China accuses Trump of ‘blackmail after new tariffs threat
20 June, 2018, 00:41 | Author: Jason Torres
"With the Trump team apparently of the view that the USA can win trade wars, and China determined to fight one if it ensues, it increasingly looks like we cannot preclude a full-blown trade war between the world's two largest economies".
"This is a global trade war, plain and simple, and the American families will be the ones who suffer most", added Hun Quach, vice president of worldwide trade for the Retail Industry Leaders Association.
Then China followed suit, unveiling 25 per cent duties on US$50 billion in United States imports - matching the U.S. rates.
Navarro also disputes any notion that the trade standoff would damage the broader relationship with China.
Apple is also concerned that the Chinese government will point to the way that Huawei has been accused of being a threat to US national security, and take some type of action against Apple.
His latest move appears to reflect that logic: China can not mount a reciprocal response to tariffs on $200 billion worth of its goods, since the country only imported $130.4 billion of American products previous year.
The Trump administration has announced plans to target products from China including machinery, electrical goods and vehicles.
"While the White House is chasing some imaginary trade deficit, it will have very real consequences for the 1.3 million men and women of our industry".
Beijing has offered to narrow its politically volatile trade surplus with the United States but has resisted changing technology development tactics its leaders see as a path to prosperity and to restoring China's rightful role as a global leader.
Which is to say: Beijing is using violations of worldwide trade rules in a bid to reshape the global economy in a manner that will weaken the West relative to China.
The move followed tariffs applied last week on Dollars 50 billion in Chinese imports to the US.
The latest salvo came as Trump seeks to convince USA lawmakers to let Chinese telecom company ZTE Corp. remain in business after it became a bargaining chip in the trade row.
US stocks slumped on Tuesday, with the Dow Jones Industrial Average erasing its gains for the year, as markets were rattled by a sharp escalation of the trade dispute between the United States and China.
Trump ordered up identification of US$200 billion in Chinese imports for additional tariffs of 10 per cent - with another US$200 billion after that if Beijing retaliates.
U.S. tariffs on imported steel and aluminum have already drawn a response from a range of countries including Canada, Mexico and the European Union.
On April 3, the White House released a list of 1,300 Chinese products worth $50 billion that could be hit with potential tariffs.
In turn, China says their new import taxes are in response to an earlier set of tariffs by the United States, also of $34 billion at a 25 percent rate. "Rather than altering those practices, it is now threatening United States companies, workers, and farmers who have done nothing wrong", he said. "President Trump has a great relationship with President Xi" Jinping of China.
"All they can do is impose higher tariffs on a smaller subset of products", hesaid. "This is unacceptable", Trump said.
The move would be the largest blow in the tit-for-tat tariff fight between the United States and China.
On March 1, the Trump administration announced a 25 percent global tariff on all imports of steel to the United States and a 10 percent tariff on all aluminum imports.
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