{"id":2497,"date":"2018-09-24T03:39:59","date_gmt":"2018-09-24T03:39:59","guid":{"rendered":"http:\/\/www.styledeals.co.uk\/blog\/us-china-trade-us-set-to-impose-biggest-round-of-tariffs-yet\/"},"modified":"2018-09-24T03:39:59","modified_gmt":"2018-09-24T03:39:59","slug":"us-china-trade-us-set-to-impose-biggest-round-of-tariffs-yet","status":"publish","type":"post","link":"https:\/\/www.styledeals.co.uk\/blog\/us-china-trade-us-set-to-impose-biggest-round-of-tariffs-yet\/","title":{"rendered":"US-China trade: US set to impose biggest round of tariffs yet"},"content":{"rendered":"\n
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\n The latest raft of trade tariffs mark an escalation in the trade war between the US and China
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A new round of US tariffs on Chinese goods are due to come into effect, the largest yet in the trade war.<\/p>\n

The US is due to start imposing tariffs on $200bn<\/a> ($152bn) worth of Chinese products from 12:01 Beijing time (04:01 GMT), in response to what it says are unfair trading practices by China.<\/p>\n

China has said it will target $60bn of US goods with extra duties in response.<\/p>\n

It marks a major escalation in the trade war between the world’s two largest economies.<\/p>\n

The latest move takes the total amount of Chinese imports hit by US tariffs since July up to $250bn.<\/p>\n

This means about half of all Chinese imports to the US are now subject to these new duties.<\/p>\n

China has accused the US of launching the “largest trade war in economic history”.<\/p>\n

What is happening on Monday?<\/h2>\n

As of the deadline, US companies importing the Chinese products in question will have to pay an additional 10% levy.<\/p>\n

The US duties will apply to almost 6,000 items, making them the biggest round of trade tariffs yet from Washington.<\/p>\n

They will affect handbags, rice and textiles, although some items such as smart watches and high chairs have been exempted.<\/p>\n

The tax will rise to 25% from the start of 2019, unless the two countries agree a deal.<\/p>\n

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In contrast, China will place an additional 5% in duty on US products including smaller aircraft, computers and textiles, and an extra 10% on goods such as chemicals, meat, wheat and wine.<\/p>\n

The tariffs to date<\/h2>\n

In total, the US has imposed three rounds of tariffs on Chinese products this year, totalling $250bn worth of goods.<\/a><\/p>\n

It placed 25% tariffs on $50bn worth of imports from China in two separate rounds.<\/p>\n

In July, the White House increased charges on $34bn worth of Chinese products. <\/p>\n

Then last month, the escalating trade war moved up a gear when the US brought in a 25% tax on a second wave of goods worth $16bn.<\/p>\n

Beijing retaliated in kind.<\/p>\n

China has imposed duties on $50bn of US products in retaliation, targeting key parts of the president’s political base, such as farmers.<\/p>\n

Why is the US doing this?<\/h2>\n

President Donald Trump says he wants to stop the “unfair transfers of American technology and intellectual property to China” and protect jobs.<\/p>\n

Tariffs, in theory, will make US-made products cheaper than imported ones, so encourage consumers to buy American. The idea is they would boost local businesses and support the national economy.<\/p>\n

But many US companies and industry groups have testified to the US Trade Representative’s Office that their businesses are being harmed.<\/p>\n

There are signs that companies and economies are already being affected<\/a>, and the IMF has warned major escalations will hit global growth.<\/a><\/p>\n

Mr Trump’s tariff policies are part of his protectionist trade agenda since taking office, which challenges decades of a global free trade system.<\/p>\n

What comes next?<\/h2>\n

Mr Trump recently said taxes on another $267bn<\/a> of goods were “ready to go on short notice” – that would mean virtually all of China’s exports to the US would be subject to new duties.<\/p>\n

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It is unclear how China can match the scale of US tariffs longer term.<\/p>\n

The US buys far more from China than it sells to them, so China only has limited room to retaliate through trade.<\/p>\n

Analysts have said China could get creative<\/a> when fighting back.<\/p>\n

It could make life more difficult for American companies in China or force its currency lower to boost exports.<\/p>\n

Mr Trump recently accused China of doing just that<\/a>. But China has hit back at these accusations<\/a>. <\/p>\n

China “will never go down the path of stimulating exports by devaluating its currency”, Premier Li Keqiang said last week. <\/p>\n<\/p><\/div>\n


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Source<\/a> by [author_name]<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Image copyright Getty Images Image caption The latest raft of trade tariffs mark an escalation in the trade war between the US and China A new round of US tariffs on Chinese goods are due to come into effect, the largest yet in the trade war. The US is due to start imposing tariffs on … <\/p>\n","protected":false},"author":0,"featured_media":2498,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-2497","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general"],"_links":{"self":[{"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/posts\/2497","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/comments?post=2497"}],"version-history":[{"count":0,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/posts\/2497\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/media\/2498"}],"wp:attachment":[{"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/media?parent=2497"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/categories?post=2497"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/tags?post=2497"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}