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China Hits Back at U.S. With Tariffs on $75 Billion of Imports

Published Aug 23, 2019 08:20AM ET Updated Aug 23, 2019 09:29AM ET
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© Reuters. China Hits Back at U.S. With Tariffs on $75 Billion of Imports

(Bloomberg) -- China announced that it will impose additional tariffs on a total of $75 billion of U.S. goods in retaliation for President Donald Trump’s latest planned levies on Chinese imports.

Some of the countermeasures will take effect starting Sept. 1, while the rest will come into effect from Dec. 15, according to the announcement from the Ministry of Commerce. This mirrors the timetable the U.S. has laid out for 10% tariffs on nearly $300 billion of Chinese shipments.

An extra 5% tariff will be put on American soybeans and crude-oil imports starting next month, and a 25% duty on U.S. cars will resume Dec. 15.

The news from Beijing rekindled concerns about the world’s two largest economies and a global growth outlook that’s already looking shaky. U.S. stock futures dropped along with Treasury yields and oil prices. Emerging-market and commodity-related currencies also declined, while havens such as the yen and gold were supported.

The announcement comes as leaders from the Group of Seven nations prepare to meet in France and central bankers gather in Jackson Hole, Wyoming, to discuss issues such as the global slowdown. The Chinese announcement was foreshadowed by a tweet from Hu Xijin, the editor-in-chief of the Global Times, a newspaper controlled by the ruling Communist Party.

China promised earlier this week that any new tariffs from the U.S. would lead to escalation and retaliation. The U.S. has said it will increase tariffs on some Chinese goods starting Sept. 1, although President Donald Trump has already delayed some of that increase amid economic turbulence.

After Trump gave the go-ahead earlier this month for 10% tariffs on the nearly $300 billion in Chinese imports that haven’t been hit by higher duties, China halted purchases of agricultural goods and allowed the yuan to weaken.

Negotiators have spoken by phone since then and are planning another call in coming days. People familiar with their intentions said earlier that the Chinese delegation is sticking to their plan to travel to the U.S. in September for face-to-face meetings, which may offer a chance for further reprieve.

The U.S. side is still hoping for that visit to happen, with Trump’s economic adviser Larry Kudlow telling Fox Business Network that “hopefully we are still planning on having the Chinese team come here to Washington D.C. to continue the negotiations.”

“I don’t want to predict, but we will see,” Kudlow said on Thursday in Washington.

China Hits Back at U.S. With Tariffs on $75 Billion of Imports
 

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Comments (6)
David David
David9 Aug 23, 2019 1:34PM ET
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I told you guys, when China Roars, the market crumbles.
Kenneth Novak
Kenneth Novak Aug 23, 2019 9:46AM ET
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Worse. Can anyone dare imagine if Kamala Harris is elected? Then we ALL should move to Canada!Let's be honest. This is a pathetic lot of Democratic candidates. While they are all trying to figure out which bathrooms to use, China will be grinding us into mincemeat.
Kenneth Novak
Kenneth Novak Aug 23, 2019 9:22AM ET
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People don't realize 25 years of screwing us is not resolved overnight. Can you imagine if Sleepy Joe gets in? The Chinese will welcome his weakness and turn America into a laughinstock on the way to us becoming one of their puppet states.
Jeff Chevalier
Jeff Chevalier Aug 23, 2019 9:22AM ET
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Uh.. The US has been the laughing stock of the world for years, you just didn't know it. The propaganda machine is very powerful in the US. Every sporting event and almost every movie has "the US is the greatest country in the world" messaging and you subconsciously drink it in. Nobody's fault, they're EXTREMELY good at what they do.
dan mat
dan mat Aug 23, 2019 9:21AM ET
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Best thing for US is to put at least 25% tarrifs on ALL imports and up tp 50% for some, for at least a decade and that is the only thing that can keep US number one.
Mauricio Salinas
Mauricio Salinas Aug 23, 2019 9:16AM ET
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Timing is everything, they announce it today, right before the fed speech. Another rate cut won't do anything and Powell knows it. This issue with China is bigger than the fed, and the U. S. is getting its *****bended to them, thanks to that orange baffoon.
Brady Murray
Brady Murray Aug 23, 2019 9:16AM ET
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Actually the opposite. Due to the Massive trade imbalance China is getting their asses handed to them. They have Communist factory quotas to meet and fiorced to drop prices in line with tariffs. Not to mention it will be much harder to steal American technology and data. Thanks to the past failures by former Presidents we must fight this battle.
Andrew carson
Andrew carson Aug 23, 2019 9:16AM ET
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Or we can do nothing about everything like Obama .
Brady Murray
Brady Murray Aug 23, 2019 9:16AM ET
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Actually the opposite. Due to the Massive trade imbalance China is getting their asses handed to them. They have Communist factory quotas to meet and fiorced to drop prices in line with tariffs. Not to mention it will be much harder to steal American technology and data. Thanks to the past failures by former Presidents we must fight this battle.
Jeff Chevalier
Jeff Chevalier Aug 23, 2019 9:16AM ET
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Brady Murray What else can you make up with no facts to back it?
Harsha Rao
Harsha Rao Aug 23, 2019 9:07AM ET
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300 billion worth of goods vs 75 billion?. No comparison. Its better that we deal with Chinese now rather than after they become world's largest economy.
 
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