Trump tariffs 'necessary defense' against China: Peter Navarro

Ivan Schwartz
September 18, 2018

The Trump Administration upping the tariff fight with China - announcing Monday it plans to slap tariffs on $200 billion worth of Chinese-made goods, a move that will drag the consumer electronics sector into the brawl.

Mr Trump has claimed that the import levies have helped him to forge...

"The United States engages in unilateralism and protectionism, affecting the interests of both sides and harming the global economy, which is not good for all countries".

Beijing has vowed to retaliate on a range of U.S. products valued at around $60 billion.

The latest round came after talks between the world's two largest economies produced no results.

President Donald Trump said he'll make an announcement on China trade after usa financial markets close Monday. "There will be great and fast economic retaliation against China if our farmers, ranchers and/or industrial workers are targeted!"

By imposing such a tariff, the official said, the United States is not trying to constrain China's growth. That would raise the total to $517 billion - covering almost everything China sells the United States.

According to a preliminary list of goods released by the US Trade Representative's office in July, in just a few examples, Washington is considering putting tariffs on roughly $40 billion in Chinese-made voice data receivers, computer memory modules, automatic data processors, and accessories for office equipment such as copiers and bank note dispensers - instantly making widely used goods more expensive.

China is reviewing plans to send a delegation to Washington for fresh talks in light of the USA decision, the South China Morning Post reported today, citing a government source in Beijing. The human hair is often processed into wigs.

In 2009, the Obama administration imposed tariffs on Chinese tires, charging that a surge in imports was hurting the USA tire industry. At the same time, China introduced its own tariffs to the same value.

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For some American businesses, the inclusion of a raw material or certain product had the potential to dramatically affect their future prospects.

"Investors are slowly starting to realise that these new tariffs could be extremely disruptive to the supply chain", said Art Hogan, chief market strategist at B. Riley FBR in NY.

"Negotiated settlement, instead of tariffs, represents the best pathway to resolving outstanding trade issues without creating uncertainty and instability that will negatively impact our port", Sanfield said.

Only last week, Beijing said it welcomed overtures from United States officials offering to re-start trade talks, but press reports indicate China would call off any meetings if the new punitive duties take effect. The Port of Baltimore is facing growing anxiety over the disruption to business despite being on track for a record year, said the Financial Times. The company employs 300 people in OR and Washington state.

Chinese chemical inputs for manufacturing and textiles and agriculture eliminated from tariff list.

"If we're not right, we'll roll them back, " Trump is reported to have said. "But, so far, China has been unwilling to change its practices", including theft and force transfer of technology. The Apple products on the list reportedly included the Apple Watch, Apple Pencil, the HomePod smart speaker, AirPods and various chargers, cables and adapters.

Beijing has said it will swiftly retaliate against American exporters - a move that stands to hurt USA farmers and other companies that sell their products to China.

Apple does not break out individual sales figures for its smartwatch, earbuds or pencil, but the sales category covering these items accounted for about 7 per cent of its revenue in the third quarter.

The officials said China had been given "chance after chance" to change the trade practices considered unfair to USA businesses, but "have remained obdurate".

Other reports by GizPress

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