Top lawmaker urges talks as Trump ramps up China trade war

15 July, 2018, 13:00 | Author: Natasha Holloway
  • Chinese auto firms US China hit by tariff war

China's government said it will take "firm and forceful measures" if the new tariffs are enacted.

China's government has criticized the latest USA threat of a tariff hike as "totally unacceptable" and vowed to retaliate in their escalating trade war.

The US trade deficit in goods with China ballooned to a record $375.2 billion a year ago, stoking his anger.

Companies that sell computer chips, oil, basic materials and heavy machinery dropped after the Trump administration proposed a 10% tax on a wide list of imports.

The Trump administration previously said it "erred" in supporting China's membership of the WTO because it has "proven to be ineffective in securing China's embrace of an open, market-oriented trade regime", according to a US Trade Representative report released in January.

US Trade Representative Robert Lighthizer late Tuesday accused China of retaliating to its tariffs "without any worldwide legal basis or justification".

"Despite the relative optimism our members feel guarded about the future", AmCham said in its statement.

This comes on top of a 25% tariff on $34 billion worth of imports from China that came into effect last week.

For now, the USTR continues to work on the process of finalizing an additional $16 billion in goods to face 25-percent tariffs to bring the total up to $50 billion.

It seems the guidance from Trump is to escalate the trade war, rather than negotiate an end to it.

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Cook County Commissioner Jesus "Chuy" Garcia criticized the district for not acting more swiftly to discipline the officer. In the video, Trybus can be heard saying, "You should not be wearing that in the United States of America.

In financial markets, MSCI's broadest index of Asia-Pacific shares outside Japan fell 1.5 per cent, while the main indexes in Hong Kong and Shanghai fell more than two per cent. The Dow Jones Industrial Average fell 160 points at the open, or a decline of 0.6 percent, and the S&P 500 slipped 17 points, or 0.6 percent.

The dollar was down 0.1 per cent at 110.88 yen, pulled back from a near two-month peak of 111.355. They warned tariffs on imports raise consumer prices and expose US farmers and manufacturers to retaliation.

The new tariff will go into effect in August after going through a process of public comment and review and a public hearing, which is scheduled for August.

The new list of tariff targets from the US Trade Representative includes vacuum cleaners, furniture and auto and bicycle parts, but US-branded smartphones and laptops were excluded.

Some American business groups and senior lawmakers sharply criticized the latest action on Tuesday, with Senate Finance Committee Chairman Orrin Hatch, a Republican, saying it "appears reckless and is not a targeted approach".

The tariffs will not be imposed until after a two-month period of public comment on the proposed list, but some U.S. business groups and senior lawmakers were quick to criticise the move.

ANALYST'S TAKE: "Given the magnitude and breadth of the tariff list, the impact is expected to ripple through supply chains and cause collateral damage on regional economies", Zhu Huani of Mizuho Bank said in a commentary. Imposing taxes on another $200 billion worth of products will raise the costs of every day goods for American families, farmers, ranchers, workers, and job creators.

In regard to auto parts, Xu said Chinese products are no longer made in the US.

Mr Trump has threatened to put new taxes on nearly everything the United States imports from China.

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