World

How Trump's China Tariffs May Cost You More Money

How Trump's China Tariffs May Cost You More Money

Washington raised the stakes in its trade war with China on Tuesday, proposing 10 percent tariffs on an extra $200 billion worth of Chinese imports, from food products to tobacco, chemicals, coal, steel and aluminum.

When asked if China believes it can still restart the talks with the US, Hua replied that a trade war is the last thing they want, but are in no way afraid of fighting one.

Meanwhile, farmers hurt by Chinese tariffs on USA agricultural exports pose a political risk for Mr. Trump and for Republicans, especially as the November midterm elections loom.

It also includes consumer goods ranging from vehicle tires, furniture, wood products, handbags and suitcases, to dog and cat food, baseball gloves, carpets, doors, bicycles, skis, golf bags, toilet paper and beauty products.

China has yet to say how it will respond after the fresh round of USA tariffs would bring to $250 billion the total of Chinese goods impacted, once the latest list of duties take effect after a two-month comment period.

"The latest list of $200 billion of products to be subject to tariffs against China doubles down on a reckless strategy that will boomerang back to harm US families and workers".

"China is shocked at the USA action", the Commerce Ministry said in a statement on its website Wednesday.

The additional tariffs could affect as much as $468bn in trade between the two countries, with the possibility of an ever more expansive levies that US President Donald Trump threatened to impose on China.

In China, Hong Kong's Hang Seng index dropped 1.5%, while the Shanghai Composite fell 1.8%.

The onshore yuan tracked its offshore counterpart lower with traders closely watching the key 6.7 per dollar level as pressure mounted on the currency.

China and the USA face a wider trade war, after Beijing vowed on Wednesday to retaliate over Washington's threat to impose $200bn in additional tariffs on Chinese goods.




With the publication in the Federal Register, the administration will have a public hearing August 20, 2018, followed by a two-month consultation on these proposed tariffs, after which the tariffs could be imposed in September.

US Senate Finance Committee Chairman Orrin Hatch described the move was "reckless".

"Tariffs are taxes, plain and simple".

"American families are the ones being punished".

However, a move by China against USA multi-nationals "could pose a far greater threat to the index in time", Jones said.

And when American companies try to set up ventures or joint ventures in China, they are required to have a Chinese partner, and they're required to share their technology with their Chinese partner.

The officials said they tried to target goods that would reduce the harm to USA consumers.

China's Commerce Ministry said on Wednesday that it was "shocked" and would complain to the World Trade Organisation, but did not immediately say how it would retaliate.

"This type of irrational behavior is unpopular", the statement said, adding China would tack on the case to its suit against the U.S. at the WTO. "Right now, world trade is relatively chaotic".

USA policy "actually interferes with the process of economic globalization" and "damages the world economic order", charged Li.

The proposed tariffs come just days after the Trump administration imposed 25 percent tariffs on more than 800 Chinese products worth about $34 billion, citing what it calls China's unfair trade practices and intellectual property theft.Beijing followed suit with an equal amount of levies on USA goods. "China has no option but to fight fire with fire".


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