The United States escalated a tariff war with China on Friday by hiking levies o...
Trump gave U.S. importers less than five days notice about his decision to increase the rate on the $200 billion category of goods, which now matches the rate on a prior $50 billion category of Chinese machinery and technology goods.U.S. stock futures fell and Asian shares pared gains after Washington went ahead with the tariff hike, reflecting worries that a broader, more protracted trade war would inflict greater damage on the global economy.
A general view of Kwai Tsing Container Terminals for transporting shipping containers in Hong Kong, China July 25, 2018. REUTERS/Bobby Yip Green expected China to increase non-tariff barriers on U.S. companies, such as delaying regulatory approvals, as it couldn’t hit the same amount of imported U.S. goods with higher tariffs.
Just hours after the U.S. move, which will add pressure on an already slowing Chinese economy, China’s central bank said it was fully able to cope with any external uncertainty. “Regarding Mr. Trump’s tariff policy, honestly, we just don’t understand it,” Fu said. “Since we have already joined the World Trade Organization, logically shouldn’t tariffs have continued to decrease?”Gary Shapiro, chief executive of the Consumer Technology Association, said the tariffs would be paid by American consumers and businesses, not China, as Trump has claimed.
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