US Lawmakers Back Tariffs as China Threatens to Retaliate

How much has US lost from China's IP theft?

"China has the ability to inflict significant economic harm on USA exporters of certain goods and can also use other overt as well as covert actions such as supply chain disruptions to hurt USA manufacturers".

Boeing Corporation delivered 202 planes to China in 2017 - or 26 per cent of its global total - making the country its largest market outside the US.

Trade Representative Robert Lighthizer told a Senate panel that Mr Trump had made a decision to "pause" the import duties while further discussions took place.

As he recently highlighted China's $375 billion trade surplus with the U.S., Trump says he will consider additional tariffs in two weeks.

In the interview, the British professor noted that Trump's China tariffs were "bad for general U.S".

The initial Chinese response may not be as severe as many fear but the conflict could easily escalate, said Robert Manning, an expert on US-China relations at the Atlantic Council in Washington. He adds that they are "having a negative effect on USA workers and businesses".

This significantly lowers the potential economic impact of the tariffs - as well as the potential help it might provide to domestic steel industry here in the United States. "We will certainly take that into account", the official said.

"We have a tremendous intellectual property theft situation going on", Trump told reporters. Investors may have been particularly skittish after Trump looked into the camera during the signing and told the world, "This is the first of many". The ministry urged the U.S. The biggest losers in a trade war are likely to be farmers in Trump-supporting states.

The Dow Jones industrial average closed down more than 700 points on Thursday as markets reacted to the Trump administration's announcement of $50 billion or more worth of yearly tariffs on Chinese imports. "Even so, it remains way short of his campaign pledges and-at a maximum-will shave a fraction of a percent off Chinese GDP over a number of years".

US Lawmakers Back Tariffs as China Threatens to Retaliate
US Lawmakers Back Tariffs as China Threatens to Retaliate

Beijing has released a list of import duties of up to 25 percent to be imposed on items including fresh fruits, wine and pork. The USTR will announce the proposed list in the next "several days", according to the fact sheet.

China has warned that it will retaliate, tit-for-tat, against tariffs and other measures. After evaluation, China could then implement tariffs of 25 percent on around $2 billion worth of product imports, including pork and aluminum.

As a result, foreign investment, particularly from China, has become increasingly critical to financing US economic growth.

In a second step, a 25 percent tariff would be imposed on eight goods totalling almost $2 billion, including pork and aluminium scrap, after "further evaluating the impact of the U.S. measures on China", the statement said. They started as tariffs on the entire world.

Since 2001, when China joined the World Trade Organisation, its economy has grown from United States dollars 1 trillion of GDP to USD 12 trillion; roughly an 800 per cent growth rate. Ever since his presidential campaign he has threatened to pull the USA out of the body. Central bankers have also sounded warnings. In addition, Trump will also direct the US Treasury to propose measures that could restrict Chinese investments in the United States, Eissenstat said.

The U.S. can ill-afford to see weaker demand for its debt from its major buyers.

At a time when US wine exports have been slipping overall, there's been growth in exports to China, where a rapidly growing middle class is adopting many Western tastes.

The administration is also trying to find a way to reduce the USA trade deficit with China, which was about $375 billion a year ago.

To contact Bloomberg News staff for this story: Andrew Mayeda in Washington at.(JavaScript must be enabled to view this email address), Toluse Olorunnipa in Washington at.(JavaScript must be enabled to view this email address), Miao Han in Beijing at.(JavaScript must be enabled to view this email address).

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