Published: Thu, July 12, 2018
Global | By Marsha Munoz

USA unveils $200 billion list of China imports for tariffs

USA unveils $200 billion list of China imports for tariffs

U.S. President Donald Trump's threat overnight of 10 percent tariffs on another $200 billion of Chinese goods dampened hopes that Washington will eventually step back from the escalating row. President Donald Trump has threatened higher tariffs on more than US$500 billion of goods, or almost all of China's annual exports to the United States.

"For over a year, the Trump Administration has patiently urged China to stop its unfair practices, open its market, and engage in true market competition", Lighthizer said.

The Trump administration is threatening to impose fresh tariffs on another $200bn (£150bn) of Chinese goods - with Beijing branding the plans as "totally unacceptable".

"China's failure to fully embrace the open, market-oriented policies on which this institution is founded must be addressed, either within the WTO or outside the WTO", Shea said according to prepared remarks released by the USA mission.

US Senate Finance Committee Chairman Orrin Hatch described the move was "reckless".

"It is impractical for China to match tariffs by quantity", said Frances Cheung, head of Asia macro strategy at Westpac in Singapore.

More news: Samsung planning white Galaxy Tab S4?

"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".

Meanwhile, farmers hurt by Chinese tariffs on US agricultural exports pose a political risk for Mr. Trump and for Republicans, especially as the November midterm elections loom. President Donald Trump had ordered him last month to draw up the list in the event China retaliated against a previous round of USA tariffs.

In Trump's first round of tariffs, China accounted for 20 percent of total USA imports, meaning that substitutes were readily available.

Chinese retaliation: China has threatened to retaliate dollar-for-dollar if the Trump administration imposes a new round of tariffs.

The USTR will accept public comments and hold hearings August 20-23 before reaching a decision after August 31, according to a senior USA official who briefed reporters on condition of anonymity.

The market's drop was not as steep as what was seen in late March and early April when the escalating trade rhetoric between China and the United States led to the S&P falling more than 2 percent on four occasions.

More news: Paul Manafort treated as prison 'VIP', to be moved

The move is a significant escalation of the trade war between Washington and Beijing, further raising the dangers of a major economic shock.

The US administration late on Tuesday released a huge list of new tariffs on $US200 billion worth of goods from China.

"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.

Trump has campaigned on the claim that trade partners are taking advantage of Americans due to "terrible deals" made by previous U.S. presidents.

As a leading grain trader in these regions, Cofco could help to meet domestic demand, he said.

More news: Kylie Jenner addresses her 'insecurities' on daughter Stormi's lips

Like this: