Publicado: Mier, Setiembre 19, 2018
Financiera | Por Marilu Caballero

Trump claims China tariffs successful

The Trump administration will impose tariffs on $200 billion more in Chinese goods starting next week, escalating a trade war between the world's two biggest economies and potentially raising prices on goods ranging from handbags to bicycle tires.

A White House statement said tariffs would start at 10 percent and go into effect in a week, on September 24, before kicking into full gear at 25 percent at the start of the new calendar year.

Trump had warned on Monday that if China takes retaliatory action against USA farmers or industries, "we will immediately pursue phase three, which is tariffs on approximately $267 billion of additional imports".

The United States will spare Apple's Watch and other consumer gadgets from the latest round of tariffs on Chinese goods, a senior administration official said in a last-minute reprieve for the technology industry on Monday (Sept 17).

Trump's tariffs on China raise costs and create uncertainty for companies that have built supply chains that span the Pacific Ocean.

"President Trump is a hard-hitting businessman, and he tries to put pressure on China so he can get concessions from our negotiations".

Former chief economic adviser Gary Cohn tried desperately to convince Trump that tariffs would cost jobs and investment and raise little revenue, at one point telling him that he had a "Norman Rockwell" view of an American economy that bore no relationship to the services-dominated United States economy today.

"We deeply regret this", said a Commerce Ministry statement. Talks to keep Canada in a North American trade bloc have been ongoing, with the two longtime allies divided over such issues as Canada's dairy market and U.S. efforts to shield drug companies from generic competition. According to these experts, a large USA trade deficit with China means that America is a wealthy country and American consumers can afford the most up-to-date devices.

While there are measures China can take to retaliate, it is limited by the imbalance between its exports to the USA and its imports from the USA, which amount to only about $US130 billion a year.

The tough talk follows reports China is deliberately reducing exports to the U.S. by slowing down customs approvals and stepping up environmental and other inspections.

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"But, so far, China has been unwilling to change its practices", he said.

Its the latest move by the administration to punish china for not complying with fair trade practices.

"We've spoken to Mr. Tim Cook many times", Kudlow said.

Beijing has retaliated in kind, but some analysts and American businesses are concerned it could resort to other measures such as pressuring USA companies operating in China.

Earlier on Monday, Larry Kudlow, Trump's top economic adviser (pictured), attempted to calm investors.

The products spared included consumer electronics like smart watches and Bluetooth devices, child safety products such as high chairs, auto seats and play pens, and certain health-and-safety products such as bicycle helmets, the officials said.

China had in August said it would retaliate with $US60 billion in tariffs on United States goods, but has since gone quiet on the threat. The tariffs will start at 10 percent and rise to 25 percent in 2019.

The US Trade Representative's office eliminated 297 product categories from the proposed tariff list, along with some subsets of other categories.

"It will be a lot of money coming into the coffers of the United States of America". China has retaliated in kind, hitting American soybeans, among other goods, in a shot at the president's supporters in the USA farm belt.

"Considering his latest comments as well as recent falls in his support, it is hard to expect Trump to soften his stance on trade in the near future", said Norihiro Fujito, chief investment strategist at Mitsubishi UFJ Morgan Stanley Securities.

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