Tag: China

China retaliates with tariffs on $16 billion worth of U.S. imports after Trump’s latest trade hit

The following article by David J. Lynch, Damian Paletta and Amanda Erickson was posted on the Washington Post website August 8, 2018:

China will impose 25 percent import tariffs on $16 billion of U.S. goods on Aug. 23, in response to the Trump administration’s additional proposed tariffs. (Reuters)

Nearly five months after President Trump first confronted China with tariffs over its trade practices, the two countries are further than ever from resolving their differences and appear to be digging in for what is likely to be a long and bruising conflict.

China said Wednesday that it would impose tariffs on an additional $16 billion in U.S. autos and energy products, retaliating for the Trump administration’s latest import levies on an equivalent value of Chinese goods.

Beijing signaled this week that it might target prominent American companies such as Apple if the trade dispute escalates. The iPhone maker relies upon China for one-fifth of its $229 billion in annual revenue, “leaving it exposed if Chinese people make it a target of anger and nationalist sentiment,” warned a commentary in the state-owned China Daily.

View the complete article here.

Chinese Goods May Face 25% Tariffs, Not 10%, as Trump’s Anger Grows

The following article by Ana Swanson and Keith Bradsher was posted on the New York TImes website August 1, 2018:

Credit: Seeman via Morguefile.com

WASHINGTON — President Trump escalated his trade war with China on Wednesday, ordering his administration to consider more than doubling proposed tariffs on $200 billion worth of Chinese goods to 25 percent from 10 percent, as talks between Washington and Beijing remain at a standstill.

Mr. Trump instructed the United States trade representative to look into increasing tariffs on Chinese imports like fish, petroleum, chemicals, handbags and other goods to 25 percent, a significant step in a dispute that is beginning to take a toll on industries and consumers in both countries. A final decision on the size and scope of the tariffs is not expected before September.

The effort to further punish China is being led by hard-line advisers to Mr. Trump, who believe inflicting painful measures on Beijing is the best way to force it back to the negotiating table on trade. But that approach is once again creating fissures within Mr. Trump’s own team, with his Treasury secretary, Steven Mnuchin, adamantly opposed to ratcheting up the tariffs and Peter Navarro, a key trade adviser, advocating the higher duties, people with knowledge of the discussions said. Stephen K. Bannon, who left the White House last August, has also been counseling the president to pursue tougher tariffs, according to people familiar with his thinking.

View the complete article here.

President Trump makes good on his threat to target an additional $200 billion in Chinese imports with tariffs, ramping up the trade war

The following article by David J. Lynch and Danielle Paquette was posted on the Washington Post website July 10, 2018:

President Trump escalated his trade war with China on June 18, and threatened to put in place tariffs on $200 billion worth of Chinese goods. (Reuters)

President Trump escalated his trade war with China Tuesday, identifying an added $200 billion in Chinese products that he intends to hit with import tariffs.

The move makes good on the president’s threat to respond to China’s retaliation for the initial U.S. tariffs on $34 billion in Chinese goods, which went into effect on Friday, and would eventually place nearly half of all Chinese imports under tariffs.

Administration officials said the tariff fight is aimed at forcing China to stop stealing American intellectual property and to abandon policies that effectively force U.S. companies to surrender their trade secrets in return for access to the Chinese market.

View the complete article on the Washington Post website here.

As tariffs near, Trump’s business empire retains ties to China

The following article by Jonathan O’Connell and David A. Fahrenthold was posted on the Washington Post website July 5, 2018:

On July 6, United States tariffs on $34 billion in Chinese imports took effect, firing the first shots in a trade war between the world’s biggest economies. (Reuters)

As the Trump administration initiates a possible trade war with China, the president’s businesses continue to benefit from partnerships involving the Chinese government, via state-backed companies and investors.

Chinese government-backed firms are slated to work on parts of two large developments — in Dubai and Indonesia — that will include Trump-branded properties.

The Trumps are the landlord to one of China’s top state-owned banks, which has occupied the 20th floor of Trump Tower in Manhattan since 2008. The bank’s lease is worth close to $2 million annually, according to industry estimates and a bank filing.

View the full article on the Washington Post website here.

U.S. levies tariffs on $34 billion worth of Chinese imports

The following article by David J. Lynch, Danielle Paquette and Emily Rauhala was posted on the Washington Post website July 6, 2018:

A Chinese official warned July 5 the United States is “opening fire” on the world with its tariff threats. He added China would respond to any U.S. measures. (Reuters)

The United States has levied tariffs on $34 billion worth of Chinese goods, a long-threatened move that is expected to prompt Beijing to retaliate against American products and plunge the two countries into a costly and increasingly unpredictable trade war.

U.S. customs officers started imposing duties on $34 billion in Chinese goods at 12:01 a.m. Friday. Moments after the deadline, the Chinese Ministry of Commerce issued a statement calling the U.S. move “typical trade bullying.”

