Donald Trump has moved to slap a 10 per cent tariff on about $200bn in Chinese imports beginning next week and threatened to increase the rate to 25 per cent in 2019 if no deal is reached to ease trade tensions between the U.S. and China.
The escalation of Trump's tariffs on China comes after talks between the world's two largest economies to resolve their trade differences have produced no results. The Office of the U.S. Trade Representative has charged that China is using predatory tactics to obtain foreign technology.
"For months, we have urged China to change these unfair practices, and give fair and reciprocal treatment to American companies", he said.
Collection of tariffs on the long-anticipated list will start on September 24 but the rate will increase to 25 percent by the end of 2018, allowing USA companies some time to adjust their supply chains to alternate countries.
Beamish doubted whether the United States would slap 25 percent tariffs on $200 billion of Chinese imports, as the Trump administration has said it is considering, and the Wall Street Journal reported the tariff level would probably be about 10 percent. And the effects are likely to grow if China retaliates again, as it has threatened to do.
Chinese Vice Premier Liu He is set to convene a meeting in Beijing on Tuesday morning to discuss the government's response to the United States decision, Bloomberg News reported, citing a person briefed on the matter.
Tariffs have put the U.S.in a very strong bargaining position, with Billions of Dollars, and Jobs, flowing into our Country - and yet cost increases have thus far been nearly unnoticeable.
After several weeks of reviewing industry comments, the Trump administration announced on Monday afternoon the final list of Chinese goods set to be subjected to tariffs, effective September 24. That rate more than doubles to 25 percent on January 1, 2019.
"If China counters this tariff increase - which I expect they will - and then the U.S. does some more, then before you know it we could be captured in something that would be extremely harmful to our exporters and by then it would be too late for us to have any say". He did not say whether he was referring to the impact on the amount of GDP or the GDP growth.
"China has had many opportunities to fully address our concerns".
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In May, in fact, it looked briefly as if Treasury Secretary Steven Mnuchin and Chinese Vice Premier Liu He had brokered a truce built around Chinese promises to buy enough American farm products and liquefied natural gas to put a dent in the trade deficit.
Overnight, president Donald Trump announced a new 10% tariff of $200bn on Chinese goods arriving in the USA from next week.
Trump continues to ratchet up pressure on Beijing to change its trade practices even as he floats the idea of talks.
"We have no problem with China trying to grow its economy, trying to lift its people out of poverty, that's a good thing".
Last week, Beijing said it welcomed overtures from U.S. officials offering to re-start trade talks, but press reports indicate China would call off any meetings if the new punitive duties take effect. But that drew loud opposition from farmers and USA companies. "Hopefully, this trade situation will be resolved, in the end, by myself and President Xi of China, for whom I have great respect and affection".
The US imports around $500 billion in goods from China.
Smart watches, bluetooth devices removed from tariff list; bicycle helmets, baby auto seats, safety gear also excluded.
China's Commerce Ministry has said that it is ready to put similar tariffs on $60 billion a year of U.S. goods in response to the threat from the United States.
In addition, chemicals used in manufacturing, textiles and agriculture, as well as safety items such as bicycle helmets, playpens and high chairs for children, were struck from the list, a senior administration official said.