Concerns in US, Asia over fresh round of tariffs

08 September, 2018, 22:43 | Author: Gerard Cortez
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The administration could decide to begin taxing the imports - equal to almost 40 percent of all the goods China sold the United States a year ago - after a public comment period ends on Thursday.

Trump told reporters about the tariffs on Friday while returning to Washington DC from Montana, where he held a campaign-style rally Thursday night.

Altogether, the USA tariffs could ultimately hit more than United States dollars 500 billion in Chinese goods.

Then he added: "I hate to say this, but behind that there is another $267bn ready to go on short notice if I want".

In addition, the chip industry is a source of trade surplus for the United States, including with China, Intel argued.

They say a full-blown trade war by 2021 could shrink America's annual economic output by an average of one-third of a percentage point and China's by two-tenths of a percentage point from 2019 through 2021.

Beijing has warned that it would hit back with duties on US$60 billion in American products - a much smaller figure that shows China will not be able to match U.S. tariffs dollar-for-dollar.

In light of such a USA agenda, China should "maintain strategic determination" and "take care of our own matters", Long Guoqiang, vice president of the State Council's Development Research Center, wrote in the People's Daily, the official newspaper of the Chinese Communist Party.

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Mr Trump has boasted that trade wars are "easy to win" and warned he would hit virtually all Chinese imports if Beijing does not back down and take steps to reduce its US$335 billion surplus with the US. It has also threatened to retaliate against any potential new tariffs.

But the higher cost of wages in the United States could offset the benefits Apple might gain by avoiding tariffs affecting its products manufactured in China.

The new duties will start to hit consumer products directly, including furniture, lighting products, tires, bicycles and vehicle seats for babies.

White House Economic advisor Larry Kudlow told CNBC that talks between the US and China were ongoing.

"We are still talking with China on a number of issues".

Computer and phone makers are involved in a global supply chain that includes Chinese manufacturing, and that can not be easily excluded without harm to U.S. companies, Intel said in a letter to the trade representative.

Specifically, Kudlow said, the United States was seeking "zero tariffs, zero non-tariff barriers, zero subsidies, stop the IP theft, stop the technology transfer, allow Americans to own their own companies".

"But right now we just can't make that deal".

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