US Tariffs Now Include Wireless Routers, China Responds
- Author: Darren Santiago Sep 19, 2018,
Sep 19, 2018, 12:28
In a brief statement posted online Tuesday, China's Commerce Ministry said, "To protect its legitimate rights and interests and order in worldwide free trade, China is left with no choice but to retaliate simultaneously".
The Chinese government said Tuesday that it would impose tariffs on USA goods worth $60 billion following the Trump administration's announcement that it was hitting $200 billion worth of Chinese goods with new tariffs. "We really went item-by-item trying to figure out what would accomplish the punitive goal on China and yet with the least disruption in the U.S".
American officials said Monday they were conscious of the need for American businesses to find alternate suppliers before the tariffs hit.
"What China does not understand is that these people are great patriots and fully understand that.China has been taking advantage of the United States on Trade for many years", he tweeted.
"The US had already imposed tariffs on $50 billion of Chinese imports so this takes us up to $250 billion of goods that are taxed - just under half the value of all Chinese imports previous year".
The tariffs will become effective on 24 September, if the US' renewed tariffs on $200 billion worth Chinese products take effect, the official media here quoted CCTC as saying.
"China has always emphasized that the only correct way to resolve the China-US trade issue is via talks and consultations held on an equal, honest and mutually respectful basis", Geng said.
"Mounting U.S. pressure on China is unlikely to result in concessions from Beijing. Instead, given its economic resilience, it will squarely face those challenges, find the right solutions, and emerge stronger", it said.
The ultra-nationalist group in the administration, led by Peter Navarro, Director of the National Trade Council and Commerce Secretary Wilbur Ross, believes that the US will win a trade war with China.
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"Ten percent isn't much, it's really just a warning shot", University of Maryland economist Peter Morici said during an interview on FOX Business' "Mornings with Maria" of the Trump administration's latest tariffs.
India has postponed levying its own set of retaliatory tariffs on United States goods. The group questioned whether or not the tariffs are actually legal-it said "Congress has not given the president or the USTR a blank check to pursue a trade war"-and expressed its hope that the Trump administration will rethink the tariffs. The Administration will continue to encourage China to allow for fair trade with the United States".
"In the short term, we will have higher prices and fewer jobs than we would have had otherwise", Sohn said.
However, senior administration officials told reporters the initial list announced in July was reduced by 300 product lines after the administration received 6,000 written comments from consumers and businesses.
New tariffs on US crude might not necessarily spoil the oil market directly.
The tariffs also put retailers in a tough position.
The higher import taxes will apply to more than 5000 items, marking the biggest round of U.S. tariffs so far. State owned enterprises account for around 30 percent of the economy and yet enjoy almost 70 percent of all financing, the report said.
In a further attempt to cushion the blow, Washington canceled plans to put tariffs on about 300 product categories, including hot consumer items like smart watches and Bluetooth-enabled devices, chemicals for manufacturing, agriculture and textiles, as well as bicycle helmets, and children's high chairs, vehicle seats and play pens.