Chinese state media accuse US of ‘mobster mentality’, vow to fight tariffs

Muriel Colon
August 12, 2018

Trump has also threatened that a further $200 billion could be impacted, which would mean that virtually all Chinese imports to the United States would be covered.

China has become a key market for USA studios from Walt Disney Universal Pictures. This is on top of the original tariffs on $34 billion of Chinese products that President Trump announced earlier. Americans import far more from China than the other way around, however, meaning Beijing may at some point need to look for other means of retaliation. He also has threatened levies on an additional $200 billion of Chinese products in the next month, Beijing responded to Trump's first wave by matching duties on a similar amount of US imports and has threatened to retaliate against any further USA tariffs.

The now proposed charge is 10%, but it could increase to 25% once a consultation period ends.

China announced a plan to slap additional tariffs on $16 billion USA goods in retaliation the Commerce Ministry said on Wednesday, 08 July 2018 that government will impose additional import tariffs of 25% on US$16 billion worth of U.

Concerns are also being raised in South Korea about another aspect of the USA trade war-the threat to impose tariffs on cars and auto imports on "national security" grounds, under Section 232 of 1962 legislation. Bloomberg says this will be the second time the USA slapped more duties on Chinese imports in a month.

Shipping consultancy Drewry have predicted the container shipping industry could lose as much as 1.8 million TEU, a contraction in global trade of 1%. It would take a few more weeks to revise the list and make programming changes at U.S. Customs and Border Protection to begin collecting the duties. They are the highest-value variety meat item the US exports to China. "This latest development and its impact will be discussed at the MRF Summit taking place at WASTECON in Nashville on August 22-23". Those new tariffs, totaling US$16b, will be levied against 279 products, including motorcycles, steam turbines and railway cars.

CURRENCY NEWS: The central parity rate of the Chinese currency renminbi, or the yuan, weakened 4 basis points to 6.8317 against the U.

These facilities will increase US LNG exports from about 13.5 million tonnes now to about 66 million tonnes.

China will impose the tariff on 333 categories of USA products including vehicle engines, vans, cars, trucks and chemicals, reports China Daily. It would likely have to impose penalties on US companies doing business in China to make up the difference. US-made condoms are among the latest items Beijing is threatening to include on its US$60 billion list of American products to be hit by tariffs.

"At one point during the dinner, Trump noted of an unnamed country that the attendee said was clearly China, 'almost every student that comes over to this country is a spy'". They criticize Trump's tactics but share USA complaints about Chinese industrial policy and market barriers. Trade Representative (USTR) has said benefit from the Made in China 2025 industrial plan, aimed at making China competitive in high-tech industries. It stated that the US-China conflict could reduce world output by 0.7 percent by 2020, with China's economy slowing by 1.3 percent and the US by 1 percent. At the same time, overall imports to China jumped 27 percent last month.

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