U.S. to impose tariffs on $200 billion Chinese imports

U.S. to impose tariffs on $200 billion Chinese imports

Responding to the Trump administration's latest plan to slap 10 per cent tariffs on an extra $200-billion worth of Chinese imports, Assistant Commerce Minister Li Chenggang said on Wednesday that China would not close itself to USA business.

Tariffs imposed by the United States on Chinese products now vary between 10-20%, depending on the goods in question.

The Chinese foreign ministry said Washington's threats were "typical bullying" and described the dispute as a "fight between unilateralism and multilateralism".

"The trade dispute between China and the U.S.is a big deal, and to the extent that it goes to a full scale war that potentially is recessionary basically for the global economy so we have to be careful here", Tal said. That means China's imports of USA goods are so small that Beijing "cannot match fresh U.S. tariffs", said Vishnu Varathan of Mizuho Bank in a report.

But the USA action drew a swift reaction from the plastics and petrochemical industries, with the head of the Plastics Industry Association saying the tariffs would "boomerang" and hurt manufacturing. In a statement, it called the U.S. actions "completely unacceptable".

The latest round of import taxes on Chinese goods has a two month public commentary period and the U.S. administration is being open about the fact that they expect China to discuss the move leading one to wonder if it will actually be imposed. China quickly responded by imposing tariffs on $34 billion in US products.

But he added that "the United States is willing to engage in efforts that could lead to a resolution of our concerns".

The Commerce Ministry on Wednesday gave no details, but Beijing responded to last week's United States tariff hike on $34 billion of imports from China by increasing its own duties on the same amount of American goods.

The United States began imposing tariffs on $34 billion in Chinese goods at 12:01 a.m. EDT (0401 GMT) on Friday.

The move drew immediate condemnation from Senate Finance Chairman Orrin Hatch, a Republican from Utah, who called it "reckless" and not "targeted".

Fox Shareholder Sues to Stop Disney Merger
Comcast has said that Sky is very important because it could take the USA -bound cable and internet giant into global markets. Of course, there's still time for Comcast to make yet another counteroffer, forcing Disney to increase its bid once more.

The move is the latest escalation of the ongoing trade war between Washington and Beijing. "This is totally unacceptable", the statement said.

Further evidence of Donald Trump's trade war with China is set to show up in economic data due over the next few days, although it will likely just be a taste of things to come.

However, because China exports more to the U.S. than it imports there are limits on the amount of tariffs Beijing can impose on American goods.

The additional 6,031 product lines would be hit with a 10 percent tariff.

Market drops started in Asia overnight, where all of China and Hong Kong's share indices lost more than 1%, and has spread to Europe as markets open here.

"In part because they have only limited ammunition and in part because it's still early in the process on the U.S. side", Kuijs said.

The new list published on Tuesday targets many more consumer goods than those covered under the tariffs imposed last week, raising the direct threat to consumers and retail firms.

Several companies - including Total and Peugeot of France, and Russia's Lukoil - have said they are preparing to exit Iran ahead of U.S. deadlines, the last of which is November 4.

But China also faces difficulties in retaliating directly: it ships far more goods to the United States ($506 billion previous year, according to U.S. figures) than come back in the opposite direction ($130 billion).

Related Articles