Government Policy

China vows to hit back as Trump targets $200bn in goods

China on Tuesday vowed to retaliate

against the United States and warned of uncertainty in trade talks after

President Donald Trump targeted another $200 billion in Chinese imports with

tariffs starting next week.

Trump ratcheted up pressure on Beijing as the new round of levies will

bring the amount of goods hit by duties to roughly half of Chinese exports to

the US. He also threatened to go after all Chinese goods.

For months, we have urged China to change these unfair practices and give

fair and reciprocal treatment to American companies, Trump said in a

statement on Monday.

These practices plainly constitute a grave threat to the long-term health

and prosperity of the United States economy, he said.

But, so far, China has been unwilling to change its practices, including

theft and force transfer of technology.

Once the new round of tariffs takes effect on September 24, punitive duties

will be in place on $250 billion in goods the US buys from China its

largest source of imported merchandise.

The latest round of imports will face 10 percent tariffs through the end of

the year, and then the rate will jump to 25 percent.

In order to safeguard its legitimate rights and interests and the global

free trade order, China has no choice but to take countermeasures in

lockstep, the Chinese commerce ministry said in a statement on Tuesday.

The statement did not mention Beijing's earlier threat to add tariffs on

$60 billion in US imports if Washington imposed this new wave of levies.

Foreign ministry spokesman Geng Shuang said at a regular briefing that

China will announce details about its countermeasures at the appropriate

time, adding that the protectionist and unilateral measures taken by the US

side are very unacceptable for us.

Trump warned that if China takes retaliatory action against our farmers or

other industries, we will immediately pursue phase three, which is tariffs on

approximately $267 billion of additional imports.

MORE/MR/ 1455hrs

ZCZC

BCN-12

US-CHINA-TRADE-TARIFFS-DISPUTE-WRAP-TWO-LAST

That would mean imposing new taxes on all of the goods the US imports from

China.

Once again, I urge China's leaders to take swift action to end their

country's unfair trade practices, Trump said. Hopefully, this trade

situation will be resolved, in the end, by myself and President Xi of China,

for whom I have great respect and affection.

Smart watches spared

The new taxes will hit a broad swath of products, including billions in

Chinese-made voice data receivers, computer memory modules, automatic data

processors, and accessories for office equipment such as copiers and banknote

dispensers instantly making widely used goods more expensive.

However, senior administration officials told reporters the initial list

announced in July was reduced by 300 product lines after the administration

received 6,000 written comments from consumers and businesses.

The products spared included consumer electronics like smart watches and

Bluetooth devices, child safety products such as high chairs, car seats and

playpens, and certain health-and-safety products such as bicycle helmets, the

officials said.

The officials said China had been given chance after chance to change the

trade practices considered unfair to US businesses, but have remained

obdurate.

Only last week, Beijing said it welcomed overtures from US officials

offering to restart trade talks, but the new tariffs could cause China to

call off the negotiations.

The commerce ministry said the new tariffs bring new uncertainty to the

consultations between the two sides. It is hoped that the US will recognise

the possible negative consequences of such actions and take convincing means

to correct them in a timely manner, the ministry said, without directly

addressing if the talks would go forward.

The escalating confrontation shook up global stock markets. Wall Street

closed the day solidly in the red But Chinese stocks closed higher after

Shanghai tumbled to its lowest level since 2014 in early trading.

While officials said the impact on the US economy has been minimal, firms

across the country report lost businesses, layoffs and possible bankruptcies

as input costs rise and exports fall.

They officials told reporters the lower initial tariff rate would give US

businesses time to find new suppliers.

That could soften the blow to US consumers and manufacturers among others

ahead of key US congressional elections in November.

Lobbying against the tariffs has risen sharply in Washington but Trump's

policy has left candidates in competitive races for November's hard-fought

midterm congressional elections in awkward positions.

Some Republicans in export-dependent areas have fallen silent on trade or

sought to push back. But some Democrats, who broadly oppose the president's

agenda and are banking on his unpopularity, have adopted critical views of

trade agreements and free trade.

