Chinese media: USA made 'fundamental misjudgement' over tariff increases

The Trump administration raised import taxes on billions of dollars in Chinese goods from 10% to 25% Friday.

NRF's Global Port Tracker imports at the nation's major retail container ports are expected to see unusually high traffic through the summer, which Jonathan Gold, VP for supply chain and customs policy for NRF, said is driven by consumer demand but also retailers scrambling to order stock before the tariffs take effect.

After Trump expressed frustration with the pace of trade talks and threatened to impose steep tariffs on $200 billion in Chinese imports last weekend, negotiators failed to reach a deal this week.

Liu said that there is a disagreement between the two sides about China's commitment to buying goods from America to help reduce USA trade deficit.

If Beijing declines to make the concessions the Trump administration is demanding and the tariffs remain in place through November of 2020, some of the worst economic damage may be concentrated in communities in the Midwest and Rust Belt that put Trump in the White House in 2016. Since coming to office in 2012, President Xi Jinping has asserted China's territorial claims in the South and East China seas more vigorously than his predecessors, launched a multibillion dollar infrastructure spending project and said he'll make China a "world-class" military power by 2050.

Mr. Trump said in a tweet this week tariffs "will bring in FAR MORE wealth to our Country than even a phenomenal deal of the traditional kind".

Also Thursday, Canadian Prime Minister Justin Trudeau urged Trump in a phone call to press China to release two Canadians who have been held for five months.

U.S. Trade Representative Robert Lighthizer rejected that, telling Liu that the United States was insisting on restoration of the previous text. Trump wants to spend that money on American farmers. "The details will be on the USTR website on Monday as we begin the process prior to a final decision on these tariffs", Lighthizer said.

Given that electronics make up around 30% of total U.S. imports from China, the prices of metals which are used widely in the electronics sector, and tin in particular, appear especially at risk. Those cargoes will be charged the original 10% rate.

Through leading by example, China offers the world a visible alternative to a hostile approach which in the context of hard trade talks could dramatically worsen the global economic situation and in the context of Korea or Iran style de-escalation talks, could lead to the outbreak of violent conflict. The higher tariffs could reduce U.S. Gross Domestic Product (GDP) by 0.3 percent and China's by 0.8 percent in 2020, said Oxford Economics.

"There is no greater threat to world growth", French Finance Minister Bruno Le Maire said. He appealed to Washington to avoid more tariff hikes, saying they are "not a solution" and would harm the world. The US trade deficit with China decreased to the narrowest in nearly three years in March - $28.3bn - as imports slowed and exports advanced.

On Sunday, Trump said on Twitter he'd raise the fee to 25% per cent, effective Friday. In the Xinjiang Uighur Autonomous Region in western China, it has detained up to 2 million minority Muslims and forced them to undergo reeducation.

Mats Harborn is president of the European Union Chamber of Commerce in China.

"That is very important for us in the United Kingdom because our economy is a very open economy so it is very exposed to what is happening elsewhere in the world". George Grow was the editor.

"That's a cost of about US$400 for every person in the United States", he wrote in a blog post Thursday.

  • Zachary Reyes