US to slap tariffs on extra $200 billion of Chinese imports
- Author: Joey Payne Jul 12, 2018,
Jul 12, 2018, 7:28
"The administration's announcement of a potential 10 percent tariff on $200 billion of additional imports from China, including a significant amount of chemicals, is a stunning and unfortunate development for US manufacturers and consumers", ACC said in a July 11 statement.
"The last thing America's manufacturing workers need is an escalating trade war", said NAM President and CEO Jay Timmons.
More than 6,031 product lines are affected by the proposed tariffs, including seafood, fruits and vegetables, grains, tobacco, vehicle rearview mirrors and burglar alarms.
It also includes consumer goods ranging from auto tires, furniture, wood products, handbags and suitcases, to dog and cat food, baseball gloves, carpets, doors, bicycles, skis, golf bags, toilet paper and beauty products.
Chinese officials are expected to retaliate in other ways, hitting USA firms in China with unplanned inspections, delays in approving financial transactions and other administrative headaches.
"Tonight's announcement appears reckless and is not a targeted approach", said Senate Finance Chair Orrin Hatch in a statement.
One reason why Wall Street is anxious: The People's Republic, which bought $154 billion in US imports previous year, is quickly running out of American products to hit with tariffs.
If China responds with tariffs on energy, this could cut sales of US energy goods, analysts and executives told Reuters last month, when Beijing first threatened to slap tariffs on usa energy.
"The behavior of the U.S.is hurting China, hurting the world and hurting itself", China's commerce ministry spokesperson said in a statement, according to the BBC, before adding that Beijing will have to take "necessary countermeasures".
The more it turns up the heat therefore, the more likely the tariffs get implemented as just like the 25 per cent levies on $34 billion of Chinese and United States imports triggered on Friday. -China trade war, while the dollar stood stall after rallying against its peers amid the turmoil in broader markets.
Louis Kuijs, Hong Kong-based Head of Asia Economics at Oxford Economics, said while he expects China to strongly condemn the USA moves, its policy response is likely to be limited for now.
The US complains that China uses predatory practices in a push to challenge American technological dominance.
Washington, DC, July 11, 2018-Flooring is included on a list of products imported from China that could face tariffs of 10% from the U.S. "There is no justification for such action", said Mr Lightizer.
However, the worst performing market was the Shanghai composite, which tumbled 1.8 per cent.
Oil prices were also hit by the trade war concerns.
"If we see an increase in shipments from the latter in the coming months, we will be able to say there has been a shift in the supply chain, rather than simply a change in reporting techniques", he said.