ibusinesslines.com
ibusinesslines.com September 24, 2018


Trump makes good on threat - $200 billion in new tariffs on China

11 July 2018, 04:25 | Kelvin Horton

Trump preparing additional tariffs on $200B in Chinese goods

US fires next shot in China trade war

The office of US Trade Representative Robert Lighthizer has released a list of Chinese products, running to nearly 200 pages, that will potentially be hit with a 10 per cent import tax as early as September.

The Trump administration pushed ahead with plans to impose tariffs on additional $200 billion in Chinese products by releasing a list of targets, marking a sharp escalation in a trade war between the world's two largest economies.

"As a result of China's retaliation and failure to change its practices, the president has ordered USTR to begin the process of imposing tariffs of 10 percent on an additional $200 billion of Chinese imports", U.S. Trade Representative Robert Lighthizer said in a statement.

President Donald Trump vowed to hit back after China retaliated for the first round of 25% tariffs on $34 billion worth of imports that Washington imposed last week. "There is no justification for such action".

Up until now, only a few companies, including Harley-Davidson Inc. and Brown-Forman Corp., have publicly said the tariffs will affect their businesses, as most USA retailers and consumer brands were spared in the first round of tariffs on Chinese imports.

Members of Congress are increasingly questioning Trump's aggressive trade policies, warning that tariffs on imports raise prices for consumers and expose United States farmers and manufacturers to retaliation overseas.


China has stepped up action against some USA goods by announcing anti-dumping duties on raw materials used in making optical fibers.

"Although I have supported the administration's targeted efforts to combat China's technology transfer regime, tonight's announcement appears reckless and is not a targeted approach", said Sen. But Mr Trump hasn't backed down, arguing that China's unfair trading practices are hurting American workers.

Administration officials said they hoped the measures would convince the Chinese government to increase market access for USA companies and address allegations of the theft of intellectual property.

Mr Trump has been considering tariffs against China since his officials concluded in March that Beijing violates U.S. intellectual-property rights, such as by forcing American firms to hand over technology.

"For companies that are severely impacted, we suggest they report to local government departments", the Commerce Ministry said in a statement Monday.



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