Gold Silver Reports (GSR ) – Trade War News : U.S. Moves Forward on Proposed $200 Billion China Tariff List — The 10 percent tariffs could take effect after public consultations end on Aug. 30, according to a statement from the U.S. Trade Representative’s office Tuesday. The proposed list of goods includes consumer items such as clothing, television components and refrigerators as well as other technology products, though it omitted some high-profile items like mobile phones.
If the tariffs proposed Tuesday go into effect, duties implemented by the administration aimed squarely at China will cover nearly half of all U.S. imports from the Asian nation.
Trump isn’t backing down from a trade war that members of his own Republican party call unwise, American businesses decry and economists warn could derail the strongest global upswing in years. Fresh U.S. tariffs would almost certainly prompt retaliation at a time when the Trump administration is seeking Beijing’s help reining in North Korea’s nuclear-weapons program. With little sign of continued formal negotiations, the two powers appear headed toward a protracted trade conflict that may undermine growth and shake up corporate supply chains.
No Choice
The U.S. felt it had no choice but to move forward on the new tariffs after China failed to respond to the administration’s concerns over unfair trade practices and Beijing’s abuse of American intellectual property, according to two senior officials who spoke to reporters. High-level talks between the world’s two largest economies starting in May failed to deliver a breakthrough to head off a trade war.
“For over a year, the Trump administration has patiently urged China to stop its unfair practices, open its market, and engage in true market competition,” U.S. Trade Representative Robert Lighthizer said in an emailed statement. “China has not changed its behavior — behavior that puts the future of the U.S. economy at risk. Rather than address our legitimate concerns, China has begun to retaliate against U.S. products. There is no justification for such action.” – Neal Bhai Reports (NBR)
