Sunday, 18 November, 2018

US to slap tariffs on extra $200 billion of Chinese imports

Dealing rooms were in sombre mood early Dealing rooms were in sombre mood early
Nellie Chapman | 11 July, 2018, 04:25

Administration officials said a two-month process would allow the public to comment on the proposed tariffs before the list is finalised.

The US has ramped up its trade war with China, outlining a list of $200bn (£150bn) worth of additional products it plans to place tariffs on.

The list could be released as soon as Tuesday, and likely this week, according to the people, who spoke on condition of anonymity because the matter isn't public.

The Trump administration raised the stakes in its trade war with China on Tuesday, saying it would slap 10 percent tariffs on an extra $200 billion (£150.8 billion) worth of Chinese imports.

Just after midnight on July 6, the United States began collecting 25 percent tariffs on $34 billion in imports from China.

Companies are "scrambling to readjust supply chains" so goods bound for the United States don't pass through China, Harborn said at a news conference. Industry groups have also highlighted the duties' potential to derail USA economic growth.

Tne Trump administration has announced additional China tariffs, say insiders.

The administration says its tariffs are created to punish China for what it calls unfair trade practices, theft of intellectual property, and "forced technology transfers". Since then, the president has said his administration could impose duties on virtually all Chinese imports into the U.S. These tactics include the outright theft of trade secrets, government subsidies to homegrown tech firms and demands that US and other foreign companies hand over technology if they want access to China's vast market.

The tariffs could take effect after public consultations end on August 30, according to a statement from the US Trade Representative's office Tuesday. "We can not turn a blind eye to China's mercantilist trade practices, but this action falls short of a strategy that will give the administration negotiating leverage with China while maintaining the long-term health and prosperity of the American economy".

The U.S. Chamber of Commerce, which has supported Trump's tax cuts and efforts to reduce regulation of businesses, also criticized the administration's move.