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U.S. vs. China on tariffs - tit for tat China lists $50B of US goods it might hit with 25 % tariff as trade war escalates China has issued a $US50 billion ($65 billion) list of US goods including soybeans and small aircraft for possible tariff hikes in an escalating and potentially damaging technology dispute with Washington. China's tax agency gave no date for the 25 % increase to take effect and said that would depend on what President Trump did about US plans to raise duties on a similar amount of Chinese goods. Beijing's list of 106 products included the biggest US exports to China, reflecting its intense sensitivity to the dispute over American complaints that it pressures foreign companies to hand over technology. The clash reflects the tension between Mr Trump's promises to narrow a US trade deficit with China that stood at $US375.2 billion ($487.9 billion) last year and the ruling Communist Party's development ambitions. Regulators use access to China's vast market as leverage to press foreign automakers and other companies to help create or improve industries and technology. A list the US issued Tuesday of products subject to tariff hikes included aerospace, telecoms and machinery, striking at high-tech industries seen by China's leaders as the key to its economic future. China said it would immediately challenge the US move in the World Trade Organisation. Soybeans, whiskey and airplanes on China's tariff list The Chinese list today included soybeans, the biggest US export to China, and aircraft up to 45 tonnes in weight. That excluded high-end Boeing Co. jetliners such as the 747 and 777, leaving Beijing high-profile targets for possible future conflicts. Also on the list were American beef, whisky, passenger vehicles and industrial chemicals Mr Zhu, the deputy finance minister, expressed thanks to American soybean farmers who he said had lobbied the Trump administration to "safeguard hard-won economic relations between the United States and China". To minimise the cost to China, regulators picked products for which replacements were available, such as soybeans from Australia or Brazil, said Tu Xinquan, director of WTO studies at the University of International Business and Economics in Beijing. "China has made meticulous efforts in deciding the list of the products to make sure the impact on China's economy is controllable," said Mr Tu. 'Forced into taking action' "It must be said, we have been forced into taking this action," a deputy commerce minister, Wang Shouwen王受文, said at a news conference. "I can only hope that we solve our differences as soon as possible to avoid damage to the US economy, Chinese economy and to US companies." "What China needs to do now is to make the United States pay the same price" so Americans "understand anew the Chinese-US strength relationship," the newspaper said.  Honesty is the best policy. |
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On Thursday evening, President Donald Trump requested tariffs on an additional $100 billion of Chinese goods, escalating a trade battle with China. Here is the full statement released by the White House: “Following a thorough investigation under section 301 of the Trade Act of 1974, the United States Trade Representative (USTR) determined that China has repeatedly engaged in practices to unfairly obtain America’s intellectual property. The practices detailed in the USTR’s investigation have caused concern around the world. China’s illicit trade practices — ignored for years by Washington — have destroyed thousands of American factories and millions of American jobs. On April 3, 2018, the USTR announced approximately $50 billion in proposed tariffs on imports from China as an initial means to obtain the elimination of policies and practices identified in the investigation. “Rather than remedy its misconduct, China has chosen to harm our farmers and manufacturers. In light of China’s unfair retaliation, I have instructed the USTR to consider whether $100 billion of additional tariffs would be appropriate under section 301 and, if so, to identify the products upon which to impose such tariffs. I have also instructed the Secretary of Agriculture, with the support of other members of my Cabinet, to use his broad authority to implement a plan to protect our farmers and agricultural interests. “Notwithstanding these actions, the United States is still prepared to have discussions in further support of our commitment to achieving free, fair, and reciprocal trade and to protect the technology and intellectual property of American companies and American people. Trade barriers must be taken down to enhance economic growth in America and around the world. I am committed to enabling American companies and workers to compete on a level playing field around the world, and I will never allow unfair trade practices to undermine American interests.” Honesty is the best policy.
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Dow Jones was down 501.54 points at opening today but closes up 231 points. It is near 800 points swing. Boeing (BA ) and heavy machinery company, Caterpillar, were hit the hardest because China doesn't make aircraft or heavy machinery vehicles and they purchase from U.S.A. Soybeans, American beef, whisky, passenger vehicles and industrial chemicals are products among down tremendously. I am still holding Boeing for our nation’s biggest manufacturing exporter. I will buy more BA tomorrow. I bought Twitter stock today at opening because Trump tweets a lot and he has millions followers. The stock market has became very volatile as two countries leaders started to raise on tariffs. Honesty is the best policy.
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The "trade war" in between U.S. and China has begun. This is "tit for tat". 針鋒相對; 一報還一報. Below are President Trump's tweets today. Donald J. Trump✔ @realDonaldTrump We are not in a trade war with China, that war was lost many years ago by the foolish, or incompetent, people who represented the U.S. Now we have a Trade Deficit of $500 Billion a year, with Intellectual Property Theft of another $300 Billion. We cannot let this continue! 4:22 AM - Apr 4, 2018 Donald J. Trump✔ @realDonaldTrump When you’re already $500 Billion DOWN, you can’t lose! 6:20 AM - Apr 4, 2018 Honesty is the best policy.
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