China hits back at latest USA tariffs with measures worth $60bn
- Author: Eleanor Harrison Sep 19, 2018,
Sep 19, 2018, 1:26
The United States has announced fresh tariffs on $200 billion (€171 billion) of Chinese goods, spooking markets anxious about an escalating tit-for-tat trade war between the world's largest economies.
Mr Trump said that the USA will immediately pursue additional tariffs on about $267 billion of Chinese imports if Beijing hits back to the US$200 billion round.
Washington has already imposed 25 percent duties on $50 billion of Chinese goods over what it alleges are unfair trade practices.
US President Donald Trump has enforced higher import taxes will apply to more than 5000 Chinese goods.
On a panel at meetings of the World Economic Forum (WEF) in Tianjin, Fang Xinghai, vice chairperson of China's Securities Regulatory Commission, said China won't be pressured by Trump's trade tactics and talked up the economy's strength.
"[The U.S. Trade Representative] 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".
The higher import taxes will apply to more than 5000 items, marking the biggest round of USA tariffs so far.
China is reported to have said it would reject new trade talks if Mr Trump imposed the $200bn worth of tariffs on its exports. Some companies are looking to move out of China to dodge the tariffs, said Ted Murphy, a partner at the Baker McKenzie law firm.
Geng said he would not comment on "hypotheticals" such as what measures Beijing might consider apart from tariffs on USA products, saying only that details would be released at the appropriate time.
Trump took to Twitter on Tuesday morning to say that any further action by China targeting United States farmers and industrial workers would result in "great and fast economic retaliation" from the US.
In a further attempt to cushion the blow, Washington canceled plans to put tariffs on about 300 product categories, including hot consumer items like smart watches and Bluetooth-enabled devices, chemicals for manufacturing, agriculture and textiles, as well as bicycle helmets, and children's high chairs, vehicle seats and play pens.
"There will be great and fast economic retaliation against China if our farmers, ranchers and/or industrial workers are targeted!" The policy is apparently meant to make domestic production in the United States more competitive, compared to foreign manufacturers.
"The sooner President Xi and President Trump meet to craft a new trade path forward, the better", he said. "They also know that I am the one that knows how to stop it", he said in a statement on Twitter on Tuesday.
The third round contains 5,745 full or partial lines of the original 6,033 lines of goods facing tariffs first announced July 10. The US president has launched numerous trade conflicts with a number of partners, including US ally the European Union, stating that trade deficits hurt the American economy.
Americans For Farmers & Families: "As trade tensions escalate, and our ability to sell our goods to major markets diminishes, we're having to make long-term business decisions that could affect our farms for generations", Casey Guernsey, a seventh-generation farmer and spokesperson for AFF said.