White House Urges China Address ‘Unfair Trading Practices’ Not Tariff Retaliation

US-China trade war may raise gadget prices

US-China trade war may raise gadget prices

China has announced plans to put tariffs of up to 25% on U.S. products worth $60 billion, the latest salvo in an escalating trade war.

"China's differential tax rate countermeasures are rational and restrained", the Ministry of Commerce said in a separate statement on its website. It said the retaliatory duties of 25 percent, 20 percent, 10 percent or 5 percent on 5,207 products will be imposed "if the USA side persists in putting its tariff measures into effect".

The measure was presented as a response to the United States on July 11 imposing a 10 percent tariff on imports of approximately $200 billion from China.

China said the timing of its retaliatory tariffs will depend on the actions of the U.S. But Kudlow maintained Trump intends to stand tough.

Earlier today, a Chinese foreign ministry spokesman called on Washington to "come to its senses" and settle the dispute.

The latest exchanges in the mounting trade war between America and some of its biggest trading partners, including China, the EU, Canada and Mexico, comes amid early signs of damage for the world economy.

An all-out trade war could overshadow Trump's otherwise solid economic record of low unemployment and stimulus-fuelled growth.

China included LNG for the first time in its list of proposed tariffs on Friday, the same day that its biggest USA crude oil buyer, Sinopec, suspended US crude oil imports due to the dispute, according to three sources familiar with the situation.

"Cheniere continues to see China as an important growth market and LNG as a "win-win" between the United States and China", said Eben Burnham-Snyder, a spokesman at Cheniere Energy Inc (LNG.A), which owns one of the two LNG export terminals now operating in the United States. After the earlier action against $34 billion of US goods, that left about $120 billion available for retaliation.




The highest penalties in Friday's list would hit honey, vegetables, mushrooms and other farm goods, targeting areas that supported Trump in the 2016 election.

The list included products as varied as snow blowers and 3-D printers, suggesting Chinese authorities were struggling to find enough imports their own economy can do without.

Beijing's earlier penalty tariffs appeared to be created to minimize the impact on the Chinese economy by targeting goods such as soybeans and orange juice that are available elsewhere.

The market is not large by value compared with the around $16 billion per year of USA crude that arrives in the country, but those levels could shoot up as Beijing forges ahead with its plan to switch millions ofhouseholds to the fuel away from coal as part of its battle against smog. That prompted concern among American companies that retaliation might expand to disrupting their operations in China.

Washington has vowed to take punitive measures to stop Beijing's Made in China 2025 industrial policy supporting domestic companies developing strategic advanced technologies, including robotics and artificial intelligence.

Signalling the nation's readiness to respond to higher tariffs threatened by Donald Trump on $200bn of Chinese imports, officials in Beijing said countermeasures were ready and waiting for the next move from Washington.

The foreign ministry spokesman appealed to Washington to negotiate but could not confirm reports the two sides were setting up talks.

For the first half of 2018, the trade deficit in goods and services hit $291.2 billion, the federal government reported Friday, which is higher than past year and puts the nation on track to have the largest annual deficit since 2008.

[A] big driving factor behind the higher trade deficit this year is that US consumers are buying more stuff. "It has seriously violated the principles of the World Trade Organisation", Hong Kong-based South China Morning Post quoted the statement as saying.

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