China unveils retaliatory tariffs on $60B of United States goods in latest salvo

08 August, 2018, 11:26 | Author: Brooke Harris
  • China announces tariff retaliation list targets $60 billion of U.S. goods

Most major United States crops were already hit by previously announced Chinese duties, so the fresh duties announced Friday on about $60 billion worth of American goods is leaving the farm largely unscathed.

On Friday, China's finance ministry unveiled new sets of additional tariffs on 5,207 goods imported from the United States worth $60 billion.

President Trump last week ordered officials to consider imposing a 25 percent tax on $200 billion worth of imported Chinese goods, up from an initial 10 percent rate. When a big USA retail chain or an equipment manufacturer has to pay 10 or 25 percent more to get steel from Canada or a certain part from China, that us company has to pay the tax when it imports that item.

Trump, in a series of Twitter posts before an OH campaign rally, said he was using tariffs, and the threat of tariffs, to try to force other countries to renegotiate trade deals with the United States.

Retaliatory tariffs were necessary, China says, to "defend the dignity of the country and interests of its people" as well as "the mutual interest of all the countries in the world". "If they don't want to be taxed, let them make or build the product in the U.S".

Already, the trade war has begun to take a toll: For instance, China has lost its status as the world's second-largest stock market, falling behind Japan, The Financial Times reported on Friday.

The action could threaten the health of the US economy, including the machinery and farming sectors of the Mahoning Valley economy, officials say.

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Last month, Trump threatened to impose tariffs on all goods imported from China.

An editorial in the Communist Party's People's Daily said that by raising tariffs and then offering negotiations, the Trump administration is trying to use "carrot-and-stick diplomacy to bully China into unilateral trade concessions".

Wang said that "accuracy" meant using tariffs to maximize the pain for targeted countries while protecting United States consumers and companies.

The US and China implemented tariffs on $34 billion worth of each others' goods in July.

The deficits between the United States and Trump's main trade adversaries are also growing. Because US farmers are now experiencing the phenomenon of having a surplus of goods that they can not sell on the Chinese market due to the retaliatory tariffs already in place, the American federal government will now likely have to bail farmers out due to the losses of revenue they have incurred simply because they are being artificially isolated from the Chinese market that represents a lion's share of their profits.

Representatives for the White House and the US Commerce Department did not immediately reply to a request for comment on China's retaliatory move. I say, as they come, Tax them. After the earlier action against $34 billion of USA goods, that left about $120 billion available for retaliation. "Time will prove that the USA eventually makes a fool of itself", the paper said.

Chinese officials are trying to reassure markets and the local population that the US moves would have little impact.

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