China Reacts to US Tariffs on Chinese Products

China Reacts to US Tariffs on Chinese Products

Referring to the possibility of more USA sanctions on Chinese goods, Trump told reporters aboard Air Force One on Thursday: "You have another 16 (billion dollars) in two weeks, and then, as you know, we have $200 billion in abeyance and then after the $200 billion, we have $300 billion in abeyance. Ok?" Trump's attempts to re-balance global trade have already sent the metals world into a tizzy, and the disarray is set to increase.

"The first round's impact is not that big, but the key is whether there will be more - a second round of revenge and retaliation and a third round, " said Shi Yinhong, a professor of global relations at Renmin University in Beijing.

The Trump administration sought to limit the impact of the tariffs on USA households by targeting Chinese industrial goods, not consumer products, for the first round of tariffs.

"Of the original $50 billion in tariffs on China, items including lithium batteries, navigation devices, disk drives and circuit board components will be affected - hitting $15.2 billion worth of Chinese imports".

He also upped his threat to go further - saying he'd target up to US$500 billion of Chinese goods if they retaliate.

Japan's main stock index, the Nikkei 225, gained 1.1% while the Shanghai Composite Index added 0.5%.

But China is not the only country to find itself in Washington's crosshairs lately when it comes to trade.

"This is a dark day for economists". Mr. Trump has for years slammed, what he describes as, Beijing's underhand economic treatment of the U.S. "China is committed to retaliating proportionally".

The initiative of US President Donald Trump to impose 25% duties on imports from China, the total value of which is estimated at $34 bln, came into force on Friday. That's split into two rounds - $34 billion on Friday and $16 billion later.

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A member of China's central bank monetary policy committee, Ma Jun, said Friday that the first punches will have a "limited impact" on the Chinese economy.

How will the tariffs be implemented?

He has said the tariffs are aimed at stopping the "unfair transfers of American technology and intellectual property to China" and protecting jobs.

The administration has placed "these import taxes squarely on the shoulders of manufacturers and, by extension, consumers", Souhrada said.

"And that's going to impact the stock market". The economic fundamentals mean a sharp depreciation of the yuan is unlikely, he said in an interview with the Financial News.

Notably, after Europe announced it would tax quintessentially American exports like orange juice, peanut butter and Harley-Davidson motorcycles, Harley-Davidson said it would move production of its Europe-bound bikes overseas to avoid the tariffs.

Gao said China's foreign trade was expected to continue on a stable path in the second half of the year, though investors fear a full-blown Sino-American trade war would deal a blow to Chinese exports and its economy. Given that the U.S. buys almost four times as much from China as it sells to them, China may have to seek avenues other than trade to retaliate if the battle escalates.

What can the real-world impact be?

Canadian tariffs in retaliation for United States tariffs on steel and aluminum went into effect on Sunday, hitting a wide range of U.S. consumer and steel products. As an example, Chinese companies are reselling USA soybeans, and Chinese companies are expected to cancel most of the remaining soybeans they have committed to buy from the U.S.in the year ending August 31, once the extra tariffs take effect.

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