United States trade war fears weigh on markets as South Korea sounds alarm
13 July, 2018, 13:56 | Author: Sheila Harris
Calling Washington's behavior irrational, Beijing warned that the USA is, in the first instance, hurting itself with protectionist measures and constant attacks on free trade.
Mr Trump has been considering tariffs against China since his officials concluded in March that Beijing violates United States intellectual-property rights, such as by forcing American firms to hand over technology.
The products include various food items, chemicals, minerals, tobacco, electronics and office goods.
The newlist is a retaliatory measure following China's own retaliatory tariffs the country announced after the us unleashed its initial $34 billion in tariffs last week.
US Trade Representative Robert Lighthizer said there was "no justification" for China's retaliation.
"As a result of China's retaliation (to Friday's measures) and failure to change its practices, the president has ordered USTR to begin the process of imposing tariffs of 10 per cent on an additional USD200 billion of Chinese imports", he said in a statement.
In addition, the U.S.is considering separate duties on a further US$16 billion in Chinese goods, after a public hearing later this month.
China immediately branded the plan a "totally unacceptable" escalation of their trade battle and vowed to protect its "core interests".
The dramatic move by Trump sent a shockwave through Asian markets last night, with the Shanghai Composite index dropping 2.1 per cent and the CSI300 index of major Shanghai and Shenzhen stocks tumbling 2 per cent. Eastern time. The Dow Jones Industrial Average dropped 144 points, or 0.6 percent, to 24,775.
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.
"The trade dispute between China and the U.S.is a big deal, and to the extent that it goes to a full scale war that potentially is recessionary basically for the global economy so we have to be careful here", Tal said.
The US said that was in response to Beijing's failure to change its policies and to retaliate for last week's US tariff hike by increasing its own duties on American goods.
As well, the American Chemistry Council urged President Donald Trump to "bring an end to this unnecessary trade war".
But the USA action drew a swift reaction from the plastics and petrochemical industries, with the head of the Plastics Industry Association saying the tariffs would "boomerang" and hurt manufacturing.
The White House move drew immediate condemnation from Senate Finance Chairman Orrin Hatch, a Republican from Utah, who called it "reckless" and not "targeted". But there's also services: The U.S. now provides a little over $50 billion in services to China, while China does far fewer services for us.
Beijing recently indicated that its response to more tariffs would include "qualitative" measures, which many analysts interpreted as creating regulatory hurdles or even stoking anti-US sentiment among consumers of United States products.
China says it will respond to the new tariffs that President Trump has asked his administration to prepare.
Nearly 69 percent of the 434 respondents to the annual China Business Climate Survey of the American Chamber of Commerce in Shanghai opposed tariffs, while just 8.5 percent backed them, the body said.
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