China's new round of tariffs were made public shortly after President Trump made his September 17 decision.
Prior to its announcement of the new tariffs, which will target American goods such as liquefied natural gas, the Chinese ministry of commerce said it had no choice but to retaliate. Another 1,600 product categories will receive 5-percent tariffs.
"It has to cope with the economic fallout from the expanding tradewar and try to limit the damage but has to be careful not be seen as caving in to USA demands", he said.
Washington had announced on Monday (Sept 17) that the U.S. will begin to levy new tariffs of 10 per cent on US$200 billion of Chinese products starting on Sept 24, with the tariffs to go up to 25 per cent beginning 2019.Trump has threatened duties on a further US$267 billion of made-in-China goods, which would hit nearly all other consumer products including mobile phones, shoes and clothes.
About two weeks ago, Walmart Inc sent a letter to U.S. Trade Representative Robert Lighthizer. They'll also hurt USA companies operating in China or using Chinese components, help their rivals in other countries, increase business uncertainty and further undermine the rules-based global trading system.
"The main impact for the USA would be on corporate earnings and the stock market, partly due to uncertainty caused by the speed of change", said Derek Scissors, chief economist at the China Beige Book. "This is one reason why we expect Beijing's retaliation to Trump's tariffs to be fairly calibrated".
The promise to further lower import tariffs came as China and the United Stated remained locked in a bitter trade dispute that has roiled financial markets and cast uncertainty over global supply chains.
US multinationals such as Tesla and ExxonMobil have announced huge investment programs in China recently, casting ballots of confidence in favor of Beijing. We have rebuilt China. Chinese military officers have been indicted by USA prosecutors on charges of computer hacking to steal business secrets.
Amid the escalating tensions, China has reportedly canceled a mid-level delegation visit to Washington next week, that was supposed to pave the way for further trade negotiations with President Xi's top economic adviser and vice-premier Liu He, the Wall Street Journal reported, citing sources.
Speaking to reporters at the White House on condition of anonymity, the official said despite its protestations, China was well aware of United States demands it halt what Washington considers unfair trade practices. Today's tariffs, said former US trade official Holleyman, "may become the new normal".
"It isn't clear what steps China can show it is taking in the short-term to abandon its entire industrial strategy, which is ultimately a long-term process", Megan Greene, chief economist at Manulife Asset Management, wrote Wednesday.
"Those companies are so sensitive on the pricing", O'Scannlain said, "even a 10 percent increase could cause them to move away from that". If not, the economic losses from his trade-war adventure will really start to mount. MIR manufactures in Denmark and counts the United States and China as its biggest markets.
Some smaller companies worry they could go out of business entirely.
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