“In order to defend the core interests of the country and the interests of the people, we are forced to retaliate,” the statement said.

View the full article on the Washington Post website here.

Trump’s Trade War Spooks Markets as White House Waits for China to Blink Image

The following article by Ana Swanson was posted on the New York Times website June 19, 2018:

Pres.Trump is threatening to impose tariffs on $450 billion of Chinese goods in order to force Beijing to change what he has called “unacceptable” trade practices. Markets fell Tuesday in response. Credit: Visual China Group, Getty Images</em

WASHINGTON — President Trump’s threat to impose tariffs on almost every Chinese product that comes into the United States intensified the possibility of a damaging trade war, sending stock markets tumbling on Tuesday and drawing a rebuke from retailers, tech companies and manufacturers.

The Trump administration remained unmoved by those concerns, with a top trade adviser, Peter Navarro, insisting that China has more to lose from a trade fight than the United States. He also declared that Mr. Trump would not allow Beijing to simply buy its way out of an economic dispute by promising to import more American goods.

“President Trump has given China every chance to change its aggressive behavior,” Mr. Navarro said in a call with reporters on Tuesday. “China does have much more to lose than we do.” Continue reading “Trump’s Trade War Spooks Markets as White House Waits for China to Blink Image”

With tariffs, Trump starts unraveling a quarter-century of U.S.-China economic ties

The following article by David J. Lynch and Emily Rauhala was posted on the Washington Post website June 15, 2018:

President Trump imposed tariffs Friday on $50 billion in ­Chinese products, signaling his willingness to unwind nearly a ­quarter-century of growing commercial links between the world’s two largest economies unless Beijing agrees to transform the way it conducts business.

The decision marked the president’s boldest step so far to implement his “America First” strategy, which he promises will shrink the $811 billion merchandise trade deficit and return lost manufacturing jobs to the United States. Continue reading “With tariffs, Trump starts unraveling a quarter-century of U.S.-China economic ties”

Trump administration cuts “definitive” deal on China’s ZTE

The following article by Erica Pandey was posted on the Axios website June 7, 2018:

Credit: Cheriss May, NurPhoto via Getty Images

>Commerce Secretary Wilbur Ross told CNBC on Thursday morning that U.S. negotiators have “executed a definitive agreement with ZTE.”

Why it matters: Compromise with ZTE — a repeat violator of U.S. sanctions against Iran and North Korea and a company identified as a national security threat by the Pentagon — could set a dangerous precedent for trade negotiations with China.

“At about 6 a.m. this morning, we executed a definitive agreement with ZTE. And that brings to a conclusion this phase of the development with them.”
— Wilbur Ross

Worth noting: President Trump announced in a tweet on May 25 that a deal had been reached. Continue reading “Trump administration cuts “definitive” deal on China’s ZTE”

Ivanka Trump Abruptly Leaves Call and Dodges Questions on Her Shady Business Deals with China: Report

The following article by Cody Fenwick was posted on the AlterNet website May 29, 2018:

The president recently seemed to soften his stance on Chinese business after the foreign government awarded his daughter valuable trademarks.

Credit: NASA/Bill Ingalls

Ivanka Trump is refusing to answer questions about the glaring conflict of interest created by her work in the White House and her ongoing business dealings with the Chinese government, reported the New York Times‘ Maggie Haberman on Tuesday. President Donald Trump’s daughter was hosting a phone briefing Tuesday with reporters and abruptly left the call after one journalist questioned her recent acquisition of valuable trademarks for her fashion line in China.

“Ivanka Trump is leading a call on a WH event on sports tomorrow,” Haberman wrote. “First question is related to her business trademarks in China. WH aide on call declines to answer and redirects. A few q’s later, aide says Ivanka Trump had to go to another meeting.” Continue reading “Ivanka Trump Abruptly Leaves Call and Dodges Questions on Her Shady Business Deals with China: Report”

Ivanka Trump Wins China Trademarks, Then Her Father Vows to Save ZTE Image

The following article by Sui-Lee Wee was posted on the New York Times website May 28, 2018:

Ivanka Trump at Andrews Air Force Base. Her growing portfolio of trademarks in China raises questions about whether Chinese officials are giving the Trump family extra consideration that they otherwise might not get.Credit: Tom Brenner, The New York Times

BEIJING — China this month awarded Ivanka Trump seven new trademarks across a broad collection of businesses, including books, housewares and cushions.

At around the same time, President Trump vowed to find a way to prevent a major Chinese telecommunications company from going bust, even though the company has a history of violating American limits on doing business with countries like Iran and North Korea.

Coincidence? Well, probably. Continue reading “Ivanka Trump Wins China Trademarks, Then Her Father Vows to Save ZTE Image”