China Cuts Tariffs Forward of US Commerce Secretary's Go to to Beijing
04 June, 2018, 00:31 | Author: Regina Lloyd
It'll depend on whether the US tariffs go into effect and whether China retaliates.
This new development came just days ahead of U.S. Commerce Secretary Wilbur Ross' scheduled trip to China. But the truce appeared to end with this week's announcement Washington was going ahead with tariff hikes on technology goods and also would impose curbs on Chinese investment and purchases of USA high-tech exports.
The announcement in Beijing on Thursday evening followed a recent decision by China to cut its tariff on imported cars to 15 per cent from 25 per cent. Mr Trump also criticised the Chinese auto tariff on Tuesday, noting that the United States tariff on imported cars was just 2.5 per cent.
In it's announcement, the White House said that by mid-June it will unveil a final list of tariffs and that by the end of the month, controls on exports and investments related to the "acquisition of industrially significant technologies" in the United States will follow.
Gao said, "The Chinese side will carefully evaluate the US measures and reserves the right to take corresponding measures".
Ross, who was preceded by more than 50 US officials in Beijing, met Chinese Vice Premier Liu He for dinner on Saturday night and the two were due to meet again on Sunday, a USA official said. "China will surely take resolute and powerful steps to safeguard its legitimate rights if the USA insists on acting recklessly".
Chinese Premier Li Keqiang said last week that China was a long-term and responsible investor in the euro and hoped the currency would be strong and steady, in spite of the occasional sovereign debt crisis in Europe.
The tariff threat could still disrupt Ross's China talks.
"Since March 1, when speculation about Chinese retaliation against USA pork began, hog futures have dropped $18 per animal, translating to a $2.2 billion loss on an annualized basis", Dermot Hayes, Iowa State University economist, said in a press release from NPPC on Tuesday.
The relationship between Navarro and Mnuchin appears to have been souring for a while over U.S. In return, the U.S. Commerce Department will lift a seven-year ban on ZTE buying components from U.S. companies. Asian equities and the euro sank as turmoil in Italy sparked a frantic dash for safety, while investors have also been spooked by fresh worries about the China-U.S. trade row. He said, according to multiple news outlets,"Tariffs or threat of tariffs are a very useful and powerful negotiation tactic, and it has brought China to the negotiating table more seriously than ever before".
Economists say the changes also can help generate jobs in China by allowing consumers to buy higher-quality goods locally instead of when they travel overseas.
Analysts in the United States suggested the newly confrontational stance also might be aimed at appeasing congressional critics of a deal the Trump administration made Friday that allowed Chinese telecom giant ZTE Corp.to stay in business.
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But Macron said those "who waged bilateral trade wars. saw an increase in prices and an increase in unemployment". The measures will be in place until the USA government eliminates its tariffs, the ministry said .
He says NAFTA has been "a very lousy deal" for the USA and says, "they're our allies but they take advantage of us economically". President Donald Trump sent a very sharp warning - directed at Trudeau - over the pending NAFTA negotiation.
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The EU is set to retaliate with tariffs on a range of USA goods, from Harley-Davidson (HOG.N) motorcycles to jeans and bourbon. The list of goods set to get hit by the Canadian tariffs varies from industrial steel to sleeping bags.
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