Published: Fri, June 22, 2018
Money | By Arnold Ball

Intel has paths around Trump's China tariffs, analysts say

Intel has paths around Trump's China tariffs, analysts say

Trump announced on Monday evening that he'd asked U.S. Trade Representative Robert Lighthizer to draw up a list of $200 billion in Chinese imports that the U.S. could impose a 10 percent tariff on.

The US "practice of extreme pressure and blackmail departed from the consensus reached by both sides during multiple negotiations and has also greatly disappointed global society", it said.

"Risking a trade war with more tariffs will only invite more retaliation that will cause significant harm to the US economy", said the group, urging the administration instead to "work with our allies and place coordinated pressure on China to end their harmful trade and investment practices".

"If the US side becomes irrational and issues the list, China will have to adopt comprehensive measures in quantity and quality in order to make strong countermeasures", said the statement.

Stock markets have fallen around the world in the wake of President Trump's latest tariffs threat to China.

"The trade relationship between the United States and China must be much more equitable", Trump said. At a combined $450bn worth of goods tariffed, the United States will have placed tariffs on all but 10% of the $505bn worth of goods imported from China in 2017.

Companies like Apple are anxious China could cause delays in supply chains and increase scrutiny of products under the guise of national security concerns, The New York Times reported.

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In a statement published shortly after Monday's announcement, China's Ministry of Commerce called the move "blackmail". By picking agricultural goods in its latest list, China appeared to be targeting Trump's electoral base, he said.

One of the most important reasons - China is united, it said. Cook also said that the trade deficit with China is overstated due to flaws in the way it is calculated.

"American businesses now are on a level-playing field with your competitors from other countries who have so many advantages, including subsidy by governments", he said.

Mr Pompeo raised the trade issue directly with China last week, when he met in Beijing with President Xi Jinping and others.

"China could target US firms through tax and regulatory policies", Citigroup said in a report. It said with retaliatory tariffs imposed by American trading partners added in, the total rises to $181-billion, or 1 per cent of global trade. The administration has identified $200 billion in Chinese exports it plans to add tariffs to, on top of the original $50 billion in products it first chose to go after. "Again and again the USA has been provoking a trade war".

Trump recently ordered tariffs on $50bn in Chinese goods in retaliation for what he claimed is theft of intellectual property. "We will continue using all available tools to create a better and fairer trading system for all Americans".

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