China considers lowering tariffs as its economy faces difficulties

Clay Curtis
September 23, 2018

Key matters remain unresolved, including USA tariffs on imported steel and aluminum, spuriously justified on national security grounds, and the inclusion of Canada in the deal with Mexico.

But the trade war really ramped up in July, when both sides announced tariffs on $50 billion worth of each other's goods. Another 1,600 product categories will receive 5-percent tariffs.

In the letter, America's largest retailer said it is "very concerned" that expanded tariffs on Chinese imports would hurt its customers, its suppliers, and the US economy.

"Ironically, both USA and China would emerge as better performing economies amid the trade war, because they are continental types of economy and are buffered by domestic demand".

USCBC President Craig Allen also urged the Chinese government, which has announced plans to retaliated with $60 billion in new tariffs on USA, goods, to address concerns raised by the Trump administration on theft and transfer of US intellectual property and other unfair trade acts. "We encourage the two countries to find near-term solutions to ease trade tensions that will allow more opportunities for USA exports and benefit families in both countries". While most analysts say the latest tariffs will likely have only a minimal effect on the US or Chinese economy for now, they stand to inflict real damage, in the United States and perhaps globally, beginning next year.

The monitoring plans for Chinese retaliation to the $200 billion round of levies, but it has nothing to announce yet on a further round of duties, the official said.

Seafood, handbags, baseball gloves and thousands of additional items were also affected by the latest Trump tariffs.

The path to peace in a trade war between the United States and China is getting harder to find as the world's two biggest economies pile ever more taxes on each other's products. "The U.S. economy can not develop without the help of China", Qiao said. "It's a win for USA power".

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In a statement issued Monday, U.S. President Donald Trump announced that his government would impose 10-percent tariffs on roughly 200 billion U.S. dollars' worth of imports from China starting on September 24, and expand the levy to 25 percent beginning January 1.

Trump's rating has declined also because some USA elites and a large section of the public want to stop him from further poisoning the US' political ecology.

In fact, Washington's approach of imposing tariffs will not solve the China-U.S. trade disputes, but harm the interests of U.S. businesses and consumers instead and add downside risks to the global economy.

With an annual decline in the share of foreign trade in the whole Chinese economy, China is consolidating the fundamental role that domestic consumption plays in its growth. It should be to encourage China to be a better economic partner. And the rest of the world shares many USA concerns regarding Chinese policies.

"We will make sure that all companies, be they Chinese- or foreign-owned, so long as they are registered in China, will be treated as equals", Li said.

"Those companies are so sensitive on the pricing", O'Scannlain said, "even a 10 percent increase could cause them to move away from that".

The premier promised to "improve the business environment" for foreign companies.

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