict could easily escalate, said Robert Manning, an expert on US-China relations at the Atlantic Council in Washington.

This significantly lowers the potential economic impact of the tariffs - as well as the potential help it might provide to domestic steel industry here in the United States.

"China has sought to acquire USA technology by any means, licit or illicit", James Andrew Lewis, senior vice president at the Center for Strategic and International Studies in Washington, wrote in a blog post Thursday. A probe was launched a year ago under Section 301 of the 1974 U.S. Trade Act.

Over all, United States farmers shipped almost $20 billion of goods to China in 2017. Washington reports different figures that put the gap at a record $375.2 billion.

The Chinese Embassy in the USA, in response, said "it is a typical unilateral trade protectionist action".

"Any way you look at it, it is the largest deficit of any country in the history of our world". Cnbc.com reported that the Chinese statement did not go into greater detail. Trade skirmishes can also hurt US exports. Then he announced the steel and aluminum tariffs, saying reliance on imported metals jeopardizes US national security.

Chinese Premier Li Keqiang said recently there would be no forced technology transfers. However, Chinese officials already insist companies aren't required to hand over technology, so it was unclear how policy might change.

Recommended:



Popular

Pakistani Prez accuses India of putting regional peace at stake
Meanwhile, Pakistan President Mamnoon Hussain, in his keynote address, warned India against "provocations". The main feature of the day was the spectacular military parade held at the Parade Ground, Shakarparian.

Offcourt Chatter: The curious case of Serena Williams' comeback
I don't know if anybody knows this, but Serena is my favorite player", Osaka said in her post-match interview on court. Serena also congratulated her at the net afterwards, telling her she did a "good job".

Mississippi Gov Names State's First Female Senator
Cochran's resignation creates two Senate races this year in MS as Republicans are trying to maintain their slim Senate majority. And that would leave Vermont as the lone state in the union to have never sent a female lawmaker to Washington .

Monster Hunter World New Quests and Character Redos Arrive Today
The March update is also going to introduce plenty of balance changes for most weapon types as well as new features. Finally, starting on 13th April, the pixelated Mega Man armour set for your Palico will be available.

David Sullivan hit by a coin during fan protests at London Stadium
The West Ham fans are frustrated with the club's board, and there was pitch invasion at the London Stadium on Saturday afternoon. The defeat has sent the Hammers down the table and they are now just two places and three points above the drop zone.

Apple is trying to make its own displays, report says
Overall figures for iPhone sales haven't been impressive and analysts point out the increasing prices to be a critical factor. However, it might be possible that these might not hit until later this year if they are at all launched in 2018.

U.S. tariffs may add 19000 steel and aluminum jobs, study says
The government has asserted that China steals USA technology by forcing companies to hand it over in order to do business there. He has also attacked Germany, saying that it hides behind tariffs to win an export advantage for its vehicle industry.

Be rational, not emotional, China tells Trump as trade war looms
But China is urging caution, and even signaling it will make concessions, albeit on its own time frame. But China's premier, Li Keqiang, said the issue should be solved through dialogue and negotiation.

Statement by Tadamichi Yamamoto on attack today in Kabul
The Afghan capital was rocked by another deadly bombing Wednesday, as a suicide bomber murdered dozens and injured many more. So he " detonated himself among teenagers returning from there", Kabul police chief Mohammad Daud Amin told Tolo News .

Curry aims to return Friday vs. Hawks
The Warriors enter play Wednesday at 53-18, 3.5 games behind the Houston Rockets for the top seed in the Western Conference. Not only is Curry injured, but Golden State is now also without All-Stars Kevin Durant (ribs) and Klay Thompson (hand).