China retaliates against latest Trump tariffs on Chinese goods

Geraldine Edwards
September 26, 2018

Of course, such a strategy could entail short-term strain on those companies' sales and profits from China. Doing it quickly will make things volatile and somewhat scary, but that may not be the case were it done in the long run, but he said in the long run there could well be another 2009-like crisis, which could be worse than last time.

The timing of the cut would suggest the tariff tool is being used as a tactic in the trade war, taking into account both domestic and global considerations.

The US Consumer Technology Association (CTA) today submitted comments to US Trade Representative (USTR) Robert Lighthizer on the administration's proposed new $200bn tariffs on Chinese imports.

U.S. President Donald Trump has threatened further retaliation if Beijing takes aim at U.S. agricultural or industrial workers as he accused China of trying to sway U.S. elections by targeting farmers. The US businesses were exhausted of grand-sounding but unfulfilled promises about market opening, obstacles created to help Chinese competitors at their expense and rampant theft or extortion of their key technologies. The report also highlighted support of USA trade officials' efforts to try to address those issues are affecting business in ways that were expected and unexpected, officials said.

And that comes along with the fact that the now the world's largest producer of oil, meaning oil is no longer a factor in the trade deficit, he said. China responded with tariffs on $60 billion worth of American products, including clothing, furniture and auto parts.

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"China are out of bullets".

"China has been forced to take retaliatory measures, and they are entirely meant to protect China's own interests, "commerce ministry spokesman Gao Feng said at a weekly news briefing in Beijing".

"Their economy is export-led, they can't afford for it to go out of control", he told Reuters.

Over half of USA companies in China surveyed in a recent poll say they're already being harassed by increased inspections, slower customs clearance and other regulatory hurdles. Chad Bown, Euijin Jung, and Zhiyao Lu of the Peterson Institute for International Economics found that 24% of the goods that will be hit with Monday's tariffs are consumer goods. Officials have not confirmed if the USA would be affected by the move.

Investors were relieved that the latest escalation was less severe than some market participants had expected, with Asian stocks rising on Wednesday and U.S. Treasury yields near four-month highs.

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Earlier, the Trump administration signaled that it might be willing to settle for a reduction in America's massive trade deficit with China, $336 billion a year ago.

The world's largest retailer has issued a warning to its customers about the impact tariffs will have.

As many experts have warned: Trade wars can be rife with consequences.

But many economists disagree, since businesses that sell the same goods but don't source the product from China may see an opportunity to grow their profits by matching the price increase. Stop favoring Chinese companies over US and other foreign competitors.

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