China announces 25 percent import duties on 106 United States products
- Author: Ryan Wade Apr 05, 2018,
Apr 05, 2018, 1:26
At 2:43 p.m (1843 GMT), the Dow Jones Industrial Average .DJI rose 86.19 points, or 0.36 percent, to 24,119.55, the S&P 500 .SPX gained 14.44 points, or 0.55 percent, to 2,628.89 and the Nasdaq Composite .IXIC added 48.12 points, or 0.69 percent, to 6,989.40.
China said it would levy an additional 25% tariff on imports of 106 USA products including soybeans, automobiles, chemicals and aircraft, in response to proposed American duties on its high-tech goods.
The tariffs wouldn't kick in right away.
The pain extended to USA companies that could be harmed by the planned sanctions. "We hope that the USA side, with sense and long-term picture in mind, refrain from going further down the wrong path".
"What we're talking about on both sides is a fraction of 1 percent of both economies", he said.
Ever more regrettable, the move will give the world a stronger impression that the US government abuses worldwide rules whenever it wants. For example, the White House did not announce new import duties on shoes and clothing from China, which are staples of discount stores in the U.S. Tariffs on those products would have raised prices for consumers. It's part of the process. They've created a trade deficit, and I really blame our representatives and, frankly, our preceding presidents for this. There are carrots and sticks in life...
Tobacco and whiskey, for example, are both on Beijing's list and are produced in states including Kentucky, home of Senate Majority Leader Mitch McConnell.
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Sorghum's another commodity that's been closely watched since China announced an investigation into imports from the U.S.in February, just two weeks after U.S. President Donald Trump's slapped tariffs on imported solar panels and washing machines, his opening salvo in what's since become a fully-fledged trade war.
Trump raked up the issue of trade gap with China once again, saying the U.S. can not afford to have a Dollars 500 billion a year trade deficit with Beijing.
The president of the United States has threatened to impose more tariffs on other Chinese products worth more than 50,000 million dollars, a measure that aims to reduce the enormous trade deficit that his country maintains with the Asian giant and on what he considers an alleged theft of intellectual property by China.
NEW YORK Stocks are sinking again after the USA and China each announced tariffs on goods exported by the other, a move that increased investors worries over a trade dispute that could slow down global commerce.
Experts believe that China may soon follow Mexico's example and turn to Brazil in an effort to offset the loss of USA soybeans.
In a press conference, China's deputy finance minister Zhu Guangyao insisted China did not want a trade war.
Beijing imposes tariffs on U.S. imports worth around $3 billion, including a 15% duty on 120 American products including fruits, nuts, wine and steel pipes and a 25% tax on eight others, like recycled aluminum and pork. Chinese officials said they were obliged to act after the US announced plans for tariffs in an escalating dispute over China's technology program and other trade issues.
William Zarit, chairman of the American Chamber of Commerce in China, says Beijing's potential retaliation in an escalating dispute with Washington is a concern for every USA company doing business in China.
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Davidson says replacing USA soybeans will be challenging and Canada doesn't have the extra volume even though it is the fastest growing field crop in the country.
As it stands, China is more vulnerable than the US, says Katsoras.
"China needs to substantially improve market access and competitive conditions for American companies selling to and investing in China in certain sectors, but unilateral tariffs may do more harm than good and do little to address the problems in China's IP and tech transfer policies".
Unlike Washington's list, which was filled with many obscure industrial items, China's list strikes at signature United States exports. Known as the Made in China 2025 program, the plan specifies efforts to build up cutting-edge industries like robotics, aerospace and electric cars.
Mr Wang defended Made in China 2025, saying it was "transparent, open and non-discriminatory" and foreign companies could participate.
By contrast, because the United States imports significantly more from China, tariffs on the same amount of products make up roughly one-ninth of its Chinese imports.
The MOC said the US published the list in disregard of the mutually-beneficial and win-win nature of the China-US commercial cooperation in the past 40 years, the appeal of the Chinese and American business communities and the interests of consumers, it said. That excludes much heavier Boeing jetliners, leaving Beijing additional high-profile targets for possible future rounds of the conflict.
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