President Donald Trump is considering the U.S.to Increase Proposed tariffs on $200 billions of Chinese goods to 25 percent from the 10 percent rate his government is presently applying, the government announced Wednesday.
The ministry reiterated that since the U.S. has ignored the interests of companies and consumers in both countries, China has to take the necessary countermeasures to safeguard the dignity and interests of its people, defend free trade and the multilateral system, and ensure the common interests of all the countries of the world. "The latest four-level tariff rates have much more flexibility", said Gao Lingyun, a researcher of Institute of World Economics and Policies at the Chinese Academy of Social Sciences. But in the meantime, foreign nations are imposing tariffs on some us goods such as soybeans and whiskey. Kudlow cited state subsidies and forced technology transfers as behaviours that the Trump administration wants China to end. It is much more rational compared with the 25 percent tariff hikes threatened by the United States. which is a trade "stick", " said Li Yong, a senior research fellow at the China Association of International Trade. China responded with a 178.6 percent tariff on the roughly $1 billion in sorghum that the US imports to China each year.
China's proposed tariffs on USA liquefied natural gas and crude oil exports opens a new front in the trade war between the two countries, at a time when the White House is trumpeting growing US energy export prowess. The move was meant to bring China back to the negotiating table for talks over USA demands for structural changes to the Chinese economy and a cut in the bilateral trade deficit, but China's response suggests that tactic hasn't worked.
The trade policies of US President Donald Trump has been slammed by China which says the measure of "extortion" won't work.
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Trump also cited losses in China's stock market as he predicted that the United States market could "go up dramatically" the moment trade deals were renegotiated. There are huge impacts in trade wars and rarely do we have winners.
Warren-based steel fabricator Ohio Star Forge, which forges steel components used primarily in the auto industry, is unsure whether the retaliatory tariffs announced Friday will directly affect the company, but it is concerned about the trade war overall.
With LNG demand expected to skyrocket over the next 12 to 18 months, there are still some two dozen firms seeking to build new LNG export terminals in the United States and tariffs may limit their ability to secure sufficient buyers to finance their proposed projects.
It was the latest in a series of tariffs, with the first being imposed by Trump back in early February.
"The money comes after farmers, especially soybean growers, have felt the brunt of retaliatory tariffs placed on agriculture by China and other nations that the Trump administration has penalized with tariffs on imports", NPR's Brian Naylor reported.