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Trump's China tariffs could hurt Walmart, Best Buy
22 March 2018, 01:07 | Bernice Figueroa
Trump intends to impose duties of 25% on imported steel and 10% on aluminum imports
The anti-China package may instead see a delay.
"Tomorrow the president will announce the actions he has chose to take based on USTR's 301 investigation into China's state-led, market-distorting efforts to force, pressure, and steal US technologies and intellectual property", the official said. She said that "The timing is bad, the measure is bad for the USA and Korea going together on the North Korean nuclear issue".
The decision comes after his longstanding threat of penalizing China over intellectual property theft and also to further impose his "America First" policy to create more jobs for US citizens.
According to the report, the sweeping tariffs could take aim at a wide range of products, including consumer electronics, clothing and shoes from China. Kequiang, who was recently voted into office for a second five-year term by China's parliament, said there would be no victor if a trade war breaks out between China and the United States.
Trump charged ahead with the tariff orders, which were justified on the basis of national security, even before his administration could prepare the necessary rules and procedures for countries and companies seeking exemptions for steel and aluminum products.
Last week, a coalition of US business and trade lobby groups urged Trump not to impose tariffs on China, warning it would be "particularly harmful" to the USA economy and consumers.
Edward Alden, a trade expert at the Council on Foreign Relations, said he doubts that many other countries will evade Trump's new taxes.
In some respects, taking on China in this way makes more sense than via steel and aluminum tariffs.
The U.S. business community here argues that China does not treat foreign companies fairly and has failed to follow through in recent years on pledges to open its doors more widely.
The White House declined to comment. Li repeated a suggestion that the USA ease restrictions on exports of high-technology goods to China as a way to even the balance.
China argues that trade benefits both countries, but Li did acknowledge US concerns.
Still, it's looking likely that Trump will be engaging in trade-related skirmishes - and US companies will be at risk of collateral damage - on multiple fronts. "Then pretty quickly the economic significance of the tariffs get whittled down to something more symbolic", he said. Cecilia Malmstrom, the European Union's trade chief, arrived Tuesday for meetings with Commerce Secretary Wilbur Ross and other administration officials, vowing in a tweet that she would "insist that the E.U.as a whole is excluded" from the tariffs.
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