Source: Bangladesh Sangbad Sangstha (BSS)

Government Policy

China vows to hit back as Trump targets $200bn in goods

China on Tuesday vowed to retaliate

against the United States and warned of uncertainty in trade talks after

President Donald Trump targeted another $200 billion in Chinese imports with

tariffs starting next week.

Trump ratcheted up pressure on Beijing as the new round of levies will

bring the amount of goods hit by duties to roughly half of Chinese exports to

the US. He also threatened to go after all Chinese goods.

For months, we have urged China to change these unfair practices and give

fair and reciprocal treatment to American companies, Trump said in a

statement on Monday.

These practices plainly constitute a grave threat to the long-term health

and prosperity of the United States economy, he said.

But, so far, China has been unwilling to change its practices, including

theft and force transfer of technology.

Once the new round of tariffs takes effect on September 24, punitive duties

will be in place on $250 billion in goods the US buys from China its

largest source of imported merchandise.

The latest round of imports will face 10 percent tariffs through the end of

the year, and then the rate will jump to 25 percent.

In order to safeguard its legitimate rights and interests and the global

free trade order, China has no choice but to take countermeasures in

lockstep, the Chinese commerce ministry said in a statement on Tuesday.

The statement did not mention Beijing's earlier threat to add tariffs on

$60 billion in US imports if Washington imposed this new wave of levies.

Foreign ministry spokesman Geng Shuang said at a regular briefing that

China will announce details about its countermeasures at the appropriate

time, adding that the protectionist and unilateral measures taken by the US

side are very unacceptable for us.

Trump warned that if China takes retaliatory action against our farmers or

other industries, we will immediately pursue phase three, which is tariffs on

approximately $267 billion of additional imports.

MORE/MR/ 1455hrs

ZCZC

BCN-12

US-CHINA-TRADE-TARIFFS-DISPUTE-WRAP-TWO-LAST

That would mean imposing new taxes on all of the goods the US imports from

China.

Once again, I urge China's leaders to take swift action to end their

country's unfair trade practices, Trump said. Hopefully, this trade

situation will be resolved, in the end, by myself and President Xi of China,

for whom I have great respect and affection.

Smart watches spared

The new taxes will hit a broad swath of products, including billions in

Chinese-made voice data receivers, computer memory modules, automatic data

processors, and accessories for office equipment such as copiers and banknote

dispensers instantly making widely used goods more expensive.

However, senior administration officials told reporters the initial list

announced in July was reduced by 300 product lines after the administration

received 6,000 written comments from consumers and businesses.

The products spared included consumer electronics like smart watches and

Bluetooth devices, child safety products such as high chairs, car seats and

playpens, and certain health-and-safety products such as bicycle helmets, the

officials said.

The officials said China had been given chance after chance to change the

trade practices considered unfair to US businesses, but have remained

obdurate.

Only last week, Beijing said it welcomed overtures from US officials

offering to restart trade talks, but the new tariffs could cause China to

call off the negotiations.

The commerce ministry said the new tariffs bring new uncertainty to the

consultations between the two sides. It is hoped that the US will recognise

the possible negative consequences of such actions and take convincing means

to correct them in a timely manner, the ministry said, without directly

addressing if the talks would go forward.

The escalating confrontation shook up global stock markets. Wall Street

closed the day solidly in the red But Chinese stocks closed higher after

Shanghai tumbled to its lowest level since 2014 in early trading.

While officials said the impact on the US economy has been minimal, firms

across the country report lost businesses, layoffs and possible bankruptcies

as input costs rise and exports fall.

They officials told reporters the lower initial tariff rate would give US

businesses time to find new suppliers.

That could soften the blow to US consumers and manufacturers among others

ahead of key US congressional elections in November.

Lobbying against the tariffs has risen sharply in Washington but Trump's

policy has left candidates in competitive races for November's hard-fought

midterm congressional elections in awkward positions.

Some Republicans in export-dependent areas have fallen silent on trade or

sought to push back. But some Democrats, who broadly oppose the president's

agenda and are banking on his unpopularity, have adopted critical views of

trade agreements and free trade.

Source: Bangladesh Sangbad Sangstha (BSS)