As Trump amps up trade war, China plays nice with foreign investors

Geraldine Edwards
July 13, 2018

The Trump administration has published a list of Chinese goods that may be subjected to 10 percent tariffs.

The statement issued by Lighthizer was that of an imperial overlord whose word is law, to be obeyed without question, with any opposition to be met by escalating reprisals.

Such language, if passed, would not affect these tariffs against Beijing, but could affect penalties in place on almost all imports of steel and aluminium - from China as well as United States allies like Canada, Mexico and the EU.

"There certainly is going to be pronounced risks mainly because we have now moved on to the tit-for-tat-for-tit phase of it", said Vishnu Varathan, head of economics and strategy at Mizuho Bank in Singapore.

"As a result of China's retaliation and failure to change its practices, the President has ordered USTR to begin the process of imposing tariffs of 10 percent on an additional $200 billion of Chinese imports".

"Unilateral actions that alienate long-standing USA allies and close off the US market to the rest of the world are not a recipe for economic growth and prosperity and are very unlikely to change China's unfair practices", ACC said. The US has suggested that it may ultimately impose tariffs on $500 billion worth of Chinese goods, or roughly the entire amount of US imports from China.

China formally responded to the latest USA move on Wednesday, with a Chinese Ministry of Commerce spokesperson calling it "unacceptable".

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However, a move by China against USA multi-nationals "could pose a far greater threat to the index in time", Jones said.

'Given China's likelihood of retaliation, it's also billions worth of new tariffs on American exporters'. It has said it will launch an appeal through the World Trade Organisation against the "US side's unilateralist actions".

So far, many Americans are enjoying a solid economy and haven't felt an impact from Trump's trade fights.

Among other things, the USA is asking China to roll back its "Made-in-China 2025" program, a signature Xi initiative to dominate several strategic industries, such as semiconductors to aerospace development.

China bought $130 billion of US goods a year ago. Ryan reiterated his opposition to the president's tariffs Wednesday, saying they "are not the right way to go".

The main demand of the USA, which was set out in a statement issued on May 4, is that China cease its attempt to develop its technological and industrial base under its "Made in China 2025" plan. China promised to lodge complaints at the World Trade Organization but didn't detail what its retaliatory measures would be.

Trade war with the world: USA tariffs on aluminum and steel from Canada, the European Union and other countries have also triggered retaliatory tariffs on United States goods.

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"Companies in both countries will suffer losses".

The impact is forecast to be moderate for now, with the median estimate of economists for output growth at 6.5% this year, in line with the goal.

Meanwhile talks among the three NAFTA signatories, launched after Trump demanded an overhaul of the "terrible deal", have snagged notably owing to United States demands to increase American content installed in duty-free autos.

"Although I have supported the administration's targeted efforts to combat China's technology transfer regime, tonight's announcement appears reckless and is not a targeted approach", said Sen.

In fact, Hatch indicated that he wants more severe measures.

The US felt it had no choice, but to move forward on the new tariffs after China failed to respond to the administration's concerns over unfair trade practices and Beijing's abuse of American intellectual property, according to two senior officials who spoke to reporters.

Trade wars are "even more costly for the aggressor than military aggression usually is and the effects of an attack are even less predictable and controllable than traditional war", he warned.

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