New Trump Regime Tariffs on Chinese Products Coming This Week
In mid-July, Trump regime trade representative Robert Lighthizer released a list of $10% tariffs to be imposed on $200 billion worth of Chinese goods.
He said they’d take effect after a two-month review process, completed days earlier, warning US tariffs may be ordered on all Chinese imports if its government fails to bend to Washington’s will on trade, clearly not forthcoming.
Beijing considers Trump regime duties on its products “totally unacceptable” bullying. If $200 billion more are imposed on top of $50 earlier, around half of total Chinese exports to America would be affected – maybe all of them to be targeted ahead if China retaliates in kind as expected.
Reports suggest the Trump regime will formally announce 10% duties on another $200 billion in US duties on Chinese products Monday or later this week – hiking them to 25% if trade talks remain deadlocked.
Four earlier rounds failed to resolve major differences, more talks scheduled on September 27 and 28 in Washington, highly unlikely to get Beijing to go along with Trump regime demands it considers unacceptable.
Reportedly, a Beijing team will be headed by Vice Premier Liu He, meeting with Trump regime’s Treasury Secretary Mnuchin, Commerce Secretary Ross and trade representative Lighthizer.
Imposing more tariffs this week may likely doom talks before beginning. Trump’s stick over carrot approach doesn’t go down well in Beijing or anywhere else.
The world’s dominant economies remain deadlocked. No breakthroughs appear imminent. Pleas by US business and industry officials failed to halt Trump regime intentions.
A letter by the National Retail Federation and scores of other business and industry groups to Trump regime trade representative Lighthizer days earlier fell on deaf ears, saying:
“Continuing the tit-for-tat tariff escalation with China only serves to expand the harm to more US economic interests, including farmers, families, business, and workers.”
If no progress in talks with China is made, Trump said he’s ready to impose tariffs on all Chinese imports, igniting a full-scale trade war, harming the global economy, adding via Twitter:
“(W)e are under no pressure to make a deal with China, they are under pressure to make a deal with us.”
Beijing exports to America are threefold the US total to China, its government able to retaliate in ways beyond imposing duties on US products.
According to the Wall Street Journal, new US tariffs on Chinese imports “would take effect weeks before November elections,” adding:
“Business groups opposed to the tariffs are spending heavily to make the tariffs an issue in the campaign…(A)nnouncing (new tariffs is) planned for Monday or Tuesday.”
Lighthizer and trade advisor Peter Navarro urged Trump to impose tariffs “regardless of Chinese actions…to deepen pressure on Beijing to” accept US demands, said the Journal.
Deputy White House press secretary Lindsay Walters said Trump “has been clear that he and his administration will continue to take action to address China’s unfair trade practices. We encourage China to address the longstanding concerns raised by the Unites States.”
Beijing is highly unlikely to agree to unacceptable US demands. It has lots of effective ways to challenge Trump regime toughness besides imposing duties on US products.
Weeks earlier, the state-controlled People’s Daily said Beijing “will never back down when faced with threats and blackmail, neither will it waver its resolution in safeguarding the global free trade and multilateral trade system,” adding:
“The US is undermining global trade rules and causing problems for the global economy. (Its) mentality…not only brings negative impacts to both parties directly involved, but also to every country on the global industrial chain.”
Will both countries step back from the brink and show restraint? They’re holding firm so far, no steps taken to deescalate heightened tensions.
My newest book as editor and contributor is titled "Flashpoint in Ukraine: How the US Drive for Hegemony Risks WW III."