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12 July 2018, 04:42 | Austin Hogan
Trump Admin Signals Escalation of Trade War by Launching $200B in New Tariffs on China
After the White House's latest threat of tariffs on billions of dollars of Chinese goods, officials in Beijing are looking to "hit back in other ways", according to a report by The Wall Street Journal.
China is shocked by what the United States did... the Chinese government will, as always, be forced to take necessary countermeasures.
The Chinese commerce ministry said that it was "shocked at the USA action" and warned that it would be forced to retaliate "to protect the core interests of the nation and its people".
The U.S. trade deficit in goods with China ballooned to a record $375.2 billion a year ago, stoking his anger over trade policies. They criticize Trump's tactics but share USA complaints about Beijing's industrial policies.
China 'cannot match fresh US tariffs, ' Vishnu Varathan of Mizuho Bank said.
The U.S. president has said he may ultimately impose tariffs on more than $500 billion worth of Chinese goods, roughly the total amount of U.S. imports from China a year ago. This has raised concerns that China could retaliate with non-tariff trade measures. "Rather than altering those practices, it is now threatening United States companies, workers, and farmers who have done nothing wrong".
One problem for Beijing is that it imports far less from the US than it exports - much to the annoyance of Donald Trump - and that gives it less scope to retaliate - they may run out of American goods to penalise.
The measure is a significant escalation of the conflict and easily tops the $50 billion in tariffs that the two countries have so far levied on each other, or are about to levy.
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China: Tit-for-tat tariffs will ‘destroy’ US-China trade
The US administration late on Tuesday released a huge list of new tariffs on $US200 billion worth of goods from China . As well, the American Chemistry Council urged President Donald Trump to "bring an end to this unnecessary trade war ".
The additional 6,031 product lines would be hit with a 10 percent tariff.
The Trump administration's decision was received with dismay by key lawmaker Senator Orrin Hatch, the chairman of the powerful Senate Finance Committee.Hatch said in a statement the decision "appears reckless and is not a targeted approach".
While China does not export enough goods to the USA to match the value of the announced tariffs, combining U.S. corporate revenue inside China with exports would give America a trade surplus of US$20 billion, according to research from Deutsche Bank cited by Bloomberg.
On Wednesday, China's main stock index lost 1.8 percent and Japan's market benchmark fell 1.1 percent.
It wasn't immediately clear how China would respond to the new tariff list.
They also said they remain open to working with China to try to resolve the dispute, but the response from Beijing so far has been unsatisfactory.
The Retail Industry Leaders Association, a lobby group representing the largest United States retailers, said: "The president has broken his promise to bring 'maximum pain on China, minimum pain on consumers'".
"This is going to drag on until they can all come to the table and agree to even the playing field".
And now China is ready to slap tariffs on American goods like French doors.
The United States is playing a risky game as China is one of the United States' most important trading partners, with about $630 billion (-$130 deficit) in trade done in 2017, not far behind Canada ($670 billion, +$8 billion surplus) and just ahead of Mexico ($616 billion, -$64 billion deficit). China received more USA crude oil in 2017 than the third- and fourth-largest importers combined, the United Kingdom and the Netherlands.
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