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Daily Trends Now


China strikes US$60B of U.S. goods in widening trade war

China strikes US$60B of U.S. goods in widening trade war

China announced $60 billion in retaliatory measures on Tuesday, which included a 10 percent tariff on imported LNG from the United States. The Office of the U.S. Trade Representative has charged that China is using predatory tactics to obtain foreign technology.

"They also know that I am the one that knows how to stop it", he said.

He noted the day prior: "China has been taking advantage of the United States on Trade for many years". The initial 10% tariffs on furniture and bedding take effect September 24, then rise to 25% in January.

In a post on its wesbsite, China's Commerce Ministry accused the USA of causing an "economic emergency" in China, and forcing China to retaliate.

President Donald Trump has repeatedly accused China of manipulating its currency to combat U.S. tariffs.

"China has always managed to find the proper solutions to put its economy back on track", the China Daily said. "We really went item-by-item trying to figure out what would accomplish the punitive objective on China and yet with the least disruption in the U.S.". "Instead, given its economic resilience, it will squarely face those challenges, find the right solutions, and emerge stronger", it said.

"Tariffs are a tax on American families, period", said Hun Quach, vice president for worldwide trade from the Retail Industry Leaders Association (RILA).

The U.S. Chamber of Commerce criticized the tariffs, saying Monday that the decision "makes clear that the administration did not heed the numerous warnings from American consumers and businesses". Beyond that, Trump has threatened tariffs on all automotive imports, which would be another $350 billion worth of goods.

A senior Chinese securities market official said USA trade actions will fail as China has ample fiscal and monetary policy tools to cope with the impact.




"We welcome this development and we appreciate the administration's time and effort to listen to industry and consumer concerns", a Fitbit spokeswoman told Reuters.

FILE PHOTO: U.S. President Donald Trump delivers his speech as he and China's President Xi Jinping meet business leaders at the Great Hall of the People in Beijing, China, November 9, 2017.

The US Chamber of Commerce, retailers, agricultural groups and some members of the Republican Party have spoken against his tariff campaign.

The tariffs are meant to punish China for alleged unfair trade practices, including intellectual property theft.

Separately, in a tweet before his announcement, Trump wrote: "Tariffs have put the U.S.in a very strong bargaining position, with Billions of Dollars, and Jobs, flowing into our Country - and yet cost increases have thus far been nearly unnoticeable".

"They did it with Mexico on auto tariffs and NAFTA (an agreement signed by Canada, Mexico and the US)".

They warned, however, if Beijing decides to execute its own round of tariffs on American goods, the president will unleash further measures. And in a victory for Apple Inc. and its American customers, the administration removed smart watches and some other consumer electronics products from the list of goods to be targeted by the new tariffs. Also in Beijing's crosshairs are exports like hybrid electric and off-road vehicles, coal, dump trucks, asphalt, MRI machines and motorcycles, among other items.

After a public comment period, the administration said Monday that it had withdrawn some items from its preliminary list of $200 billion in Chinese imports to be taxed, including child-safety products like bicycle helmets.

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