China Announces More Tariffs on US Imports

China threatens tariffs on $60 billion in US goods

China threatens tariffs on $60 billion in US goods

One of Trump's stated aims in launching tariffs against Chinese imports was to lower the trade deficit between the United States and China, which is in the region of $375 billion a year. It has also slapped 25 percent tariffs on $34 billion worth of Chinese imports.

July 6: Tariffs promised on June 17 and June 18 took effect in both directions. So far, about 203,000 bpd have been booked for arrival next month, according to vessel-tracking data, and the window for more cargoes to be added is closing, given it takes at least three weeks for a tanker to make the journey from the Gulf of Mexico to China's east coast.

But China is somewhat limited with the extent of what tit-for-tat trade measures are at its disposal, as it exports far more goods to the United States than it imports. A final decision on the tariffs isn't expected until September.

"China always believes that consultation on the basis of mutual respect, equality and mutual benefit is". He accused China of the theft of intellectual property and repeatedly stressed that he doesn't like the trade deficit with Beijing. China instead is threatening roughly two-fifths of its US purchases after Trump threatened two-fifths of China's much larger exports to the United States, said Tu Xinquan, executive dean of the China Institute for World Trade Organization Studies at the University of International Business and Economics in Beijing. Last year, China imported about $130 billion of USA goods.

A first round of tariffs came into effect on 6 July, when the United States imposed 25% taxes on $34bn of Chinese imports.

China immediately expanded its own list of types of USA products to be tariffed, including farm products, cars and crude oil.

White House press secretary Sarah Huckabee Sanders countered by telling reporters today that "instead of retaliating, China should address longstanding concerns about its unfair trading practices".

Liang stressed that U.S. consumers would ultimately pay the price for Trump's irrational trade policies, pointing out that the United States imports its nitrosamines, an industrial raw material, from China.

Trump portrays the tariffs as a tax on foreigners, but the reality is that tariffs are taxes on USA companies and consumers. Research later conducted on those tariffs found they negatively impacted employment and the US economy. Investment is down. Consumption is down. The decrease came on the back of strong export growth, which was up 4.1% from the month before. But. the Chinese Party and the government control the media as well as a good bit of the economy.

"This could be, I don't want to say 'catastrophic, ' but very, very painful for the industry", Snow said.

In addition to Beijing's top-down control, the recent diversification of China's economy and its exports makes the country better positioned to endure a trade war now than it could have in the past, NPR's Jim Zarroli reports.

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