US planning tariffs on another $200B in Chinese imports

11 July, 2018, 08:05 | Author: Jason Torres
  • In Hong Kong and China where many suppliers to US retailing giants are based shares of companies in affected sectors fell. — Reuters pic

The extra taxes were announced after Beijing immediately responded with its own tariffs of $34 billion on USA products.

Goods to be targeted range from chemicals and construction materials to fabric and buttons to handbags and food products to boats and air conditioners - a sweeping inventory that would inflict economic pain across China's manufacturing sector while jacking up prices for US businesses and consumers.

The administration said the new levies are a response to China's decision to retaliate against the first round of USA tariffs. Beijing immediately retaliated with similar duties on USA exports.

Mr Lighthizer said the products targeted by the tariffs are those that benefit from China's industrial policy and forced technology transfer.

The United States had just imposed tariffs on $34 billion worth of Chinese goods on Friday, drawing immediate retaliatory duties from Beijing on USA imports in the first shots of a heated trade war. "Consumers, businesses and the American jobs dependent on trade are left in the crosshairs of an escalating global trade war".

MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.4 percent.

The onshore yuan tracked its offshore counterpart lower with traders closely watching the key 6.7 per dollar level as pressure mounted on the currency.

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U.S. President Donald Trump is likely to publish this week a list of $200 billion in additional Chinese products to be hit with tariffs, possibly as early as later on Tuesday, an administration official said.

The consultation process for the new list will probably last about two months, including public hearings to take place from August 20 to 23, two senior administration officials said Tuesday on a conference call with reporters.

US Senate Finance Committe chairman Orrin Hatch labelled the move as "reckless", while the US retail industry leaders assocation immediately condemned the move, saying the "the President has broken his promise".

The fight with China comes as Mr. Trump is also locked in a trade war with Canada, Mexico, the European Union and other USA allies.

A senior administration official told Fox News that China has been "non-responsive" to US actions and has insisted that Beijing does not see any way America has been hurt by Chinese policies.

The Retail Industry Leaders Association, a lobby group representing the largest US retailers, said: "The president has broken his promise to bring 'maximum pain on China, minimum pain on consumers'".

He said one has shifted final assembly of goods to a newly created American unit. High-level talks between the two countries starting in May failed to deliver a breakthrough to head off a trade war. "Reliance on more and more taxes as a means to drive change is a high-risk strategy with US importers and exporters at the heart".

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