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07 July 2018, 03:02 | Erica Roy
Trump Says U.S. Tariffs On Chinese Goods Could Exceed $500 Billion
If the U.S. and China cool off after a first round of tariffs, the fallout will be modest.
As the tariffs approached, the U.S. central bank warned the impending trade battle was beginning to darken the otherwise blue skies of the robust American economy, now in its 10th year of recovery.
"We never wanted to see the escalation of trade frictions into a trade war. A little fighting may be the only way the Trump administration clears its mind and allows everyone to sober up", the state-run Global Times said. But it said that in order to defend the central interests of the country and people it was forced to make a necessary counterattack.
US President Donald Trump began the trade dispute when he imposed 25 percent duties on approximately $34 billion (€29 billion) in Chinese machinery, electronics and high-tech equipment including autos, computer hard drives and LEDs. US and Chinese companies will now find it costlier to trade with each other, meaning less demand and higher prices.
Most-active soybean futures are trading near a two-year low on the Chicago Board of Trade and the cheap price is attracting other buyers.
"The decision to impose tariffs on Chinese goods will harm American consumers and businesses without addressing discriminatory and systemic Chinese trade practices and policies", said Josh Kallmer, the vice president for policy at the Information Technology Industry Council, a lobbying group whose members include Apple, Oracle and Intel.
"We urge the two governments to come back to the negotiation table with the aim of having productive discussions based on achieving results - focused on fairness and reciprocal treatment - instead of escalating the current situation", said Zarit of the American Chamber of Commerce. "But it is applying the brakes to a global economy that has less durable momentum than appears to be the case", Rob Carnell, chief economist at ING, said in a note to clients. "Half of all US manufacturing jobs depend on exports, (and) one in three acres on American farms is planted for worldwide sales". "No one will emerge as a victor from trade war, it benefits no one".
"You have another 16 (billion dollars) in two weeks, and then, as you know, we have $200 billion in abeyance and then after the $200 billion, we have $300 billion in abeyance. Ok?"
"We're getting tariffed to death", said Scott Ditter, a dairy farmer in Sheboygan Falls, Wisconsin, referring to Canada's 270 percent duty on American milk.
Syracuse University economics professor Mary Lovely and researcher Yang Liang found 87% of electronics products to be levied by USA tariffs came from multinationals and joint ventures rather than Chinese firms.
Data from the US Census Bureau show how the US economy has been heavily dependent on imports. Many countries, including India, have complained that there are too many restrictions on American exports that they actually want, and Washington simply wants to unload its excesses, such a chicken legs, on countries that don't particularly need them.
Russian Federation is introducing extra duties on a range of products imported from the USA that can be replaced by locally made equivalents.
The Washington Postreported on Wednesday that USA companies had already felt Beijing's sting "in the form of stalled product approvals, worker visas and licensing applications". That is more than twice the amount that travelers from the USA spent. "The impact on the United States political environment is, however, likely to be far greater", he said. Officials said 545 U.S. products, including agricultural products and vehicles, will be hit by retaliatory tariffs. Because products that are made in China - from Apple products to Nike ones - are going to get expensive, and be more expensive on the shelves of Walmart for everyday American consumers. "Imposing high tariffs definitely hurts China badly, but we will not be beaten down", she said.
Scott Pruitt Out as EPA Chief
Like Pruitt, Wheeler is a conservative who will seek to roll back what some see as excessive air and water regulation. Political observers are expecting Wheeler to be in his new role as acting EPA administrator for an extended period.
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