Indian tourist arrivals to Egypt jump 18.8% in H1-2025: ministry data    African agribusiness market expected to reach $1tr by 2030    Price cuts underway across Egypt, says trade federation report    Egypt sets $12bn target for ready-to-wear garment exports by 2031    Israelis protest for hostage deal amid growing pressure on Netanyahu    Serbia's Vucic vows 'tough measures' against protesters after unrest    Zelenskyy seeks US security guarantees as Trump says he can 'end war now'    Egyptian pound down vs. US dollar at Monday's close – CBE    Egypt's FM, Palestinian PM visit Rafah crossing to review Gaza aid    Egypt delivers over 30 million health services through public hospitals in H1 2025    Egypt joins Geneva negotiations on Global Plastics Treaty, calls for urgent agreement    Egypt recovers collection of ancient artefacts from Netherlands    Egypt, UNDP discuss outcomes of joint projects, future environmental cooperation    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Egypt, Namibia explore closer pharmaceutical cooperation    Fitch Ratings: ASEAN Islamic finance set to surpass $1t by 2026-end    Renowned Egyptian novelist Sonallah Ibrahim dies at 88    Egyptian, Ugandan Presidents open business forum to boost trade    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt, Huawei explore healthcare digital transformation cooperation    Egypt's Sisi, Sudan's Idris discuss strategic ties, stability    Egypt's govt. issues licensing controls for used cooking oil activities    Egypt to inaugurate Grand Egyptian Museum on 1 November    Egypt's Sisi: Egypt is gateway for aid to Gaza, not displacement    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Trump sets tariffs on $50b in Chinese goods
Published in The Egyptian Gazette on 17 - 06 - 2018

WASHINGTON/BEIJING, June 17, 2018 (News Wires) - US President Donald Trump said he was pushing ahead with hefty tariffs on $50 billion of Chinese imports on Friday, and the smoldering trade war between the world's two largest economies showed signs of igniting as Beijing immediately vowed to respond in kind.
Trump laid out a list of more than 800 strategically important imports from China that would be subject to a 25 per cent tariff starting on July 6, including cars, the latest hardline stance on trade by a US president who has already been wrangling with allies.
China's Commerce Ministry said it would respond with tariffs "of the same scale and strength" and that any previous trade deals with Trump were "invalid." The official Xinhua news agency said China would impose 25 per cent tariffs on 659 US products, ranging from soybeans and autos to seafood.
China's retaliation list was increased more than six-fold from a version released in April, but the value was kept at $50 billion, as some high-value items such as commercial aircraft were deleted.
Shares of Boeing Co (BA.N), the single largest US exporter to China, closed down 1.3 per cent after paring earlier losses. Caterpillar Inc (CAT.N), another big exporter to China, ended 2 per cent lower.
Trump said in a statement that the United States would pursue additional tariffs if China retaliates.
Washington and Beijing appeared increasingly headed toward open trade conflict after several rounds of negotiations failed to resolve US complaints over Chinese industrial policies, lack of market access in China and a $375 billion US trade deficit.
"These tariffs are essential to preventing further unfair transfers of American technology and intellectual property to China, which will protect American jobs," Trump said.
Analysts, however, did not expect the US tariffs to inflict a major wound to China's economy and said the trade dispute likely would continue to fester.
TVS SPARED, CHIPS ADDED
US Customs and Border Protection will begin collecting tariffs on 818 product categories valued at $34 billion on July 6, the US Trade Representative's office said.
The list was slimmed down from a version unveiled in April, dropping Chinese flat-panel television sets, medical breathing devices and oxygen generators and air conditioning parts.
The tariffs will still target autos, including those imported by General Motors Co (GM.N) and Volvo, owned by China's Geely Automobile Holdings (0175.HK), and electric cars.
And USTR added tariffs on another 284 product lines, valued at $16 billion, targeting semiconductors, a broad range of electronics and plastics that it said benefited from China's industrial subsidy programs, including the "Made in China 2025" plan, aimed at making China more competitive in key technologies such as robotics and semiconductors.
Tariffs on these products will go into effect after a public comment period. A senior Trump administration official told reporters that companies will be able to apply for exclusions for Chinese imports they cannot source elsewhere.
Most semiconductor devices imported from China use chips produced in the United States, with low-level assembly and testing work done in China, prompting the Semiconductor Industry Association to call the new tariff list "counterproductive."
While many business groups and lawmakers urged the two governments to negotiate instead, there was little sign talks would resume soon.
Trump's tariffs did gain some support from an unlikely source, US Senate Democratic leader Charles Schumer, who called them "right on target."
"China is our real trade enemy, and their theft of intellectual property and their refusal to let our companies compete fairly threatens millions of future American jobs," Schumer said in a statement.
The USTR official said the tariffs were aimed at changing China's behavior on its technology transfer policies and massive subsidies to develop high-tech industries. The United States now dominates those industries, but Chinese government support could make it difficult for US companies to compete.
Washington has completed a second list of possible tariffs on another $100 billion in Chinese goods, in the expectation that China will respond to the initial US tariff list in kind, sources told Reuters.
US soybean futures plunged 1.5 per cent to a one-year low on concerns that an escalating trade fight with China will threaten shipments to the biggest buyer of the oilseed, traders said.
Beijing and Washington had held three rounds of high-level talks since early May but failed to reach a compromise. Trump was unmoved by a Chinese offer to buy an additional $70 billion worth of US farm and energy products and other goods, according to people familiar with the matter.
Analysts at Capital Economics said the impact of the tariffs on China's economy would be small. Even if the US duties reach the full $150 billion, they estimated it would shave well under a half-per centage point off China's annual growth rate, which could be offset by fiscal and monetary policy actions.
"Neither side will be brought to its knees – which is one reason to think the trade dispute could drag on," Capital Economics said. "For China's part, its leaders will be determined not to be seen to back down to foreign pressure."


Clic here to read the story from its source.