Chinese Tit-Stat Tit-For-Tat Tax on several American goods came into force on Monday, when the trade war between the two largest economies in the world increased and US President Donald Trump threatened to reach more countries at tariffs.
Beijing announced plans on February 4, a few minutes after 10% levies on all Chinese products came into force.
On Sunday, Trump said he would impose a 25% tariff on all steel and aluminum imports to the US, with full announcements coming on Monday.
Speaking to reporters at the Air Force One on his way to Super Bowl, he also said he planned a reciprocal tariff in other countries – but did not determine which would be targeted.
The latest Chinese tariffs for US goods include 15% border tax on US coal imports and liquid natural gas products. There are also 10% rates for American crude oil, agricultural engines and large -engined cars.
Last week, Chinese authorities launched an anti-monopolistic investigation into Google’s technology giant, while PVH, US owners of the Calvin Klein and Tommy Hilfiger designer brand, was added to the “Entity that could not be relied upon” Beijing.
China has also imposed export control on 25 rare metals, some of which are the main components for many electrical and military equipment products.
Trump’s announcement during the weekend plan to impose a 25% tax on US steel and aluminum imports arrived a few days after he reached an agreement with Canada and Mexico to avoid the 25% tariff he threatened with all goods from the country.
He introduced similar steps during his first term of office as president, imposed a 25% tariff on steel and 10% on aluminum, but then gave several trading partners for the free quota-including Canada, Mexico and Brazil.
The European Union (EU) import tax was not completed until the Biden government took over the White House.
Not mentioned on Sunday Sunday, if any, will be given a similar exception if this new tariff is applied in the following days.
Trump’s intention to implement a reciprocal tariff will meet the election campaign promise to collect tariffs at the same level imposed on US goods.
He also said the import tax for the vehicle remained on the table after the report he considered the exception for universal tariffs.
Trump has repeatedly complained that the EU rates on importing American cars are far higher than US levies.
Last week, Trump told the BBC rates on EU goods to occur “immediately” – but suggested an agreement to be “done” with England.
The day after the latest US tariffs come into force, Beijing accused Washington of making “accusation of baseless and wrong” about his role in the trade of synthetic opioid fentanyl to justify the step.
In complaints submitted to the World Trade Organization (WTO), China said the US import tax “discriminatory and protectionist” and violated trade rules.
But experts have warned that China is not possible to get a decision that benefits him as a WTO panel that resolves disputes still cannot function.
Trump is expected to speak with his colleague Chinese Xi Jinping in the last few days but the US president said he was not in a hurry to hold talks.
“China is much more prepared [than during Trump’s first term]”Said Scott Kennedy, an expert in Chinese business and economy in the center of strategic and international studies.
“Even though their economy has been cycled in a little slight, their technological capabilities are far greater than before and they have diversified their trade and investment with others”.
Some of the many steps brought by Trump since he served on January 20 had changed.
On Friday, he suspended a small package tariff from China, which, along with an additional 10%rate, came into force on February 4.
The suspension will remain in place until “adequate systems are available to process it fully and quickly and collect tariff income”.
After the order ended the free treatment of the duty over the shipping of less than $ 800 (£ 645) the US POS (USPS) service and other institutions that were canceled to be obeyed.
USPS temporarily stopped receiving packages from China, just to turn to the day later.
Source: BBC
