China raises tariffs on USA imports in trade war

15 Mai, 2019, 03:25 | Auteur: Auguste Feret
  • Consumers could be collateral damage if US expands tariffsMore

US stocks extended a rebound from the worst rout in four months as President Donald Trump moved to reassure markets that he'll clinch a trade deal with China. Both governments indicated more talks are likely but set no date.

"I have a feeling it's going to be very successful", he said.

Beijing matched Trump's earlier 25 per cent tariff on $50 billion of American goods.

He refuted Trump's allegation that China is going back on agreements reached in earlier rounds of talks and accused the U.S. president of violating the consensus reached between the two sides.

Since previous year, the trade war has gutted USA farm exports to China and weighed on the manufacturing sectors in both countries.

The United States and China have so far exchanged tariffs on more than $360 billion in two-way trade.

The Trump administration past year offered $12 billion in compensation to American farmers and has vowed to do more, using the revenues from the new tariffs - which he incorrectly claims is paid by China rather than U.S. importers. But he said nothing about Monday's 2.4% stock market plunge after China countered Trump's levies by announcing June 1 tariff increases on $60 billion worth of US exports.

On Tuesday, the president remained defiant, tweeting: "In one year Tariffs have rebuilt our Steel Industry - it is booming!"

"When the time is right we will make a deal with China", Trump said.

And over the past year, they have been targeted not only by China but also the European Union, Canada and Mexico.

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In addition to tariff hikes, China could also use other measures to hit back at the United States, as it imports fewer U.S. products - which limits its ability to match tariffs dollar-for-dollar.

"China will never surrender to external pressure", foreign ministry spokesman Geng Shuang said at a regular briefing on Monday.

Mary Lovely, an economist at Syracuse University, said it is unclear whether the expanded tariffs will pressure Beijing to give in to US demands.

On Monday, Trump said he would talk to Chinese President Xi Jinping at a G20 summit in late June.

The Office of the U.S. Trade Representative on Monday published a list of 3,805 products that could be hit for the first time with 25% tariffs. It said the new measures could impose an additional duty of up to 25%. "The U.S. -instigated trade war against China is just a hurdle in China's development process". But the Chinese economy is resilient enough to go through the trade war.

"This is only too belatedly they've accepted the fact that it is a trade war", he said. But he said "there is no doubt" that diminished sales of farm products to China have hurt his home state of Missouri and other parts of the agrarian U.S. Midwest. "This would make US households spend less as they see the value of their shares decline". They have these rules that force US companies to transfer technology. Its state media kept up a steady drum beat of strongly worded commentary, reiterating that the door to talks was always open but vowing that China would defend its national interests and dignity.

"The question is what's the smartest, most effective way to do it", Van Hollen said. "Americans' entire shopping cart will get more expensive". So, it's important that we address the fundamental issues in China's economy. It's not clear to me that the president's policies are addressing that, but we'll see.

Lachman said that if a deal is not reached soon, the world will see more sell-offs such as the one seen on Monday in the United States. Economists say more might follow to reduce the risk of American tariff hikes.



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