Economy

Trump's China tariffs seen delivering on effort to curb targeted imports

Trump's China tariffs seen delivering on effort to curb targeted imports”

But I don't blame China for taking advantage of us, I blame our leaders and representatives for allowing this travesty to happen.

The president also renewed his often-repeated falsehood that China was paying the USA import duties on its exports.

The study also said that positive effect for some countries will likely be outweighed by the negative global effects.

The higher cost of US-China trade would prompt companies to shift away from current east Asian supply chains, but the impact of the tariffs would not primarily benefit US firms.

The U.S. originally meant to boost its tariff on Chinese goods from 10% to 25% on January 1st, but the two sides agreed to a 90-day delay as they worked to reach a trade deal.

The proposed legislation would expand the White House's latitude to impose tariffs if other countries' tariffs or non-tariff barrier exceed United States ones. As protectionist policies generally hurt weaker countries the most, a well-functioning multilateral trading system able to defuse protectionist impulses and maintain market access for poorer countries is of fundamental importance.

Also, UN research released yesterday argued that while Asian supply chains are likely to suffer from the tariffs, United States firms won't see much benefit.

US companies would capture only 6 percent of the $250 billion of the affected Chinese exports, while Chinese firms would retain 12 percent, despite the higher cost of trade, the study said.

But it also illustrates how tariffs may do little to fulfill another of Trump's stated goals: reducing the USA trade deficit. "If - barring an agreement between the US, China on March 1 - tariffs will escalate to 25 per cent, which is a significant difference from the 10 per cent as it now exists", Coke-Hamilton said.

The implications of such a development would be "massive", the UNCTAD Director, Division on International Trade in Goods and Services, and Commodities, continued, adding that its effects would first of all involve "an economic downturn due to instability in commodities and financial markets".

She said the USA tariff hike and a retaliatory move by China would trigger an economic downturn because of instability in commodities and financial markets, while company moves to adapt would put pressure on global growth.

Although these figures don't represent a large slice of global trade - which was worth about $17 trillion in 2017 - for many countries they make up a substantial share of exports.

"One major concern is the risk that trade tensions could spiral into currency wars, making dollar-denominated debt more hard to service", the report adds.

The ongoing trade tensions initially came to a head in early 2018 when China and the United States imposed tariffs on about $50 billion of each other's goods.

A bipartisan group of lawmakers introduced legislation to limit Trump's ability to use national security as a rationale for tariffs.



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