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13 July 2018, 01:57 | Darnell Patrick
US to impose tariffs on $200 billion Chinese imports
Beijing gave no details of the possible retaliation but earlier it threatened "comprehensive measures".
"Despite the relative optimism our members feel guarded about the future", AmCham said in its statement. It said, "the Chinese government will be forced to impose necessary countermeasures" to protect its "core interests".
Now the Trump administration, as Scott Horsley just mentioned, is threatening an additional $200 billion worth of tariffs on Chinese products. The US omitted some high-profile items like mobile phones.
Shanghai markets were hardest hit overnight, with stocks there down nearly 2 per cent and the yuan weakening towards last week's 11-month lows, down 0.4 per cent to 6.66 per dollar.
The International Monetary Fund has warned that a full-blown trade war could undermine the broadest global upswing in years. "It will also result in retaliatory tariffs, further hurting American workers", a Chamber spokeswoman said.
The new list-targeted at China's key manufacturing export industries-contains over 6,000 products, including fruits, vegetables, live eels, feathers and beaver heads as well as hi-tech minerals that the USA needs.
"This type of irrational behavior is unpopular", the statement said, adding China would tack on the case to its suit against the USA at the WTO. "It's up to them to open the door again". After an initial 0.8 percent rally, the loonie swooned more than 1.2 percent when policymakers said USA tariffs would have a bigger effect on the economy than originally anticipated.
"The impact will likely start to show up in China's exports in Q4, but we expect the bulk of the impact to take place in 2019, given the consultation process", Deutsche economists led by Zhiwei Zhang wrote in a note.
Senate Finance Committee Chairman Orrin Hatch said the announcement "appears reckless and is not a targeted approach".
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'". "We can not turn a blind eye to China's mercantilist trade practices, but this action falls short of a strategy that will give the administration negotiating leverage with China while maintaining the long-term health and prosperity of the American economy".
This action follows tariffs of 25% imposed on $34 billion worth of Chinese goods, made effective July 6; flooring was not included on that list.
Last week, Washington imposed 25 percent tariffs on $34 billion of Chinese imports, and Beijing responded immediately with matching tariffs on the same amount of USA exports to China.
Additionally, they cover bags and boxes; building products, luggage and include some categories of plastic machinery and molds apparently not covered in previous tariffs. Before now, the administration had scrupulously avoided slapping tariffs on consumer goods in order to spare USA shoppers from direct economic pain.
The US is now considering levying duties on a further $16 billion (Rs 11,036 crore) in Chinese goods, after a public hearing this month, Bloomberg reported.
However, a move by China against U.S. multi-nationals "could pose a far greater threat to the index in time", Jones said.
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. A full-blown global trade war would shave 0.4 percentage point off world growth, according to Bloomberg Economics.
The US wants China to stop practices that allegedly encourage transfer of intellectual property - design and product ideas - to Chinese companies, such as requirements that foreign firms share ownership with local partners to access the Chinese market.
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