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US President Donald Trump threatens to impose additional duties on an additional $ 200 billion of products, according to a Washington government list. An additional 10 percent of these imports are to be imported into the United States, including food products, coal and consumer electronics. According to government circles, the rates will only take effect in two months: before that, there would be an opportunity to comment. China has criticized US plans as unacceptable. The People's Republic was shocked and will have to respond, said the Commerce Department on Wednesday.
The Beijing government will immediately file a complaint with the World Trade Organization (WTO). China is also calling on the world to rise up against commercial harassment and to protect the rules of free trade. Trump's trade representative, Robert Lighthizer, defended the US line. For more than a year, the government has been calling on China to end an unfair trade policy, open its own market and face competition. Instead of responding to these concerns, China responds: "Nothing justifies such a decision."
The Washington government imposed additional duties on Chinese products valued at $ 34 billion last week, prompting China countermeasures reacted. Previously, the United States had already sealed protective tariffs on steel and aluminum from foreign competition. Steel and aluminum appear again in the new list, which should make these imports more expensive.
Perhaps the threatened US tariffs have not yet reached the end of the flag in conflict with the second economy: Trump had already threatened imposing special tariffs on Chinese products totaling $ 500 billion. This roughly corresponds to the volume of US imports from China last year. If the conflict continues to spread, a dangerous spiral of escalation threatens to strike, fears the chief economist Uwe Burkert of the Landesbank LBBW: "The numbers are huge, the warming of the conflict is dramatic." Until now, however, the burden for many businesses and consumers remains relatively low
Germany fears special tariffs for cars
The trade dispute with the EU could also be exacerbated if there were additional American rights on European cars. German Federal Minister of Economy Peter Altmaier wants to advertise during a visit to Paris that Germany and France are acting together in the dispute with the United States. The politician of the CDU said in the ARD that it was to support the European Commission negotiations and avoid a trade war. Therefore, it would be better to lower fares than to enter a race to ever higher fares: "It does not only depend on Europe."
The US ambassador to Berlin, Richard Grenell, had the bosses of BMW, Daimler and Volkswagen submits a solution in the dispute, which amounts to a removal of rights. Chancellor Angela Merkel is ready to negotiate with the EU. However, the condition is that the regulation be applied to all countries with which the EU exchanges cars.
While the transatlantic trade dispute still seems to be relaxing, the US conflict with China could be pushed to the extreme with ever-higher tariffs. Then, American consumers would buy directly more expensive products such as furniture, handbags, suitcases, rugs or bicycles.
"Customs are just taxes"
plans. They are "reckless" and unintentional, said Republican MP Orrin Hatch, who chairs the finance committee in the Senate. The US Chamber of Commerce also complains about the decision. "Customs are just taxes." New donations have made goods more expensive for families, farmers, workers and businesses. The retail association Rila said that Trump broke his promise to keep consumers as low as possible.
US plans were to increase investors in the German stock market. The Dax started 0.9 percent lower at 12,497 points. The SMI fell 1.3% on Wednesday and investors were also scared by Asian stock markets. In China, the Shanghai Composite fell 1.8% to 2777 points.
(Reuters)
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