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China, US Ratchet up Trade War

Saturday 24 August 2019
China, US Ratchet up Trade War

Alwaght- The US-China trade war ratcheted up yet again on Friday when US President Donald Trump has hit back at China's decision to levy a new round of retaliatory tariffs on about $75 billion worth of US goods.

The United States will raise existing tariffs on $250 billion in Chinese imports to 30% from 25%, beginning on Oct. 1, Trump said on Twitter Friday.

He added that the duties on another $300 billion in Chinese products, set to take effect on Sept. 1, will be increased by 5 percent, reaching 15%.

...unfair Trading Relationship. China should not have put new Tariffs on 75 BILLION DOLLARS of United States product (politically motivated!). Starting on October 1st, the 250 BILLION DOLLARS of goods and products from China, currently being taxed at 25%, will be taxed at 30%...

Donald J. Trump (@realDonaldTrump) August 23, 2019

...Additionally, the remaining 300 BILLION DOLLARS of goods and products from China, that was being taxed from September 1st at 10%, will now be taxed at 15%. Thank you for your attention to this matter!

Donald J. Trump (@realDonaldTrump) August 23, 2019

This came hours after China said it would hit US imports worth $75 billion with new tariffs starting September 1 and December 15, as retaliation for Washington's planned tariff hikes in a bruising trade war.

The punitive tariffs would range from 5 percent to 10 percent on 5,078 items from the US, China's state council tariff office announced on Friday.

Trump also criticized the past US administrations for what he said allowing “China to get so far ahead of Fair and Balanced Trade that it has become a great burden to the American Taxpayer.” He said that he would stop this from happening.

....Sadly, past Administrations have allowed China to get so far ahead of Fair and Balanced Trade that it has become a great burden to the American Taxpayer. As President, I can no longer allow this to happen! In the spirit of achieving Fair Trade, we must Balance this very....

Donald J. Trump (@realDonaldTrump) August 23, 2019

Earlier in the day, Trump said he had "ordered" US companies to change their production strategies.

"Our great American companies are hereby ordered to immediately start looking for an alternative to China, including bringing your companies HOME and making your products in the USA,” he tweeted.

Trump initiated what is effectively a trade war with China last year, when he first imposed unusually heavy tariffs on imports from the country. Since then, the two sides have exchanged tariffs on more than 360 billion dollars in two-way trade.

Beijing, accusing Washington of practicing “naked economic terrorism” against the country, has opposed the US tariff hikes, saying they are harmful not only to China and the US, but to the whole world.

Beijing and Washington have held several rounds of talks to settle the issue, but to no avail so far.

US and Chinese negotiators met in Shanghai last month for the first time since bilateral talks on trade collapsed in May, and were due to hold another round next month.

 

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