Trump’s China Tariffs Won’t Touch Ivanka’s Fashion Line. How Convenient!

Jul 12, 2018, 20:01
Trump’s China Tariffs Won’t Touch Ivanka’s Fashion Line. How Convenient!

"This act is typical trade bullying", a spokesperson for China's Ministry of Commerce said in a statement.

The new list-targeted at China's key manufacturing export industries-contains over 6,000 products, including fruits, vegetables, live eels, feathers and beaver heads as well as hi-tech minerals that the US needs.

TRADE FOCUS: China's government said it will take "firm and forceful measures" if the Trump administration goes ahead with its threat of tariff hikes on an additional $200 billion of Chinese goods.

Last Friday, the U.S. imposed 25% tariffs on Chinese imports worth $34bn (£25bn).

"Consumers, businesses and the American jobs dependent on trade, are left in the crosshairs of an escalating global trade war", said Hun Quach, the head of worldwide trade policy for the group.

"There is still a good six or seven weeks before these (tariffs) take effect so it is not like we are going to see these tomorrow, but it is definitely the next step in a trade war", TD Securities global strategist James Rossiter said.

Shares of NXP Semiconductors NXPI fell roughly 4 percent Wednesday after the report.

However, in a statement this morning the Chinese ministry of commerce hit back, saying: "China is shocked by U.S. behaviour".

The $200 billion far exceeds the total value of goods China imports from the United States, which means Beijing may need to think of creative ways to respond to such USA measures. Traders said they were keeping an eye on the key 6.7 per dollar level as pressure mounted on the currency.

The trade confrontation between Washington and Beijing has been escalating for months, despite Trump's repeated statements that he has a good relationship with China's President Xi Jinping.

- Canada and Mexico - Canada and Mexico, members of the North American Free Trade Agreement (NAFTA) with the U.S., have not been spared the Washington offensive on steel and aluminum and have imposed their own counter-tariffs on United States goods.

Some US business groups and senior lawmakers were quick to criticise the move.

US Senate Finance Committee Chairman Orrin Hatch described the move was "reckless".

The US Chamber of Commerce has supported Trump's domestic tax cuts and efforts to reduce regulation of businesses, but does not back Trump's aggressive tariff policies.

China's Commerce Ministry said on Wednesday that it was "shocked" and would complain to the World Trade Organisation, but did not immediately say how it would retaliate.

"The latest list of $200 billion of products to be subject to tariffs against China doubles down on a reckless strategy that will boomerang back to harm US families and workers".

But China also faces difficulties in retaliating directly: it ships far more goods to the United States ($506 billion past year, according to USA figures) than come back in the opposite direction ($130 billion). In the meantime, we appeal to the global community to jointly defend free trade rules and the multilateral trade regime and fight trade bullying.

According to the US, China uses predatory practices in a push to challenge American technological dominance - and allegedly forces American companies to hand over technology in exchange for access to the US market.

It also approved a huge new wholly-owned Shanghai factory for USA electric auto maker Tesla Inc, and a $2.3-billion joint venture organic light-emitting diode (OLED) plant to be built by South Korea's LG Display Co Ltd.

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