US President Donald Trump escalated his trade war with China on Monday, imposing 10% tariffs on about£152.14 billion worth of Chinese imports, but sparing smart watches from Apple and Fitbit and other consumer products such as bicycle helmets and baby vehicle seats.
Beamish doubted whether the United States would slap 25 percent tariffs on $200 billion of Chinese imports, as the Trump administration has said it is considering, and the Wall Street Journal reported the tariff level would probably be about 10 percent.
Trump also threatened to add tariffs on about $267 billion of additional imports if China retaliates against USA farmers or other industries.
In an August statement, China's Commerce Ministry said it would respond to Trump's $200 billion round of tariffs with duties on more than 5,200 types of American imports, including industrial parts, chemicals and medical instruments. The escalation of Trump´s tariffs on China comes after talks between the world´s two largest economies to resolve their trade differences have produced no results.
On Sunday, former Chinese finance minister, Lou Jiwei, said that Beijing could go as far as to place export bans on key components needed by United States manufacturers, according to a report in Caixin.
So far, China has either imposed or proposed tariffs on $110 billion of US goods, representing most of its imports of American products.
This will allow U.S. companies some time to adjust their supply chains to alternate countries, a senior administration official said.
U.S. President Donald Trump reportedly directed his aides to proceed with fresh tariffs on Chinese goods. Some companies are looking to move out of China to dodge the tariffs, said Ted Murphy, a partner at the Baker McKenzie law firm.
So far in an ongoing trade war, China has matched new U.S. tariffs on goods.
Executives complained the tariffs would make their products more expensive, costing them sales.
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A senior administration official told Reuters over the weekend that Trump was likely to announce the new tariffs as early as Monday. Trump urged Chinese leaders to "take swift action to end their country's unfair trade practices".
In fact, tariffs are taxes that are paid by Americans who import goods from overseas.
"There is no disagreement between the Congress and the President that we must hold China accountable for hurting the USA companies and workers on a colossal scale by extorting our companies to transfer their best technology, stealing our intellectual property, and shoring up China's state-run companies through subsidies and other distortive practices", Brady said. These tariffs are on top of current duties on bike imports.
The 10 percent tariff will take effect on September 24.
In a filing with the government, for instance, Giant Bicycles Inc. of Newbury Park, California, noting that 94 percent of imported bicycles came from China past year, complained that "there is no way our business can shift its supply chain to a new market" to avoid the tariffs and warned "a tariff increase of this magnitude will inevitably be paid for by the American consumer". We are not asking for special treatment, but rather for an equal playing field in a nondiscriminatory business environment.
Still, many market players expect the US economy to ride out the impact for now. The US is trying to negotiate a new North American trade deal even as it threatens to impose national security tariffs on imported automobiles, especially those from Europe.
The new list would spare fitness trackers from Fitbit, which had said in a comment letter to regulators that the tariffs would compromise its own investment in the United States.
Many US businesses have warned that a new rounds of tariffs would threaten to increase prices of everyday goods for Americans - goods as varied as baby seats and bikes. "And it was not under Bush", said Derek Scissors, a China expert at the American Enterprise Institute.
Oil prices edged lower on concerns over how the U.S. -Sino trade dispute may dent global crude demand, but losses were limited as the market weighed potential supply tightening due to Iran sanctions.
The Shanghai Composite Index, meanwhile, has plummeted more than 20 percent since the year's start, with losses snowballing after Trump launched the trade war.