China Plans Tariffs on $60 Billion of Imports to Counter Trump

The Trump administration ratcheted up pressure for trade concessions from Beijing this week by proposing a higher 25% tariff on $200 billion worth of Chinese imports

China Plans Tariffs on $60 Billion of Imports to Counter Trump

USA agricultural producers in particular are feeling the sting of the trade war.

The two countries have been embroiled for months in a trade conflict that has threatened to hurt consumers in both countries.

China kept the world's No. 2 stock market status for four years.

Some say President Trump is trying to raise pressure on China ahead of key mid-term elections at home in November.

Beijing warned it was prepared to impose new tariffs on 60 billion worth of US goods if Washington ups the ante in the escalating US-China trade war.

Xu Hongcai, an economist with the China Center for International Economic Exchanges, said: "Even though the U.S. industrial system is large and comprehensive in general, its manufacturing and consumer sectors have had much reliance on imports for many years". These countries have retaliated.

China signaled Friday that it has no intention of retreating from a trade war.

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The vehicle industry seems to have been the most affected so far, with three major automakers recently warning that changes to trade policies are hurting performance.

At the same time, Trump has credited tariffs with helping revitalize the steel industry.

Fiat Chrysler also cut its 2018 revenue outlook after sales in China slumped, as buyers postponed purchases in anticipation of lower auto tariffs. "Cooperation is the only right choice for China and the United States", Chinese Foreign Minister Wang Yi said after meeting US Secretary of State Mike Pompeo in Singapore, according to China's official Xinhua news agency.

Also, tariffs on Dollars 34 billion worth of Chinese goods were levied last month.

Beijing has insisted its measures are "rational" and warned the USA its tactics would not work. We want to see trade reforms.

"The US and China have backup plans in areas like technology and agriculture, where they can look towards importing from third-party nations", Ye Tan, an independent Chinese economic analyst, told AFP. The president's chief economic adviser also revealed there would be a "number of announcements" over the next 30 days covering trade deals with the EU.

"It adds to inflation pressure and interest rates and [would] strengthen the dollar, which makes trade situation even worse" for the US, he said.

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Other firms in the broader industry are also considering their options.

The tariffs follow talks this spring that failed to produce an agreement.

The new list includes products as varied as snow blowers and 3-D printers, suggesting Chinese authorities are struggling to find enough imports their own economy can do without. "Likewise other countries. We are Winning, but must be strong!"

Keith Weinberger, chief executive of Empire Today, a flooring company in Northlake, Ill., said he "might be able to offset" a 10% tariff on his purchases of Chinese vinyl flooring.

The People's Bank of China earlier in the day was forced to step in to prop up the yuan, imposing restrictions that make it more expensive to short-sell, after a record string of weekly losses. Winnebago, maker of RVs, also has raised some of its prices, blaming higher steel and aluminum costs.

The International Monetary Fund says an escalation of the tit-for-tat tariffs could shave 0.5% off global growth by 2020.

The US and China implemented tariffs on $46 billion worth of each others' goods in July.

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