Published: Sat, July 14, 2018
World | By Camille Rivera

How Trump's China Tariffs May Cost You More Money

How Trump's China Tariffs May Cost You More Money

The United States remains willing to engage in negotiations with China on the issues at hand, he added. He said that "must be addressed" by the trade body or others.

He spoke Wednesday at China's turn for a regular WTO review of countries' trade policies.

ENERGY: Benchmark U.S. crude dropped 56 cents to $73.55 a barrel.

The Chinese government has vowed to take "firm and forceful measures" against USA threats to expand tariff hikes.

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

Many companies in the U.S. are opposed to the administration's use of tariffs against China, saying they risk hurting business and the economy without being likely to change behaviour.

China's government has vowed to take "firm and forceful measures" as the United States threatened to expand tariffs to thousands of Chinese imports such as fish sticks, apples and French doors, the latest salvo in an escalating trade dispute that threatens to chill global economic growth.

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On Friday, the USA imposed 25-percent tariffs on around $34 billion in Chinese goods, sparking an immediate dollar-for-dollar retaliation from Beijing.

China formally responded to the latest U.S. move on Wednesday, with a Chinese Ministry of Commerce spokesperson calling it "unacceptable".

'To protect the core interests of the nation and its people, the Chinese government will be forced to impose necessary countermeasures'.

The Retail Industry Leaders Association said new tariffs on Chinese imports would punish American families by driving up prices.

"Nobody wins in a global trade war".

A possible second round of tariff hikes announced on Tuesday by the US Trade Representative targets a 200 billion dollar (£150 billion) list of Chinese goods.

But China has rebuffed USA complaints and denied any harm was done to US companies, and instead retaliated "without any global legal basis or justification", Lighthizer said.

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China 'cannot match fresh USA tariffs, ' Vishnu Varathan of Mizuho Bank said.

OCBC estimated that in a scenario where United States tariffs apply to US$250 billion worth of Chinese goods, South Korea's GDP growth could be hit by 0.3 of a percentage point while Japan's growth could be hit by 0.2 of a percentage point.

The proposed tariffs come just days after the Trump administration imposed 25 percent tariffs on more than 800 Chinese products worth about $34 billion, citing what it calls China's unfair trade practices and intellectual property theft.Beijing followed suit with an equal amount of levies on USA goods.

The move drew immediate condemnation from Senate Finance Chairman Orrin Hatch, a Republican from Utah, who called it "reckless" and not "targeted".

US President Donald Trump ordered his government to prepare tariffs on a further US$200bn of imports from China on Monday.

Later, Beijing responded to the latest tariff list, calling it a "totally unacceptable" escalation of Washington's trade war.

China may respond to Trump's $US200 billion trade threat by targeting U.S. subsidiaries in China.

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