FedEx CEO lashes out against tariffs and trade war

FedEx CEO lashes out against tariffs and trade war

Trump had warned on Monday that if China takes retaliatory action against USA farmers or industries, "we will immediately pursue phase three, which is tariffs on approximately $267 billion of additional imports".

China has announced a "synchronized" retaliation against the latest tranche of tariffs levied against the country by the U.S.

Unlike the first two rounds of tariffs totaling $50 billion, the new taxes launched by Trump would more directly hit American consumers.

The higher import taxes will start from Monday at 10% before rising to 25% on 1 January, the White House announced.

Mr Trump said: "For months, we have urged China to change these unfair practices, and give fair and reciprocal treatment to American companies".

"The Chinese side reiterates that the aim of imposing these tariffs is to prevent trade frictions from escalating and it is a measure of last resort against American unilateralism and trade protectionism", the Chinese state television report said. "But, so far, China has been unwilling to change its practices", including theft and force transfer of technology.

The Chinese government said Tuesday it will hit back with tariffs of up to 10 percent on an additional $60 billion in American goods following Trump's escalation, slapping higher border taxes on almost all USA exports to China.

China's yuan currency has weakened by about six percent against the U.S. dollar since mid-June, offsetting the 10 percent tariff rate by a considerable margin.

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China purchased roughly $130 billion in American goods past year - less than a third of what the United States ordered from Chinese enterprises.

The lower Chinese figure highlights Beijing's inability to match the United States dollar-for-dollar in a tariffs war. Also removed from the list were some health and safety products like bike helmets and child safety furniture features like vehicle seats. He said the Trump administration regularly consults with Trump.

The Trump administration is expected to impose tariffs on an additional $200 billion worth of Chinese products.

"We have a trade deficit, depending on the way you calculate, of $504 billion, now some people would say it is really $375 billion", Trump said at the time.

"Our concern with these tariffs is that the USA will be hardest hit, and that will result in lower U.S. growth and competitiveness and higher prices for United States consumers", Apple said in a letter. More broadly, tariffs will lead to higher United States consumer prices, lower overall USA economic growth, and other unintended economic consequences. "Start building new plants now", he tweeted on September 8.

The chamber on Tuesday warned a "downward spiral" appears certain after President Donald Trump approved a tariff hike on $200 billion of Chinese imports in a dispute over Beijing's technology policy.

The fear is there has been a major shift in USA policy on China, so that trade is no longer the ballast in the relationship, but rather another USA weapon to contain China.

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