China unveils list of potential retaliatory tariffs on United States goods

24 March 2018, 12:33 | Isaac Mcdaniel

China unveils list of potential retaliatory tariffs on United States goods

800x800.jpg

"China doesn't hope to be in a trade war, but is not afraid of engaging in one", the Chinese commerce ministry responded in a statement.

"If a trade war were initiated by the US, China would fight to the end to defend its own legitimate interests with all necessary measures", it said. That was in addition to the metals duties ordered earlier this month on China and other countries. Fears of a trade war have sent jitters through global markets. The restrictions will target 1,300 Chinese products, everything from shoes and clothing to electronics.

The Chinese list also included close to 80 fruit and nut products. The USTR will announce the proposed list in the next "several days", according to the fact sheet.

In applying the steel and aluminum tariffs, Trump's main concern is that China has for years overproduced steel and aluminum, depressing prices globally and causing job losses in other countries, like the US but also in Europe.

Trump said he respected his Chinese counterpart Xi Jinping but Washington "would no longer tolerate running a trade deficit of almost $400 billion with China", its second-largest trading partner, after the EU.

Washington reports a trade deficit with China of $375 billion.

Despite the timing of its response, China's Commerce Ministry did not label the measures a direct retaliation for Thursday's broadside from the Trump administration. As a result, China's pork prices are now hovering around 10 yuan ($1.58) per kg, their lowest level in almost four years and already squeezing demand for imports.

"China does not want a trade war with anyone".

Jay-Z and Beyonce coming to Ohio Stadium during concert tour
The mother of 3 was seen wearing fishnet stockings and pink boots, while holding on to JAY-Z who was at the wheel. Now it seems that the husband and wife might have more in store, even if it isn't clear what.

Another hardliner takes charge of Tehreek-e-Hurriyat
Some months ago, Sehrai wrote a five-page letter to Geelani expressing his displeasure about some developments within the faction. Geelani, 88, cited his falling health and curbs on him by government as reason for resigning from the post of TeH's chairman.

United to use special tags after dog death
A Texas district attorney is investigating the death of a puppy on a United Airlines flight as a possible criminal offense. Alaska Airlines carried nearly 115,000 animals past year and reported just two deaths and one lost animal, the data show.

"There is genuine systemic risk", said Joseph Francois, the managing director of the World Trade Institute at the University of Bern, Switzerland.

The American Chamber of Commerce in Shanghai, which says it will provide input to Washington's proposed tariffs on behalf of its 3,000 members, urged the Trump administration to "not to impose tariffs as its principal response" to China's trade practices while prodding Beijing to "take meaningful action" to facilitate free trade.

Trump's technology order is in response to "unfair and harmful acquisition of USA technology" said a statement by the USTR. The president then announced Thursday his intention to impose around $60 billion in trade penalties on China for intellectual property theft. "He has apparently miscalculated the situation and underestimated China's resolve and capability to defend its own legitimate rights and interests as well as the price the United States has to pay for its recklessness and willfulness", the spokeswoman noted. "I just worry if it gets really ugly, they may go for the nuclear option".

The tensions reflect the dueling nationalistic ambitions of Trump and his Chinese counterpart, Xi Jinping. Trump said that the amount could be even bigger, at "about $60 billion".

European and U.S. trade officials said this week they were beginning talks to reach a compromise.

Senior White House economic advisor Everett Eissenstat said Thursday the new U.S. import duties would target sectors where "China has sought to acquire an advantage through the unfair acquisition or forced technology transfer from United States companies".

"The problem is that with the Chinese in this case, talk is not cheap".

Canadian Association of Importers and Exporters president Joy Nott also thinks higher prices for goods could encourage more Americans to shop in Canada.



Other News

Trending Now

Duterte Spokesman: Philippines' Withdrawal From ICC 'Beginning of End' for Court
Chief Presidential Legal Counsel Salvador Panelo, however, insisted Duterte is not afraid of the ICC's investigation. That is clear and was witnessed by the whole country. "The day of reckoning is near", he said in a statement.

Uber's Self-Driving Car Kills Pedestrian, Is Technology Being Deployed Too Early?
In 2015, the state created specific zones for self-driving vehicle development on rural and suburban streets. Rafael Vasquez, a 44-year-old test driver from Uber , was behind the wheel of the vehicle at the time .

Courtois a 'great goalkeeper' despite Barca errors, says Alonso
Messi scored three goals and made another in the two-legged last-16 tie, which Barcelona won 4-1 on aggregate. Meanwhile, Messi was quick to praise his team-mates despite having a decisive say in Barca's triumph.

Apple Said To Begin Trial Production Of 2018 iPhones Soon
Interestingly, Lin says Apple had previously planned to bring another LCD version of the 5.85-inch iPhone . The 6.1-inch iPhone device will not get a dual camera nor 3D Touch, according to a previous KGI report .

Thousands of civilians fleeing militant-occupied E
Russian Federation has been waging an air campaign in Syria on behalf of President Bashar Assad's forces since 2015. TRT World's correspondent Caitlin McGee reports from Turkish border town of Kilis.

4 bombs, many questions: What we know about Austin explosions
Speaking from her Travis Country residence today, Austin (the agent) said she was keeping her freshman daughter at home today. UTPD said in the statement that the use of a trip wire does not require victims to handle packages to trigger an explosion.

Russia: "The Russian side reserves the right to take further retaliatory measures"
The representatives of Russia's Foreign Ministry added that the British Council is not anymore functioning in Russian Federation . Responding, Mr Putin's spokesman Dmitry Peskov said the accusations were " shocking and unforgivable ".

Israeli stabbed in Jerusalem's Old City, attacker shot dead
The spokesperson for the IOF announced on Sunday that Israeli forces had sealed off two Hamas tunnels late Saturday night. The statement added that it did not expect a Hamas retaliation for the demolition of the tunnels.

Lebanon ranks 88 of 156 in United Nations global happiness study
But how can people be the happiest in a place having near constant cold climatic conditions and long stretches of darkness? Last year Norway took the number one spot but the country has been knocked from its podium by its Scandinavian neighbour.

Canada contributes $10 million in emergency funding for Palestinian refugees
UNRWA encourages all Member States to work collectively to exert all possible efforts to fully fund the Agency's Programme Budget. UNRWA is funded nearly entirely by voluntary contributions and financial support has been outpaced by the growth in needs.