China hits U.S. with higher tariffs on soybeans, cars, oil
- Author: Darren Santiago Aug 24, 2019,
Aug 24, 2019, 0:34
Tariffs of 10% and 5% will take effect on two batches of goods on September 1 and December 15.
The United States postponed the implementation of about half of those tariffs, which will cover several categories of Chinese-made consumer goods, until December.
"Our great American companies are hereby ordered to immediately start looking for an alternative to China, including bringing your companies HOME and making your products in the US".
In an interview on CNBC, Federal Reserve Bank of Cleveland President Loretta Mester said she viewed the Chinese retaliatory tariffs as "just a continuation" of the aggravated trade policy uncertainty that has begun weighing on American business investment and sentiment.
The United States is pressing China to narrow its trade surplus and roll back plans for government-led development of global competitors in robotics and other technologies.
"It is unclear as things stand whether the US-China trade negotiations will continue as planned in early September", said Agathe Demarais, global forecasting director at The Economist Intelligence Unit, in an e-mail statement.
"On the other hand, for China tariffs (on the U.S.), the products in which third countries benefit most from China import substitution are mostly in agricultural and other commodities such as copper, soybeans, gold, aircraft, grains and cotton". "The word "enemy" really takes this to a new level", said Bonnie Glaser, a China expert at the Center for Strategic and International Studies. About 15 minutes into trading, the Dow Jones Industrial Average was at 26,149.07, down 0.4 per cent.
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But as Trump rejects such warnings while keeping his foot on the gas in the clash with China, American businesses responded to his latest guidance by urging continued trade talks.
The President's tweets come in response to the Chinese government imposing retaliatory tariffs on $75 billion worth of USA imports as the trade war between the two countries continues to escalate. He said they were "well anticipated" and would only strengthen Mr Trump's resolve.
The Trump administration already has imposed a 25% tariff on $250 billion worth of imports from China.
"I will be responding to China's Tariffs this afternoon".
Trump has recently linked the success of a trade agreement with China to Beijing's policies towards the Hong Kong protests, which have been ongoing for weeks.
He says we're living in a global economy and it makes bad business sense to cut out the world's second largest economy in China.
Meanwhile China has hit back with duties on around $110 billion of United States goods - or almost all of the $120 billion worth of American goods it imported previous year. Carmakers such as Daimler and Tesla had adjusted their prices in China when the auto and auto parts tariffs had been suspended.