China raises tariffs on $60B of United States goods in technology fight

China-US-Tariffs-2

China-US-Tariffs-2

On Tuesday, Beijing added $60 billion of U.S. products to its import tariff list in retaliation for U.S. President Donald Trump's planned levies on $200 billion of Chinese goods. And we are always open to talking.

Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., September 18, 2018.

Mr Trump warned on Monday that if China takes retaliatory action against U.S. farmers or industries, "we will immediately pursue phase three, which is tariffs on approximately US$267 billion of additional imports". They were among 300 tariff lines scrubbed from the preliminary target list released in July, according to one of the officials. There will be great and fast economic retaliation against China if our farmers, ranchers and/or industrial workers are targeted!

With the new announcements, USA tariffs will apply to $250 billion of Chinese goods and Chinese tariffs will apply to $110 billion of US goods. Further, if China takes retaliatory action against our farmers or other industries, we will immediately pursue phase three, which is tariffs on approximately $267 billion of additional imports. In a further escalation this week, the U.S. announced it would impose 10 per cent tariffs on an additional US$200 billion worth of Chinese products from September 24, with the tariff rate increasing to 25 per cent on January 1 next year unless China makes concessions.

America's trade war with China is threatening to spiral out of control after a number of prominent Trump supporters used highly inflammatory language to dismiss China's latest attempt at reconciliation.

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. On Tuesday, China said it would impose tariffs of its own on an additional US$60 billion in USA goods.

The Finance Ministry said its tariff increases are aimed at curbing "trade friction" and the "unilateralism and protectionism of the United States".

Where Trump has made things complicated has been his failure to articulate exactly what the US wants and how it wants to get there, Massot said.

Past studies have shown that Chinese suppliers provide Walmart with as much as 70 per cent of the goods the retail giant sells each year - a relationship that highlights how both China and the US would hurt if trade stopped or substantially slowed.

The administration earlier this month floated the idea of talks led by Treasury Secretary Steven Mnuchin, with Chinese Vice Premier Liu He expected to lead the Beijing delegation.

But a pain-free trade war with China is almost impossible.

Mr Li's comments come amid an escalating trade war between the world's two largest economies.

United States business leaders railed against Mr Trump's decision to issue new tariffs. The 25 percent tariffs that Trump imposed on imported washing machines in January quickly translated into sticker shock for shoppers. American farmers and business owners, meanwhile, fear they will lose access to the lucrative Chinese market: a middle class of consumers larger than the entire US population. "We'll see what happens". This should have been done for the last 20 years.

"The objective of the tariffs is to modify China's behavior", Commerce Secretary Wilbur Ross said on CNBC.

As China grows and challenges the U.S., Wang says conflict was inevitable.

"They are going to try to show they will stand up to the USA and not just be pushed around, but I don't think they want to be seen as escalating things", Stratford said Tuesday during a panel discussion at a conference of business and political leaders in the Chinese city of Tianjin.

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