USA outguns China on trade tariffs but Beijing’s not done yet

Devin Lawrence
June 20, 2018

For its part, China said it "doesn't want a trade war" but has to "fight back strongly", a Commerce Ministry statement said on Saturday.

"This latest action by China clearly indicates its determination to keep the United States at a permanent and unfair disadvantage, which is reflected in our massive $376 billion trade imbalance in goods", said the USA president.

U.S. President Donald Trump threatened to impose a 10 percent tariff on $200 billion of Chinese goods and Beijing warned it would retaliate, in a rapid escalation of the trade conflict between the world's two biggest economies.

But Oosterveld said he was optimistic that the United States and China would ultimately reach a bilateral deal by the end of the year.

"China apparently has no intention of changing its unfair practices related to the acquisition of American intellectual property and technology", Trump said in a statement. But on Saturday, Beijing announced 25 percent tariffs on $34 billion of US imports including soybeans and beef effective July 6 in response to Trump's tariff hike on a similar amount of Chinese goods.

He said the action by Beijing "clearly indicates its determination to keep the United States at a permanent and unfair disadvantage, which is reflected in our massive $376 billion trade imbalance in goods".

US President Donald Trump (R) and North Korea's leader Kim Jong Un shake hands following a signing ceremony during their historic US-North Korea summit, at the Capella Hotel on Sentosa island in Singapore on June 12, 2018. Canada, for its part, has shot back with tariffs on a host of USA goods set to take effect in July.

Could Trump's China tariffs make IT more expensive for businesses? The tariffs were the result of an investigation by Commerce Department into the theft of USA intellectual property by Chinese companies. When you consider the number of jobs that Apple is responsible for in the country, and how highly the iPhone is thought of in China, we'd expect the device to be kept out of the trade war by China, too.

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Global markets sank Tuesday on fears that the United States and China may be veering toward an all-out trade war.

The White House says the USA can withstand trade tensions.

China responded with a 178.6 percent tariff on all imports of sorghum to the United States.

"Aircraft, chips and energy imported from the United States could be subject to [punitive tariffs]" he said.

However, "history shows that there are various other measures [China] could take to inflict pain on USA companies, especially those present in China, including scaled up health, safety and tax checks, delaying the imports of goods, and boycotts of United States goods", he said.

But, Trump's decision to move forward with the tariffs caused the deal to collapse and the trade battle to escalate once again. Technology companies such as Apple have complained about infringement of their innovations while increasingly depending on foreign labor to manufacture their products, issues the USA has worked unevenly with China to resolve.

"Trump is playing a game of chicken, who will blink first", said Ivan Feinseth, chief investment officer at Tigress Financial Partners.

The U.S. imports about $505 billion a year in goods from China.

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