Trump preparing additional tariffs on $200B in Chinese goods
11 July 2018, 05:12 | Joann Bryant
What Is the Endgame for the Trump Trade Wars?
The Trump administration is preparing to impose tariffs on US$200-billion more in Chinese goods, a move that would intensify the bruising trade war between the world's two largest economies. "This new round of proposed tariffs takes the fight onto yet another level from which it is going to be hard for either side to make a graceful retreat", said Eswar Prasad, former head of the International Monteary Fund's China division.
China accused the USA of starting "the largest trade war in economic history", after the first round of tariffs took effect last week.
The Trump administration on July 6 imposed 25 percent duties on $34 billion in Chinese imports, the first time the president has implemented tariffs directly on Beijing after threatening to do so for months.
USTR will hold hearings in late August on the list of targeted products, and an administration official said it would take about two months to finalize, at which point Trump would decide whether to go ahead with the tariffs.
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More than 6,031 product lines are affected by the proposed tariffs, including seafood, fruits and vegetables, grains, tobacco, auto rearview mirrors and burglar alarms.
Members of Congress are increasingly questioning Trump's aggressive trade policies, warning that tariffs on imports raise prices for consumers and expose United States farmers and manufacturers to retaliation overseas. Rather than address our legitimate concerns, China has begun to retaliate against US products. Beijing immediately retaliated with similar duties on USA exports.
US officials say they remain willing to bargain. The trade war could also jeopardize China's help in confronting North Korea's nuclear program.
While China's theft and coercion of intellectual property from foreign companies is a widely acknowledged problem, trade experts are largely skeptical of Mr. Trump's strategy to deal with it through punitive tariffs.
The White House has complained that China has used predatory practices in a relentless push to grant Chinese companies an unfair advantage in the industries of the future, including robotics, electric cars and biopharmaceuticals.
China's retaliation to those measures was "without any worldwide legal basis or justification", Lighthizer said Tuesday.
"I'm not sure that Trump feels pressure".
The U.S.is now considering levying duties on a further $16 billion in Chinese goods, after a public hearing later this month.
"Unfortunately, China has not changed its behaviour - behaviour that puts the future of the USA economy at risk".
"Xi Jinping and the Communist Party do not face midterm elections in November", Rank said of the Chinese president, who is no longer bound by term limits.
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