Zippyjuan
04-04-2018, 04:38 PM
http://d25d2506sfb94s.cloudfront.net/cumulus_uploads/document/4e7f92zbz6/econTabReport.pdf
White House Unveils Tariffs on 1,300 Chinese Products
WASHINGTON — The Trump administration said Tuesday that it will place a 25 percent tariff on Chinese products like flat-screen televisions, medical devices, aircraft parts and batteries, outlining more than 1,300 imported goods that will soon face levies as part of a sweeping trade measure aimed at penalizing China for its trade practices.
The move, which stems from a White House investigation into China’s use of pressure, intimidation and theft to obtain American technologies, is likely to inflame an already-simmering trade war between the countries. On Monday, China said it would slap tariffs on 128 American products in response to a separate White House plan to tax steel and aluminum from China and other countries.
The products targeted by the White House are part of its plan to go after China’s dominance in cutting-edge technologies like semiconductors, electric vehicles and advanced medical products — industries that China is pursuing dominance in as part of an industrial plan known as “Made in China 2025.”
The Trump administration said that its analysts had identified products that benefit from these policies but refined the list to remove goods that were likely to cause disruptions to the United States economy or consumers.
The list of goods excludes many Chinese-made consumer products available for sale at Target or Walmart, including clothing, shoes and toys. But it will most likely increase costs for American manufacturers that depend on imported parts because it concentrates heavily on machinery and high-tech components. The tariffs will be imposed on a total of $50 billion worth of Chinese products each year.
More at link.
https://www.npr.org/2018/04/03/599285356/trump-administration-identifies-chinese-tariff-targets
China Responds To Trump Administration's Latest Tariff List
China responded on Wednesday to the Trump administration's published list of Chinese exports that could soon be subject to a steep 25 percent tariff.
The White House list covers some $50 billion worth of Chinese goods in sectors such as aerospace, robotics, IT and machinery.
China's Ministry of Commerce said Wednesday that it would impose tariffs of 25 percent on 106 types of U.S. products worth $50 billion, including soybeans, aircraft and automobiles. There was no indication of when the new tariffs would take effect. The Commerce Ministry also said it had opened a dispute against the U.S. at the World Trade Organization.
"It must be said, we have been forced into taking this action," a deputy commerce minister, Wang Shouwen, said at a news conference, according to The Associated Press. "Our action is restrained."
China's commerce ministry said it has initiated a World Trade Organization dispute procedure against the U.S. 301 tariffs investigation on Wednesday, amid an escalating trade dispute between the world's two largest economies.
Last month, President Trump directed his trade advisers to develop the list as a way to punish China for what the White House calls unfair treatment of American intellectual property. Trump has also ordered his treasury secretary to weigh new limits on Chinese investment in the United States.
The list of tariff targets was made public after the market closed on Tuesday. News of retaliatory tariffs from China on $3 billion worth of U.S. goods contributed to sharp sell-off on Wall Street Monday.
The administration will solicit written comments on the proposed tariff targets through May 11 and hold a hearing on May 15. Supporters and opponents began weighing in as soon as the list was released.
China's embassy in Washington, D.C., issued a statement early Wednesday saying Beijing "strongly condemns and firmly opposes" the proposed list.
"As the Chinese saying goes, it is only polite to reciprocate," the statement continued. "The Chinese side will resort to the WTO dispute settlement mechanism and take corresponding measures of equal scale and strength against U.S. products in accordance with Chinese law."
The U.S. Chamber of Commerce said it shares the president's concern with China's conduct but warned tariffs would simply raise prices on U.S. consumers and businesses.
China currently buys about one third of our entire soy output and almost two thirds of our exports and automobile makers have been trying to gain market in China. This will hurt them. Brazil soy exports have been rising and could replace US sales to China.
Trump tweeted that the US is not in a trade war with China.
Chinese tariffs have been primarily aimed at industries like agriculture in states Trump carried in the last election.
White House Unveils Tariffs on 1,300 Chinese Products
WASHINGTON — The Trump administration said Tuesday that it will place a 25 percent tariff on Chinese products like flat-screen televisions, medical devices, aircraft parts and batteries, outlining more than 1,300 imported goods that will soon face levies as part of a sweeping trade measure aimed at penalizing China for its trade practices.
The move, which stems from a White House investigation into China’s use of pressure, intimidation and theft to obtain American technologies, is likely to inflame an already-simmering trade war between the countries. On Monday, China said it would slap tariffs on 128 American products in response to a separate White House plan to tax steel and aluminum from China and other countries.
The products targeted by the White House are part of its plan to go after China’s dominance in cutting-edge technologies like semiconductors, electric vehicles and advanced medical products — industries that China is pursuing dominance in as part of an industrial plan known as “Made in China 2025.”
The Trump administration said that its analysts had identified products that benefit from these policies but refined the list to remove goods that were likely to cause disruptions to the United States economy or consumers.
The list of goods excludes many Chinese-made consumer products available for sale at Target or Walmart, including clothing, shoes and toys. But it will most likely increase costs for American manufacturers that depend on imported parts because it concentrates heavily on machinery and high-tech components. The tariffs will be imposed on a total of $50 billion worth of Chinese products each year.
More at link.
https://www.npr.org/2018/04/03/599285356/trump-administration-identifies-chinese-tariff-targets
China Responds To Trump Administration's Latest Tariff List
China responded on Wednesday to the Trump administration's published list of Chinese exports that could soon be subject to a steep 25 percent tariff.
The White House list covers some $50 billion worth of Chinese goods in sectors such as aerospace, robotics, IT and machinery.
China's Ministry of Commerce said Wednesday that it would impose tariffs of 25 percent on 106 types of U.S. products worth $50 billion, including soybeans, aircraft and automobiles. There was no indication of when the new tariffs would take effect. The Commerce Ministry also said it had opened a dispute against the U.S. at the World Trade Organization.
"It must be said, we have been forced into taking this action," a deputy commerce minister, Wang Shouwen, said at a news conference, according to The Associated Press. "Our action is restrained."
China's commerce ministry said it has initiated a World Trade Organization dispute procedure against the U.S. 301 tariffs investigation on Wednesday, amid an escalating trade dispute between the world's two largest economies.
Last month, President Trump directed his trade advisers to develop the list as a way to punish China for what the White House calls unfair treatment of American intellectual property. Trump has also ordered his treasury secretary to weigh new limits on Chinese investment in the United States.
The list of tariff targets was made public after the market closed on Tuesday. News of retaliatory tariffs from China on $3 billion worth of U.S. goods contributed to sharp sell-off on Wall Street Monday.
The administration will solicit written comments on the proposed tariff targets through May 11 and hold a hearing on May 15. Supporters and opponents began weighing in as soon as the list was released.
China's embassy in Washington, D.C., issued a statement early Wednesday saying Beijing "strongly condemns and firmly opposes" the proposed list.
"As the Chinese saying goes, it is only polite to reciprocate," the statement continued. "The Chinese side will resort to the WTO dispute settlement mechanism and take corresponding measures of equal scale and strength against U.S. products in accordance with Chinese law."
The U.S. Chamber of Commerce said it shares the president's concern with China's conduct but warned tariffs would simply raise prices on U.S. consumers and businesses.
China currently buys about one third of our entire soy output and almost two thirds of our exports and automobile makers have been trying to gain market in China. This will hurt them. Brazil soy exports have been rising and could replace US sales to China.
Trump tweeted that the US is not in a trade war with China.
Chinese tariffs have been primarily aimed at industries like agriculture in states Trump carried in the last election.