Trump says tariffs working far better than anticipated

China threatens tariffs on $60 billion in US goods

China threatens tariffs on $60 billion in US goods

'Tariffs are working big time.

While a strong US Dollar combined with a weaker Yuan will make many Chinese goods on the US market still highly competitive in terms of pricing in spite of tariffs, an equal and opposite effect is being felt by US producers whose warehouses of goods that would have normally been shipped off to China are now left to rot. China retaliated in kind.

08/06/2018China announced a list of $60 billion worth of USA imports it plans to apply tariffs on should the Trump administration follow through with its latest trade threats.

The US widened the tax net to cover Mexico, Canada, the European Union and India.

The Trump administration may be overestimating its ability to pressure Beijing into changing its economic behaviour, said Stefan Selig, managing partner at BridgePark Advisors LLC and former trade undersecretary at the Commerce Department under Barack Obama.

"We said before that this round of tariffs amounted to doubling down on the recklessness of imposing trade policy that will hurt U.S. families and workers more than they will hurt China", a major trade group, the National Retail Federation, said in a statement last week. The worsening of the tension comes amid a slowing of China's economy, declines in the currency and a bear market in stocks. The move was meant to bring China back to the negotiating table for talks over United States demands for structural changes to the Chinese economy and a cut in the bilateral trade deficit, but China's response suggests the move had failed.

The conflict is expected to be high on the gathering's agenda, with the United States and China already imposing 25 per cent tariffs on US$34 billion of each other's goods and duties on another US$16 billion in Chinese products in the pipeline.

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Despite the escalating trade row, the economy's resilience has been remarkable, said Tu Xinquan, director of the China Institute for WTO Studies at the University of International Business and Economics.

Experts said China has realized that retaliatory action would not persuade the U.S. President to stop his trade actions.

China's decision to threaten $60 billion of US goods is the first time this year that Beijing has not tried to match D.C.'s tariffs dollar for dollar. Americans have consumed more than they produce compared to many other nations for decades, they say.

"Tariffs are working far better than anyone ever anticipated", Trump tweeted out.

"The U.S. has repeatedly resorted to threatening and deceitful routines, trying to force China to compromise, both overestimating its own bargaining power and underestimating China's determination and ability to defend its national dignity and the interests of its people", said a commentary in the official Xinhua news agency.

Many of these goods are agriculture-related and others relate to various metals and chemicals. "China has time to fight to the end. -China trade dispute. They expect solid economic growth momentum amid policy fine-tuning", it said. U.S. business and farm groups, which do extensive business with China, have complained for months about Mr Trump's strategy, but there are no signs that the Chinese government is paying for a campaign in the US. "Time will prove that the US eventually makes a fool of itself", the paper said. "China knows what we are asking, they just have not made satisfactory responses".

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