New US trade action "poisons" atmosphere, won't work on China: CSRC

18 September, 2018, 11:11 | Author: Frank Williams
  • Trump reportedly poised to slap tariffs on an additional $200 billion worth of Chinese imports

China has vowed to retaliate for the latest U.S. tariffs with new import taxes on $60b in American products. China has said it's ready to impose retaliatory tariffs on US goods.

It brings all Chinese imports subject to added tariffs to $250 billion, roughly half of China's shipments to the United States a year ago.

"The Trump administration is yet again sending a perplexing mixed message by inviting Chinese officials for negotiations and then imposing additional tariffs in the run-up to the talks", said Eswar Prasad, former head of the International Monetary Fund's China division.

What's behind the US-China rift? Some of them have criticized Mr. Trump's tactics but many echo US complaints about Chinese market barriers and industrial strategy.

U.S. businesses - which have warned that tariffs could hurt profits, force job cuts, and, in some cases, destroy companies, said the taxes were going to hurt the United States more than the administration realized.

Trumps' new tariffs on China will kick in at 10 per cent but are set to rise to 25pc from January.

Trump continues to ratchet up pressure on Beijing to change its trade practices even as he floats the idea of talks.

"President Trump's decision to impose an additional $200 billion is reckless and will create lasting harm to communities across the country", said Dean Garfield, president of the Information Technology Industry Council, which represents major tech firms.

He said China had to agree to some of the White House's demands for any progress to be made.

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"China never said it doesn't want to negotiate with the US", Yang Weimin, a former senior economic and foreign policy adviser to President Xi Jinping, said Sunday, as cited by the Wall Street Journal. The rand has fallen almost 10 per cent since the previous Monetary Policy Committee meeting in July and while the Reserve Bank does set a target level for the currency, the likely impact of the rand's decline on inflation could prompt the bank to lift the country's interest rate. Executives complained the tariffs would make their products more expensive, costing them sales.

Initial reaction from the business community Monday was unfavourable. The Office of the US Trade Representative concluded after an investigation that China's tactics range from requiring US and other foreign companies to hand over technology in return for access to the vast Chinese market to outright cyber-theft.

The timing for activating the additional tariffs was unclear. "Sino-US economic and trade relations are mutually beneficial and win-win, and cooperation is the only correct choice".

"Tariffs have put the 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", the president tweeted. China only imports around $130bn from America, meaning it can't simply announce a tit-for-tat retaliation.

This photo taken on August 7, 2018, shows a truck transporting a container next to stacked containers at a port in Zhangjiagang in China's eastern Jiangsu province. USA officials point to Beijing's long-range development plan, "Made in China 2025", which calls for creating powerful Chinese entities in such areas as information technology, robotics, aerospace equipment, electric vehicles and biopharmaceuticals. "The unilateral and hegemonic moves by the United States will meet firm countermeasures from China.China will not just play defense", the Global Times says.

Talks between the European Union and Britain on Brexit are being conducted in a spirit of "good cooperation", said Michel Barnier, the EU's chief negotiator on the issue. "There's no way around it".

Apple shares fell 2.6 per cent, amid concerns it might be caught in the middle of an escalating trade war. While individual companies have complained about their operations being disrupted by material shortages or cost increases, growth remains strong and unemployment is approaching a half-century low. We should be talking with them, not merely sitting back and observing.

During a White House meeting on Monday, Trump said an announcement on the tariffs would come after the stock market close.

"Make your products in the United States instead of China". "The businesses are going to pour back into the United States".


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