China unveils retaliatory tariffs on $60B of USA goods in latest salvo
06 August, 2018, 08:02 | Author: Angel Logan
Trump, who has accused China and others of exploiting the United States in global trade, has demanded that Beijing make a host of concessions to avoid the new duties on $200 billion of Chinese goods, which could be imposed in the weeks after a comment period closes on September 5. He told trade officials this week to consider raising that to 25 percent.
China is trying to seek an "equal" position in future talks with the US with today's retaliation announcement, said Gai Xinzhe, analyst at the Bank of China's Institute of International Finance in Beijing.
But China exports far more to the United States than the other way round, making it more challenging for the country to hit back against U.S. tariffs. Kudlow cited state subsidies and forced technology transfers as behaviors that the Trump administration wants China to end.
"China's countermeasures with differentiated tariff rates are rational and restrained, and were proposed after extensively soliciting opinions and careful evaluation", the spokesperson said in a statement. Trade wars involve not only tariffs but also non-tariff barriers to trade.
Trump portrays the tariffs as a tax on foreigners, but the reality is that tariffs are taxes on US companies and consumers.
"China promises that it will continue to unswervingly push forward reform and opening-up based on established arrangements and pace, firmly support economic globalization, firmly safeguard free trade rules and multilateral trade mechanisms to realize joint development and share prosperity with all countries that pursue progress", the commission said. Other emerging market economies will have no choice but to follow China's devaluation lead.
Concerns about the trade war have already affected China's currency, which has fallen nearly 9% against the dollar since April. China continues to move forward while for U.S. farmers, the trade war has represented a major step backwards.
In terms of Trump's claim that money raised from the tariffs will help pay down the debt, the United States has a debt of over $21 trillion.
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It was the latest in a series of tariffs, with the first being imposed by Trump back in early February.
The dispute is part of broader US complaints about global trading conditions that have prompted Trump to raise duties on steel, aluminum, washing machines or solar panels from Canada, Europe, Japan and South Korea.
China is willing to resolve differences with the United States on an equal footing, the Chinese government's top diplomat said after meeting U.S. Secretary of State Mike Pompeo, but added they did not address their trade war too specifically. Not so the case, however, with China.
The US and China: poles apart?
"The U.S. gas industry will be much harder hit by this as China imports only a small volume whereas U.S. suppliers see China as a major future market". The divergence between USA agriculture's collective struggle to retain healthy profits without access to the Chinese market and Huawei beating all of its American competitors to become the second most popular smartphone brand in the world just after South Korea's Samsung, is indicative of the fact that many of China's flagship brands cannot only survive but thrive even when being cut off from the U.S. market.
Third, it is demanding stringent limits and reductions in China's current policy requiring United States nextgen technology transfer from USA businesses operating in China.
But based on the latest trade numbers, released Friday, it appears Trump is falling short of his main goal for trade battles; the USA trade deficit is actually heading in the opposite direction. But what the United States really means is nextgen military-capable software intellectual property.
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