Sino-report
Home Sign in Research report Data Center Industry News Custom Research About us
Research report:                          Automotive  |  Electronics  |  Mechanical&Automation  |  New Energy  |  Medical  |  Advanced Materials  |  Building Products  |  Transportation  |  Communication  |  Chemical  |  Finance  |  IT Industry  |  Food  |  Home Appliances  |  Forestry  |  Agriculture  |  Textile  |  Culture Industry  |  Consumer goods  |  Others  |
 Home > Industry News > Others > Text
Tariff Day is here
Author:sino    Source:Sino-report    Number of clicks :     Update time:2018-07-06 10:15
The United States will start imposing 25 percent tariffs on Chinese imports after midnight Thursday...

The United States will start imposing 25 percent tariffs on Chinese imports after midnight Thursday, firing a salvo in a trade war that analysts said would sour relations between the two countries while hurting businesses, consumers and the world economy.

US President Donald Trump confirmed Thursday afternoon that levies against $34 billion worth of Chinese imports will kick in as scheduled. The duties would start at 12:01 am Friday, the US Trade Representative Office said earlier in the day.

The Trump administration’s first round of additional tariffs targets Chinese goods from industries including aerospace, IT, auto parts and medical instruments.

Beijing has pledged to reciprocate with tariff of the same value immediately after the US tariffs take effect. Some of the goods China will target include farm produce, autos and aquatic products.

In all, about $75 billion worth of US exports will be subject to retaliatory tariffs from the country’s major trade partners as of this week, according to a statement from the US Chamber of Commerce.

“This is very bad for China-US relations,” said Gary Hufbauer, a nonresident senior fellow of the Peterson Institute for International Economics, a think tank in Washington.

If threats escalate to an all-out trade war, that will sour relations on all economic fronts, including investment, monetary cooperation and visas, he said.

“An all-out trade war will dampen the world economy because it will shake business confidence in the international economic order,” Hufbauer told China Daily. “Consequently, business firms will delay their investment decisions. As well, financial markets will take a hit.”

Already, the US Federal Reserve warned on Thursday that some US companies are scaling back investments in equipment and jobs “as a result of uncertainty over trade policy”.

Some Fed officials expressed concern about the possible adverse effects of tariffs and other proposed trade restrictions on future investment activity, according to minutes from the US central bank’s June meeting released on Thursday.

“Most participants noted that uncertainty and risks associated with trade policy had intensified and were concerned that such uncertainty and risks eventually could have negative effects on business sentiment and investment spending,” it said.

Jon Taylor, a professor of political science of the University of St. Thomas in Houston, said the fallout from the implementation of US tariffs, followed by Chinese tariffs in response, will “negatively impact” key sectors of both economies.

Taylor said the dispute could have longer-term implications, from the Korean Peninsula to global governance, to people-to-people cultural, social and educational interactions.

“What is interesting is that his (Trump’s) supporters are willing to ignore the pain that these tariffs will cause in the mistaken hope that manufacturing jobs will return to the US,” Taylor said. “In fact, the exact opposite will occur as corporations find cheaper locations to manufacture their products.”

Recent, widely reported cases include immediate job losses at Mid Continent Nail Corp, the US’ largest nail manufacturer, which may be forced to shut down operations because of rising steel prices.

The iconic American motorcycle maker Harley-Davidson has announced plans to shift production overseas to cushion against retaliatory tariffs by the EU.

Several trade specialists pointed out that the Trump administration’s escalating tariffs won’t help narrow America’s trade deficits but would serve his election purposes.

David Dollar, senior fellow of John L. Thornton China Center, Brookings Institution, said the tariffs will reduce US imports but do the same to US exports, so the trade imbalance probably will remain about the same or may widen.

“Protectionism will be bad for the US economy, but it will take some time for this effect to become evident,” said the former World Bank country director for China. “Probably, Trump will stick with the protectionism through the November elections. After that there is more chance for the two sides to negotiate a truce.”

Douglas H. Paal, vice-president of the Asia Program at the Carnegie Endowment for International Peace, said the short-term impact of imposing tariffs will be a “souring of relations”.

For the longer term, as trade deficits are driven by macroeconomic trends and not trade measures, the US will run a huge global trade deficit based on high spending and revenue cuts, Paal said.

In an earlier interview with China Daily, Paal said Trump cares about voter reaction, not trade results. “He is not negotiating with China, he is negotiating with angry citizens who feel betrayed by past trade agreements,” Paal said.

Order Online
Contact Us
Tel: 400-988-9999
Fax:010-82889999
Phone :+8615313587056
Email:Sale@sino-report.com
Email:Cousult@sino-report.com
Online Consultation
MSN :Sino-report@hotmail.com
MSN :Sino-report@foxmail.com
Skype: Please Please
Latest Reports
  More>>
[Others] China's solid waste imports continue to slump on tightened ban
[Others] Hebei puts cap on steel capacity to fight pollution
[Others] UNWTO report highlights China role in global outbound tourism
[Others] Online education gaining momentum
[Others] Media registration website for China International Import Expo announced
[Others] Chinese games market sees steady growth in H1
[Others] China import expo increases Belt and Road cooperation
[Others] Alibaba to buy stake in advertiser
[Others] Must-know facts about the interwoven China-US economic ties
[Others] Tariff Day is here
Popular reports
  More>>
Online education gaining momentum
Z-Park teams up with Paris Region
Industry Data
  More>>
China opens market to Kenya's agricultural products
China's publishing industry booming over past 40 years
Industrial Production Operation in July 2018
Total Retail Sales of Consumer Goods in July 2018
National Real Estate Development and Sales in the First Seven Months of 2018
NSDP/SDDS for the People's Republic of China
Market Price of Important Means of Production in Circulation, July 01-10, 2018
In the first five months of 2018, the profits made by industrial enterprises above the designated siz
Purchasing Managers Index for June 2018
Market Price of Important Means of Production in Circulation, June 21-30, 2018
In global EV battery shipments during Jan - Apr 2018, LG Chem and Samsung SDI ranked 4th and 6th
Based on Jan - Apr shipment record, Kia Motors Remain on Top 10 in Global PHEV Power Brands Ranking
Consumer Prices for May 2018
Producer Prices for the Industrial Sector for May 2018
Industrial Production Operation in May 2018
Investment in Fixed Assets for the First Five Months of 2018
National Real Estate Development and Sales in the First Five months of 2018
Producer Prices for the Industrial Sector for April 2018
Stable Performance for the National Economy in April
Total Retail Sales of Consumer Goods in April 2018
Industrial Production Operation in April 2018
National Real Estate Development and Sales in the First four months of 2018
Sales Prices of Residential Buildings in 70 Medium and Large-sized Cities in April 2018
Industrial Profits Increased in the First Four Months of 2018
Industry News
  More>>
Iron and steel sector gains strength
China’s wines take center stage
Machinery manufacturing fair boosts Sino-Russian ties
Medical device manufacturers display their latest technology
Soybean farmers store crops amid hopes of higher prices
Tourism industry opening on agenda
Tech competition eases startups' access to China market
China's excavator sales grow 44.9% in October
China's solid waste imports continue to slump on tightened ban
Delivery orders jump 25.12% to 1.35b on Singles Day
Related Links
China Mainland visitors to HK up 21.6% during Labor Day holiday

Sitemap       |       Join Us      |       Customer Service       |       About Sino-report
Copyright © 2011-2025 Sino-report Consult Inc.
Sino-report@hotmail.com    Postmaster@sino-report.com
No.18 Zhichun Road, Haidian District. Beijing 100089.China
Information and data contained in this site is for reference only pursuant to operate your own risk
Sino-report