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Trade war: US lists next $200 bn Chinese goods to face tariffs
11 July 2018, 05:14 | Austin Hogan
Soybean prices have fallen dramatically in recent weeks.
Daniel Acker Bloomberg
The Trump administration is readying tariffs on another $200 billion in Chinese imports, ranging from burglar alarms to mackerel, escalating a trade war between the world's two biggest economies.
The office of US Trade Representative Robert Lighthizer has released a list of Chinese products, running to nearly 200 pages, that will potentially be hit with a 10 per cent import tax as early as September.
The U.S. imposed an initial round of 25% tariffs, applying to $34 billion in imports, as part of a $50 billion tariff plan.
US officials say they remain willing to bargain. The administration says its tariffs are created to punish China for what it calls unfair trade practices, theft of intellectual property, and "forced technology transfers".
"Tariffs on such a broad scope of products make it inconceivable that American consumers will dodge this tax increase as prices of everyday products will be forced to rise".
China immediately retaliated with duties on the same value of U.S. goods, including soybeans and cars.
Assuming that happens as planned, the Trump administration will have levied tariffs on over $100 billion in imports into the United States. "There is no justification for such action", he said in a statement.
"Trump's escalation of trade hostilities makes it increasingly hard to envision an exit path from an all-out trade war".
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The administration will consult on the products over the summer, and make a final decision on tariffs after August 30.
"We share the concerns expressed by the American side", he said. "Consumers, businesses and the American jobs dependent on trade are left in the crosshairs of an escalating global trade war".
Tariffs are a "dangerous and very blunt instrument", Harborn said.
The U.S.is now considering levying duties on a further $16 billion in Chinese goods, after a public hearing later this month.
Beijing, meanwhile, has unveiled measures to help Chinese companies absorb the US trade blows, pledging to funnel money collected from its own import levies to firms and workers tangled in the escalating trade war.
"For companies that are severely impacted, we suggest they report to local government departments", the Commerce Ministry said in a statement Monday. "Moreover, they will blame any economic troubles on Trump and the United States".
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