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The United States started collecting 25% tariffs on $ 34 billion worth of imported Chinese goods and Donald Trump warned that over $ 500 billion worth of Chinese goods would be all US imports from China, could be taxed.
In 2017, "made in China" imports in the United States totaled 505 billion US dollars.
For the moment they are 818 Chinese products who are targeted, including cars, aircraft components or computer hard drives. Popular goods such as mobile phones or televisions are spared, for the moment.
Accusing Washington to trigger "the biggest trade war in economic history," Beijing announced that retaliation had come into effect " Immediately after
Beijing responded on identical amounts, ie on $ 34 billion worth of goods. "The United States has violated the rules of the World Trade Organization and launched the biggest trade war in economic history to date," the Chinese Ministry of Commerce said in a statement.
China has promised not to shoot first. But to defend the fundamental interests of the country and its people, it is forced to a necessary response.
Chinese taxes should affect agricultural products, including soybeans, very dependent on the Chinese market , sorghum and cotton, as well as the automotive sector or seafood products such as lobsters.
The list of American products targeted by China
Jack Daniel's pigs, pistachios and whiskey are only some of the products covered. The offal of pigs, shunned by a majority of Americans, sell very well in China: last year they reported $ 251 million. Pistachio, star product of California, is present on the list, like other nuts and fruits "made in USA". In total, $ 175 million worth of pistachios and other American nuts are targeted. Chicken legs do not have a lot of fans in the United States, but instead of throwing them in the trash, American producers export them to China, where they are cooked, seasoned and tasted like a delicacy. Each month, an average of five containers loaded with 120 tons of Jack Daniel's whiskey leave the United States for China. In Beijing and Shanghai, customers of bars and nightclubs consume mainly raw spirits.
In total, $ 50 billion in annual Chinese imports will be affected by US measures aimed at to compensate for what the Trump administration considers to be the "theft" of intellectual property and technologies
The second batch of taxes on 16 billion Chinese imports, which is currently undergoing additional scrutiny from Trade Representative (USTR) Robert Lighthizer, will enter into force "in two weeks," said Trump.
Beijing also plans to hit a total of $ 50 billion in US imports. [19659002] The world's top two economic powers should not stop there, since Trump has asked Robert Lighthizer to "determine $ 200 billion worth of Chinese goods for additional taxes. 10%. "
And the US president has said he is willing to tax $ 200 billion of additional goods if China raises its tariffs again in reaction.
These measures could increase to 450 billion the value Chinese goods taxed, the vast majority of imports from the Asian giant.
Potential damage, experts argue
Experts warn for months against the potential damage of such a trade confrontation, not only on the US economy, but also on
US companies have told the US Central Bank (Fed) that they are already feeling the impact of higher prices and "the reduction or postponement of capital investment because of uncertainties surrounding trade policy, "said the Fed in the minutes of its last meeting in June.
In an analysis entitled The wrong approach the US Chamber of Commerce estimated about $ 75 billion the amount of US exports hitherto affected by the retaliation of US trading partners.
In particular, six states (Alabama, Michigan, Pennsylvania, South Carolina, Texas and Wisconsin) were particularly affected, all of whom had voted in favor of Donald Trump during the 2016 presidential election.
These warnings But the President of the United States, who once again swept the arguments Tuesday in a tweet.
"The economy is probably much better than in the past, before we solve the problem of unfair trade agreements with each country , he said. A majority of countries agree that they must change, but no one has ever asked for it. "
The day before, US Secretary of Commerce Wilbur Ross had said that the forecast of a slowdown in US economic growth was" premature and probably inaccurate. "
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