China to hit back at U.S. with 60 billion dollars tariffs

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China's trading partners complain those might violate its market-opening pledges by subsidizing or shielding Chinese companies from competition.

Countries like Malaysia form an integral part of Chinese exporters' supply chains, and analysts have warned a trade war could knock billions of dollars off their economic growth in coming years.

Here are some of the main sectors finding themselves victims of the trade war so far.

Threats and even announcements of tariffs are one thing; the actual implementation of tariffs another. Canada, Mexico and the European Union have responded to USA taxes on steel and aluminum with retaliatory tariffs.

Then, in July, the United States imposed tariffs on $34 billion of Chinese goods to pressure the country into abandoning what the Trump administration describes as unfair practices such as stealing intellectual property.

Also, tariffs on United States dollars 34 billion worth of Chinese goods were levied last month.

Jason Furman, an economist at Harvard's Kennedy School of Government who headed the Council of Economic Advisers under President Barack Obama told the New York Times, while Austan Goolsbee, an economist at the University of Chicago's Booth School of Business, called Trump tariffs a "terrible mistake", stating the following.

Earlier this year, the USA also started charging levies on the imports of steel and aluminium from the European Union, Mexico, and Canada. United States steel-aluminium tariffs on imports from Mexico-Canada have elicited a token response of $15.8 billion in Mexican and Canadian tariffs on U.S. imports.

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Beijing plans to impose an additional 5% in tariffs on about 600 kinds of products including planes and computers, another 10% on nearly 1 000 products including wigs and textiles, an extra 20% on more than 1 000 items including some chemicals, cookers and paper, and an additional 25% on over 2 400 products such as meat, wheat, wine and LNG, according to the statement.

The market is not large by value compared with the around $12 billion per year of U.S. crude that arrives in the country, but those levels could shoot up as Beijing forges ahead with its plan to switch millions of households to the fuel away from coal as part of its battle against smog.

Bona fide trade wars are never limited to tariffs. The deficit in goods trade with China also rose. On Friday, U.S. data showed the merchandise trade gap with China widened slightly in June to $32.5 billion after May's $32 billion deficit.

He predicted that the United States market will "go up dramatically" after the "horrible Trade Deals" are successfully renegotiated. This has occurred in spite of Huawei being nearly entirely absent from the American market.

"Their economy's weak, their currency is weak, people are leaving the country".

Nor will advanced economies like Japan and Europe be immune from having to devalue, as they try to offset Trump tariffs in order to maintain their share of global trade that Trump policies are clearly attacking.

Through the first six months of 2018, the goods trade deficit with China hit $185.7 billion, up from $171.1 billion in the first six months of 2017. That escalation is likely to continue into September, when those tariffs are supposed to go into effect.

The issue of who is to take charge of USA policy if negotiations do take place is bound up the question of what are the central objectives of the trade war.

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