President Trump's Latest Tariffs on Chinese Goods will Hurt Consumers

Adjust Comment Print

China imposed new tariff hikes on USA goods on Monday and accused Washington of bullying, giving no sign of compromise in an intensifying battle over technology that's weighing on global economic growth.

Last week, China announced retaliatory tariffs on USA products worth $60 billion after the United States did not withdraw its duties on Chinese imports worth $200 billion effective from Monday.

The U.S. and China implemented another round of tariffs on billions of dollars' worth of one another's goods on Monday, which has the potential to raise U.S. prices on some common consumer items.

But Trump has taken an increasingly hard line on trade around the world, with $200 billion (R2 863 300 000 000,00) in tariffs on Chinese exports set to take effect on Monday.

The US slapped a 25 percent tariff on $34 billion of Chinese goods in early July.

China's exports to the USA accounted for 19 percent of all its overseas shipments past year, according to a white paper published by China's cabinet, the State Council, on Monday.

Speaking a day after Washington activated tariffs on $200 billion in Chinese goods, vice commerce minister Wang Shouwen said China is open to negotiations but that the two sides must treat each other "equally and with respect".

As the latest wave of China-U.S. tariffs take effect, BNN Bloomberg's Amanda Lang speaks with Leland Miller, CEO of China Beige Book, to get a better sense of the risks and opportunities of investing in China.

Deontay Wilder v Tyson Fury: Fight confirmed for 1 December
Undefeated heavyweight champion of the world Anthony Joshua wants to face American Deontay Wilder in his next Wembley showpiece. Joshua jumped on Povetkin with another combination that forced the referee to jump in and stop the fight.

Germany has outpaced the United States as the top exporter of vehicles to the Chinese market, Beijing's Commerce Ministry said, citing current Sino-American trade tensions as the major reason for the decline in the USA share.

Business groups say American companies report Chinese regulators also are stepping up pressure on them by slowing down customs clearance and increasing environmental and other inspections.

Japan and the European Union signed a free trade deal that creates the world's largest open economic area, amid fears that a US-China trade war will diminish the role of free trade in the global economic order.

China imports far less from the United States, making a dollar-for-dollar match on any new U.S. tariffs impossible.

But he said the government is working to accommodate their needs and reduce their tax burdens.

Several rounds of Sino-US talks in recent months have appeared to produce no breakthroughs and fresh negotiations which had been expected in coming weeks have been cancelled after Beijing reportedly decided late last week not to send a delegation to Washington.

Isaac Boltansky, a policy analyst at the research and trading firm Compass Point, said the broadside against China and continued threats of tariffs could trigger a more forceful response from Beijing. The main United States trading partners like China, the European Union, Canada and Mexico have joined in retaliating.

But China was able to compensate for the economic impact of the trade war at home, mainly by boosting domestic demand and improving the environment for private businesses, the officials said.