The United States has already imposed 25 percent tariffs on $34 billion in Chinese imports and is readying 25 percent tariffs on another $16 billion worth to punish China for allegedly using predatory tactics to obtain US technology.
Erin Ennis, senior vice president of the U.S. China Business Council, said a 10 percent tariff on these products is already problematic, but more than doubling that to 25 percent would be much worse.
The Trump administration ramped up pressure for trade concessions from Beijing this week by proposing a higher 25 per cent tariff on $270 billion worth of Chinese imports.
Word late on Tuesday that the Trump administration was poised to escalate a trade war with China has been confirmed by the White House, with a spokeswoman saying that the president is "going to hold their feet to the fire".
President Donald Trump has asked U.S. Trade Representative Robert Lighthizer to consider hiking the duties, which could be implemented as early as next month.
Washington imposed 25 percent duties on $34 billion of Chinese goods on July 6.
Trump recently threatened to slap punitive tariffs on all Chinese imports, which accounted for more than $500 billion past year.
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China says the United States is trying to stop the rise of a competitor and it has imposed its own tariffs on US goods. "The U.S. unilaterally exerting pressure on China will get the opposite of what it wants", he said. After the earlier action against $34 billion of US goods, that left about $120 billion available for retaliation. "The escalating trade tensions have everyone in the industry concerned", said Port of Long Beach Executive Director Mario Cordero in a news release, although she also attributed high volumes to strong global economies.
Wednesday's tariff announcement is all the more significant because it follows an agreement between President Trump and European Commission chief Jean-Claude Juncker to negotiate a resolution of trade differences between the U.S. and EU. "This won't work on China", Geng said.
"The increase in the possible rate of the additional duty is meant to provide the Administration with additional options to encourage China to change its harmful policies and behavior", Lighthizer wrote.
But the U.S. Commerce Department reported Friday that the American trade deficit climbed to $46.3 billion in June from $43.2 billion in May.
"China's economy is much less dependent on trade now and on trade with the USA than it used to be", says Linda Lim, a professor of corporate strategy and global business at the University of MI, told Zarroli. Is the USA trying to put tariffs on its own companies?
The duties could take effect after the administration draws up its revised, final list of imports following a public comment period.
Rapid US GDP growth in the second quarter was mostly the result of tax cuts, which stimulated consumer spending, as well as a race to export soybeans and beat the tariffs. We and the U.S. rate market expect the Fed to slow the pace of rate hikes in 2019 as the USA economy is likely to slow as the boost from late cycle fiscal stimulus fades.