Trump Tariffs Against China Take Effect

Hannah Rogers
July 9, 2018

USA president Donald Trump also warned that he might ultimately target over $500 billion worth of Chinese goods, including apparel products, based on China's reaction on United States decision on duty imposition.

"After the USA imposed its tariffs, China also took effective measures", said Chinese Foreign Ministry spokesperson Lu Kang.

Consumer Technology Association: "While President Trump says his trade policy is meant to punish China, the numbers show that, in reality, US businesses, workers and consumers will pay the price under this policy", said Sage Chandler, the group's vice president for global trade.

Beijing insists it's the injured party.

Though cotton price in U.S. market would drop, the price of the product would still remain higher and import of the product from the country would be time consuming, he added.

Trump confirmed that the United States would begin collecting tariffs on $34 billion in Chinese goods at 12:01 a.m. Washington D.C. time (0401 GMT) on Friday and warned that subsequent rounds could see tariffs on more than $500 billion of goods, or roughly the total amount that the United States imported from China a year ago.

Canatella says since the trade dispute began, he's lost about $100,000 dollars just because of market uncertainty.

The president believes this is the best way to close the trade deficit between the United States and China.

China's Ministry of Commerce said the U.S.

The big question is how far the hostilities between Washington and Beijing will go. "But it is applying the brakes to a global economy that has less durable momentum than appears to be the case", Rob Carnell, chief economist at ING, said in a note to clients.

"I stay committed to working closely with the administration on fixing the bigger problem posed by China", Cramer added.

Trump also said the U.S. is ready to target an additional $200bn in Chinese imports - and then $300bn more - if Beijing does not yield to United States demands and continues to retaliate.

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He described the potential escalation to reporters aboard Air Force One: "Thirty-four, and then you have another 16 in two weeks and then, as you know, we have 200 billion in abeyance and then after the 200 billion we have 300 billion in abeyance. OK?"

Trump's tariffs on the EU, Canada and Mexico are for as much as 25% on imports of steel and aluminium, which the U.S. has imposed on grounds of national security.

The U.S. pork industry past year sent $1.1 billion worth of product to China, making it the third largest export market after Japan and Mexico.

The American Chamber of Commerce in China appealed to both sides to negotiate a settlement.

China also cut its purchases for cotton by 8,100 running bales in the 2017-18 season, the weekly USDA showed.

Chinese President Xi Jinping (left) and US President Donald Trump in Florida previous year.

USA tariffs on steel and aluminum imports have provoked retaliatory measures against billions of dollars of American exports. Trump has threatened to hit back with vehicle tariffs of 20%, which would be highly damaging for the German auto industry.

There was no evidence of any last-minute negotiations between USA and Chinese officials, business sources in Washington and Beijing said.

China's foreign minister said trade protectionism and unilateral actions were "short-sighted" and in a statement on Friday called on European counties to work with China to safeguard a globally free trade system.

Ahead of the planned tariffs, China said that the "US is opening fire on the entire world, including itself".

What does it mean for the world economy?

"No one wins in a trade war, and it is America's manufacturing workers and working families who will bear the brunt of continued tariffs".

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