China hits back at Trump: Tariffs on $60 billion of U.S. goods
- Author: Tracy Klein Sep 26, 2018,
Sep 26, 2018, 6:02
According to a report from CNN, the letter from Walmart said of the tariffs, "The immediate impact will be to raise prices on consumers and tax American businesses and manufacturers".
-China Business Council (USCBC) was released earlier this week after President Donald Trump announced his intentions to impose tariffs on more than $200 billion worth of Chinese imports, subject to a 10% tariff beginning September 24.
Some analysts and American businesses are now concerned China could resort to other means of retaliation such as pressuring USA companies operating in China.
Well, China did take a retaliatory step this week, placing $60 billion worth of tariffs on US exports.
The deepening rift between China and the United States has stoked concerns about job losses on both sides of the Pacific as tariffs threaten to erode trade flows and economic growth.
This comes after President Trump announced another round of tariffs on Monday, targeting about $200 billion worth of Chinese goods.
China is planning to cut the average tariff rates on imports from the majority of its trading partners as soon as next month, two people familiar with the matter said, in a move that will lower costs for consumers as a trade war with the US deepens. So if Trump fulfills his threat and hits the remaining $267 billion of Chinese exports as well, by next Sunday ALL America's imports from China and ALL China's imports from the United States will be paying tariffs.
Meanwhile, Xi's regime would be stoking Chinese nationalism and blaming the United States for all the domestic misery. While the US has yet to move forward with the additional $267 billion in tariffs does not mean it won't, stay tuned.
"The world economy has been imperiled for a long time, because the largest economy in the world is running a trade deficit", he said.
"This has become a kind of US routine", he said. The MFN rule requires all countries to be treated equally unless specific exceptions are agreed, and the U.S.is also covered by MFN status.
China remains an important market for American companies despite the challenges. Some of the exported parts are imported back to us in the completed cars. "As we head into the 2018 harvest season for corn and soybeans out here in Iowa, this escalation of the trade conflict couldn't have come at a worse time", says Iowa Ag Secretary Mike Naig. "We urge the administration to think twice before slapping on this round of tariffs". "The farmers then complain that dealing with China is like trying to build a business out of a casino".