Trump tariffs are about to hit Apple fans where it hurts

Larry Hoffman
September 15, 2018

Chinese Foreign Ministry spokesman Geng Shuang told reporters on Thursday that China welcomed the invitation, and the two countries were discussing the details.

Trade tensions between the USA and China do not appear to be easing up, as President Trump prepares to hit Beijing with more tariffs.

Watch Alibaba, iQiyi, JD.com, Baidu.com, Pinduoduo, Nio trade in real-time here.

Some of them have criticized Trump's tactics but many echo USA complaints about Chinese market barriers and industrial strategy.

The decision also comes despite a Treasury invitation earlier this week to senior Chinese officials, including Vice Premier Liu He, for more talks to try to resolve trade differences between the world's two largest economies.

"American companies are suffering both from China's retaliatory tariffs, and - ironically - from US tariffs created to harm the Chinese economy", the two chambers said in a statement. So, as Trump's tariff hikes on Chinese imports keep ramping up, China is naturally running out of room to retaliate.

About 74.3 percent said they would be affected if Washington's tariff increase on $200 billion of Chinese goods goes ahead.

Washington, Europe and other trading partners say those plans violate China's market-opening commitments.

The Trump administration imposed the first tariffs of $34bn on Chinese imports in July. Midlevel U.S. and Chinese officials met on August 22 and 23 with no agreements.

More than 60 per cent of U.S. companies polled said the USA tariffs were already affecting their business operations, while a similar percentage said Chinese duties on United States goods were having an impact on business.

A broad coalition of US businesses, from farmers to retailers, have, however, been fighting back against Trump's tariffs, warning that they are hurting the USA economy. The escalation from imposing new duties on US$50 billion in products to more than four times that number has prompted a surge in lobbying efforts from major USA corporations that will suffer collateral damage. "AmCham China and AmCham Shanghai urge both governments to return to the negotiating table". -China talks would delay the duties.

William Zarit, the chairman of the American Chamber of Commerce in China, warned the Trump administration against assuming those difficulties will force Beijing to cave in to its demands.

His comment tempered cautious optimism among investors over the US government's proposal for another round of talks with Beijing.

The United States bought $505 billion in goods from China previous year, and Trump has already moved to impose tariffs on $50 billion of those goods as a way to try to force concessions from the Chinese government.

But Beijing has come up with a non-tariff move to deal with the escalating trade battle, and it's making many American businesses' worst fear come true.

Other reports by

Discuss This Article

FOLLOW OUR NEWSPAPER