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08 July 2018, 12:23 | Tara Lloyd
Trump Says U.S. Tariffs On Chinese Goods Could Exceed $500 Billion
Is it Smoot-Hawley II, or an economic liberation?
Chinese Commerce Ministry spokesman Gao Feng said on Thursday that the proposed USA tariffs would hit many American and foreign companies operating in China and disrupt their supplies of components and assembly work.
Beijing vowed to take "necessary countermeasures" after the U.S. imposed 25 percent duties on about $34 billion in Chinese machinery, electronics and high-tech equipment, including autos, computer hard drives and LEDs.
Curious about the products affected by new tariffs?
United States President Donald Trump on Friday said tariffs worth $16 billion (Rs 11,036 crore) may be implemented in the following two weeks.
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The president believes this is the best way to close the trade deficit between the U.S. and China.
The US trade deficit in goods with China now stands at about $375bn.
On July 2, the U.S. Chamber of Commerce issued a study outlining the state-by-state impact of retaliatory tariffs from China and other countries. However, for the first five months of the year, it totaled $245 billion, up from $227 billion in the same period in 2017.
American apple growers are also concerned about the new export tariffs. Others may not have voted for him but did not vote for Hillary Clinton, opting to write in third-party candidates or leave that part of the ballot blank.
Trump has said the tariffswere imposed to pressure China into abandoning unfair practices like theft of intellectual property.
The tariffs will make trade more expensive and complicated, and consumers will end up paying a price, Wilson said.
Other farmers also say they still trust the president. However, I think he's wrong for talking about the trade imbalance. And he also wants to indicate to his neighbors and the rest of the world that China is the new superpower that they need to get close to. If he has to ruffle a few feathers in the Washington "cesspool" along the way, that suits them just fine.
So you don't think these USA tariffs and Chinese counter tariffs today are here to stay?
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