Trump Announces New Taxes on TVs and Air Conditioners

Trump Announces New Taxes on TVs and Air Conditioners
US prepares to impose new tariffs on additional $200B worth of Chinese goods
Author

12 July, 2018

All told, Trump has threatened eventually to slap tariffs on up to $550 billion in Chinese imports - more than China actually exported to the United States previous year - if Beijing won't relent to USA pressure and continues to retaliate.

"We have been very clear and detailed regarding the specific changes China should undertake".

The threat of additional tariffs on $200 billion worth of goods "would mean that around half of Chinese exports of goods to the USA would face significant US punitive tariff measures", Rajiv Biswas, Asia Pacific Chief Economist at IHS Markit, said in a note.

A Commerce Ministry statement said, "It is totally unacceptable for American side to publish a tariff list in a way that is accelerating and escalating".

The Foreign Ministry, at its regular press briefing, called the move "typical trade bullying", and urged the worldwide community to work together to "resolutely resist unilateralism, oppose protectionism and maintain the multilateral trading system".

Goods to be targeted range from chemicals and construction materials to fabric and buttons to handbags and food products to boats and air conditioners - a sweeping inventory that would inflict economic pain across China's manufacturing sector while jacking up prices for USA businesses and consumers.

The Office of the U.S. Trade Representative proposed 10 percent tariffs on Tuesday on a list of 6,031 Chinese product lines ranging from burglar alarms to mackerel.

Because China imports fewer goods from the USA than the US imports from China, it is unable to match USA tariffs in value, according to a report from Mizuho Bank.

Washington on Tuesday announced it was starting the process to slap 10 per cent tariffs on another Dollars 200 billion in Chinese export goods as soon as September.

Both governments have already levied $34 billion in tariffs on each other's goods, and are considering imposing tariffs on an additional $16 billion worth of one another's goods.

Li Chenggang, an assistant minister at the Commerce Ministry, had earlier told reporters that the U.S. is escalating the trade war, which is an irresponsible move.

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On Friday, Washington had imposed additional 25 percent tariffs on $34bn of Chinese imports, prompting Beijing to immediately respond with proportionate tariffs on $34bn American goods including seafood and soybeans.

U.S. President Donald Trump and China's President Xi Jinping arrive for a state dinner at the Great Hall of the People in Beijing, on November 9, 2017.

The clock now starts ticking on a two-month period of public comment before the levies are imposed.

Senate Finance Committee Chairman Orrin Hatch, a senior member of Trump's Republican Party, said the announcement "appears reckless and is not a targeted approach".

"Tariffs are taxes, plain and simple".

Meh. What's $200 billion these days? "It will also result in retaliatory tariffs, further hurting American workers", a Chamber spokeswoman said.

National Retail Federation senior Vice President for Government Relations David French said the move "doubles down on a reckless strategy that will boomerang back to harm US families and workers".

"American families are the ones being punished".

The International Monetary Fund has warned that a full-blown trade war could undermine the broadest global upswing in years.

The new list of tariffs released on Tuesday shows that the U.S.is targeting important Chinese manufacturing export industries, said Rajiv Biswas, Asia Pacific chief economist at IHS Markit.

"It is totally unacceptable for the U.S. to accelerate matters by announcing a (new) tariff list", the Commerce Ministry said in a statement yesterday. "When they see their prices rise, they're going to be shocked", he said.


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