tiptrot.com May 27, 2018

China unveils list of potential retaliatory tariffs on USA goods

24 March 2018, 12:33 | Bernice Figueroa

China unveils list of potential retaliatory tariffs on USA goods

China unveils list of potential retaliatory tariffs on USA goods

Trump's announcement comes a seven-month investigation into the intellectual property theft, which has been a longstanding point of contention in US-China trade relations, CNN reported.

A presidential memorandum signed by Trump will target up to $60 billion in Chinese goods with tariffs over what his administration says is misappropriation of United States intellectual property, but only after a 30-day consultation period that starts once a list is published.

Because Canada is a nation that depends on exports of commodities, a weaker Chinese economy would also hurt the Canadian economy by reducing sales and prices of raw materials, added Conference Board of Canada chief economist Craig Alexander.

Although the USTR was given 15 days by Trump to propose a list of Chinese products that will be targeted, China's commerce ministry has already threatened to take legal action against the U.S. through the World Trade Organization. "And even beyond that, there's simply no excuse for the stealing of intellectual property, forced technology transfers it's sometimes called".

The total "Made in China 2025" is likely to exceed US$1.5 billion.

The United States had a record Dollars 375.2 billion goods trade deficit with China past year.

"China does not want a trade war with anyone", the Chinese embassy in Washington DC said in a statement Thursday.

The retaliatory measures are consistent with World Trade Organization rules, which allow for counter-safeguard measures on imports.

"AmCham Shanghai believes that the American and Chinese governments should resolve existing trade frictions in a way that averts a trade war and promotes open markets and fair economic exchange", it said in a statement. "The American consumers and enterprises will bear the brunt" of a trade war with China, Hua noted.

Meanwhile, the Chinese government fired back on Friday, threatening to impose tariffs on $3 billion worth of U.S. imports, including pork, wines and steel pipes.

Countries affected by the measures, like China, can under WTO rules retaliate with tariffs on US goods worth a sum equivalent to the trading loss they would suffer from the USA tariffs. "We are confident and capable of dealing with any challenges". "Trump is using the issue for political gain rather than actual trade repositioning", he says.

US wine exports to China a year ago were $79 million, according to data from the US Wine Institute, which represents Californian wine makers. In addition, Trump will also direct the US Treasury to propose measures that could restrict Chinese investments in the United States, Eissenstat said.

"As a manufacturing hub and an important source of imports, China is a critical player in our industry's supply chain", said Bill Hanvey, president and CEO of the Auto Care Association.

China released a list of potential trade targets, threatening to place a 25 percent tariff on American pork and aluminum scrap and a 15 percent tariff on wine, apples, ethanol and stainless steel pipe, according to the Associated Press.

"Markets are on a knife-edge, fearing a trade war", says Peter Rosenstreich of Swissquote Bank, Switzerland's leading online bank.

The measures were specifically in response to U.S. steel and aluminium tariffs, which were taking effect Friday.

The measures are to "balance out the loss sustained by China" through Washington's move to impose steel and aluminium tariffs on imports, the ministry continued.

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