Published: Sun, July 08, 2018
Worldwide | By Sean Reid

Retaliatory Measures Against US Tariffs Already In Effect, Says China

Retaliatory Measures Against US Tariffs Already In Effect, Says China

China's Ministry of Commerce also said it would look to report the the World Trade Organization (WTO) on Friday, accusing Washington of breaching worldwide trade laws.

The powerful US Chamber of Commerce, a principal corporate lobby, said this week that retaliation either already in force or expected to come from China, Canada, Mexico, the European Union and others against Trump's tariffs was already affecting $75 billion in US exports. A second round will cover 284 more products at a later date.

"For soybean producers like me this is a direct financial hit". If demand drops, jobs will be in jeopardy.

The Latest on the trade dispute between the United States and China as they impose new tariffs.

President Donald Trump is fighting trade battles in all directions, not just with China.

"If a country wants to raise tariffs, China will respond to defend itself", he said.

On Thursday, Ford Motor Co said that for now, it will not hike prices of imported Ford and higher-margin luxury Lincoln models in China. "The math is simple". For example, the U.S. government wants China to rein in government subsidies for policies like "Made in China 2025", which seeks to pump hundreds of billions of dollars into industries such as robotics, electric cars and computer chips with the aim of becoming a global leader.

"No one wins in a trade war, and it is America's manufacturing workers and working families who will bear the brunt of continued tariffs".

There are 18 states that grow about 96% of the US's soybeans, according to government statistics. "There are lots of things they could do to make life hard for USA businesses operating in China that would be detrimental to us".

"It is troubling that the Administration continues to assume that the imposition of tariffs will convince China to resolve complex trade issues, and irresponsible to downplay the impact on American workers and businesses", Kallmer continued in a statement.

What is President Trump threatening?

Russian Federation says U.S. tariffs on steel and aluminium, introduced in March, will cost its companies more than half a billion dollars.

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"You have to put all of this into context", Castaneda said in an email.

China's exports to the United States grew 5.4 per cent in the first half, 13.9 percentage points lower than for the same period past year, according to the General Administration of Customs. At the time he announced the tariffs, back in mid-June, Trump said the current U.S. "All that is gone now". Surprisingly, the people taking the brunt of the economic hit still largely agree with him, NBC News reports, but how long will that last? Tracy Grondine, a spokesperson for the US Apple Association, said China is a market that has "significant growth potential" for US-based apple farmers.

Shaun Rein, managing director at the China Market Research Group in Shanghai, said the Chinese government's next play could be to stoke anti-American sentiments among consumers - similar to the boycotts it ordered a year ago on South Korea's Lotte Group, which caused dozens of the company's convenience stores to shutter. And the nation has already become the U.S. apple industry's sixth-largest export market, according to Grondine.

"The shooting has begun in the U.S".

"This will impact growers coast to coast", Grondine said.

There are fears that the tariffs will hit United States jobs as well. Mary Lovely, economics professor at Syracuse University, says that roughly 60 percent of U.S.

As the tariffs approached, the USA central bank warned the impending trade battle was beginning to darken the otherwise blue skies of the robust American economy, now in its 10th year of recovery.

A spokesperson for the Alliance of Automobile Manufacturers said in an email Friday that some U.S. carmakers may not feel a major impact right off the bat.

"They're holding everything ... because there's uncertainty", he said. And most USA cars sold in China are made at plants located in China, so they're immune to tariffs.

U.S. Customs and Border Protection officials are due to collect 25 percent duties on a range of products including motor vehicles, computer disk drives, parts of pumps, valves and printers and many other industrial components.

The price of US soybeans has plunged 17 percent over the past month on fears that Chinese tariffs will cut off American farmers from a market that buys about 60 percent of their soybean exports.

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