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23 September 2018, 08:29 | Tara Lloyd
Walmart urges Trump administration to roll back new tariffs on Chinese imports: report
Photo shows China's President Xi Jinping (left) and US President Trump at a welcome ceremony at the Great Hall of the People in Beijing a year ago. The U.S. set tariffs on more than 800 Chinese products, including airplane parts and engines.
The Trump administration said it needs to confront China over its trading practices to defend USA long-term interests even as escalating tariffs cause discomfort for American consumers. "The U.S. economy can not develop without the help of China", Qiao said.
"After a thorough study, the USTR concluded that China is engaged in numerous unfair policies and practices relating to United States technology and intellectual property - such as forcing United States companies to transfer technology to Chinese counterparts", he said. The taxes, which go into effect September 24, were not quite as stiff as Mr. Trump initially proposed: 10 percent rather than 25 percent, on a range of goods from which popular consumer items such as bike helmets and smartwatches have strategically been omitted.
"We are concerned about the impact on USA suppliers, consumers and manufacturers, " said Walmart spokesman Randy Hargrove in a statement. The US economy is booming and China's is showing signs of stress. China announced that, from 6 July, they would introduce 25% tariffs on $34bn worth of U.S. goods, whilst threatening future tariffs on United States energy exports.
The result could be higher prices for American consumers, because most companies are expected to pass on the cost to their customers. Trump has got the trade war he was clearly itching for, and it's a much bigger deal than his spat with the European Union or his bullying of Canada.
"The current economic situation is indeed not good, and that could go on longer than people think", said Jack Ma, the billionaire co-founder of Alibaba Group Holding Ltd (BABA.N).
Seeking better-skilled workers, Cedar Electronics decided a year ago to return some of its manufacturing to the United States from the Philippines, only to run smack into a worsening U.S.
Prior to its announcement of the new tariffs, which will target American goods such as liquefied natural gas, the Chinese ministry of commerce said it had no choice but to retaliate.
Auto industry purchasing managers may have to scramble to find sources outside of China for such parts as tires, belts and gaskets, said David Closs, a professor at Michigan State University.
Foreign governments and security researchers say Beijing encourages and in some cases engages directly in theft of trade secrets.
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"Lower-income families, already pinching pennies, are most exposed, given the likelihood of tariff-related price increases on everyday items".
"That is what we are dealing with now with these trade negotiations", he said.
The administration has been steadily imposing tariffs on China chiefly because it says the Asian nation has stolen intellectual property or demanded that US companies disclose technologies to access its markets. Still, he acknowledged China faced problems, like infrastructure investment levels falling to record lows and external trade friction.
"They rebuilt their country with tremendous amounts of money pouring out of the United States". And the rest of the world shares many US concerns regarding Chinese policies.
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