Global factory growth slowing; China-U.S. trade war biting
04 August, 2018, 08:57 | Author: Brooke Harris
China's Commerce Ministry said in a seperate statement Beijing's new set of proposed import tariffs on U.S. goods were rational and restrained.
He said President Donald Trump directed him in June to identify $200 billion worth of Chinese goods for additional tariffs of 10 percent and he initiated the process on July 10.
If Trump imposes the new duties on China as well as a threatened third set of tariffs on another $200 billion of imports, effectively all of the Asian nation's USA exports would be impacted.
Trump campaigned on a promise to bring down America's massive trade deficits by renegotiating trade agreements and getting tough on countries like China that sell the US far more than they buy from it.
Recognizing this dynamic, a policymaker who is serious about reducing the US trade deficit would at least consider controlling capital inflows to the United States, either by creating regulations that make it more hard for foreigners to invest in the USA, or by taxing such investment.
Trump said two weeks ago he is ready to impose tariffs on over $500 billion of Chinese imports. "China's position is very firm and clear and has not changed".
The 25% tariffs would apply to the same products proposed in July.
Mr Wang was firm that any pressure which the United States was trying to put on China would not work.
The GSO has however warned exporters and importers to be prepared for any eventuality given the ongoing trade war between the USA and China.
China said on Wednesday it will retaliate if the United States takes further steps hindering trade, after a source said the Trump administration proposes slapping 25 percent tariffs on $200 billion of imported Chinese goods.
China's economy is under greater pressure in the short term but its policymakers may conclude that it is better to absorb the short-term costs and wait for the pressure to start to mount on the United States.In the end, tariffs are a tax on consumers, and if high tariffs go into effect on consumer items, and are sustained for any length of time, the economic and political fallout could be considerable.
China's commerce ministry said the U.S. tactics will have no effect on China, and will disappoint countries that are against trade wars.
China's appetite for imported copper has yet to falter, however, with first-half imports of unwrought copper up 16.3 percent from a year ago, according to Chinese customs data.
Beijing said it would be forced to take countermeasures to defend Chinese interests, free trade and the global order.
The question of how exactly China will retaliate remains to be seen. After the earlier tariffs $34 billion of USA goods, about $120 billion is available for retaliation.
The shipping container market, in which the vast majority of finished manufacturing goods are imported and exported, shows a similar gloomy picture: the Harpex container index has fallen by 10 percent from the highest levels since 2011 that it hit in June.
In response to the reports, the Chinese government warned of retaliation.
From left, China's President Xi Jinping and U.S. President Donald Trump shake hands on November 9, 2017, during a meeting outside the Great Hall of the People in Beijing.
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