US, China impose new round of tariffs

24 August, 2018, 07:44 | Author: Frank Williams
  • Trade war: The US and China just slapped new tariffs on each other

China, meanwhile, has said it has its own list of tariffs covering $16 billion of United States imports, which will also come into effect on Thursday.

Beijing has denied USA allegations it systematically forces the unfair transfer of US technology and has said it adheres to World Trade Organization rules.

The trade war between Beijing and Washington started in July with each side imposing 25 per cent tariffs on United States dollars 34 billion of each other's exports.

Meanwhile, a Reuters poll of more than 100 economists shows that a lot of them expect economic growth to slow over the next two quarters as the boost created by last year's tax cuts fades and Americans begin to feel the costs of the tariffs.

From Harley-Davidson motorcycles and American bourbon to Chinese parts and machinery, the world's two largest economies have exchanged punitive tariffs that slice through a wide swath of products.

The 25-per-cent U.S. duties affect Chinese goods ranging from drainage pipes to agricultural products and railway wagons.

"The Trump administration has attempted to limit the application of tariffs to manufacturing goods, so it's really masked the impact on consumers even though it raises the costs for inputs to American manufacturers and service providers, that will ultimately be felt by the consumers", Jake Colvin, a vice president at the National Foreign Trade Council and one of the people who testified at this week's tariff hearings, told NPR's David Greene.

The letter covers a number of issues the trade war has brought into focus and explains how China has benefited from the situation.

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Trump started his trade war with China in March by imposing higher tariffs, after saying an investigation had found that China is using foreign ownership restrictions to require tech transfers from U.S. to Chinese companies, as well as conducting espionage to acquire intellectual property.

"In order for us to get a positive result out of these engagements, it's really critical that they (China) address the fundamental concerns that we have raised", the official said on a press call on the new USA security review law for foreign acquisitions.

China said it will also file a legal challenge with the World Trade Organization (WTO) over the US' increase, which American officials say was a response to unfair trade practices by Beijing.

Even as China and the US trade tariffs, a Chinese delegation meeting with their American counterparts for trade talks this week in Washington, D.C. And a Chinese foreign ministry spokesperson expressed guarded optimism about how they're going. Beijing responded with similar penalties on the same amount of American goods. However, US President Donald Trump said he wasn't expecting much from this week's negotiations. -China relations at the Center for Strategic and International Studies in Washington. This is the second round of tariffs, to be followed, according to the White House, by tariffs on US$200 billion worth of Chinese goods.

He said: "I think China is manipulating their currency, absolutely".

Buisness groups had expressed hope that the two-day meeting would mark the start of negotiations over Chinese trade and economic policy changes, but Trump told Reuters that he did not "anticipate much" from the talks, adding that he had "no time frame" for ending the trade dispute.

China's list of 333 USA product categories hit with duties includes coal, copper scrap, fuel, steel products, buses and medical equipment.

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