USA business group says retaliation rising in China amid trade war

Mae Love
May 23, 2019

The move came as US Treasury Secretary Steve Mnuchin said Wednesday that the US was studying how proposed tariff increases on roughly another $300 billion in Chinese imports would affect consumers and was at least a month away from enacting them. That move came in response to the US increasing tariffs from 10 percent to 25 percent on $200 billion in Chinese goods May 10, reported CNBC.

"There won't be any decision probably for another 30 to 45 days", Mnuchin said in a hearing before the U.S. House of Representatives Financial Services Committee. The Asian nation had put up a courageous front throughout the course of the skirmish, but in a stunning development, the Chinese President Xi Jinping has told his countrymen that they must prepare for harder times ahead.

Last week the Trump administration added Huawei to the trade blacklist, which bans the Chinese telecoms giant from acquiring technology from United States firms without government approval. "We would hope they would come back to the table".

Fitch Solutions Macro Research, a unit of Fitch Group, just downgraded its 2019 growth forecast for the Philippines to 5.9 percent from its previous estimate of 6.1 percent, taking into account the increasing US-China trade tensions.

Seeking to rally support for its side in the tariff war, Beijing is vehemently protesting the Trump administration's decision last week to impose controls on exports of computer chips and other key components.

Joly says it's too early to know what might cost more if the trade war escalates since it's not yet known which goods will be on the tariff list.

"Some people in the United States do not want China to enjoy the legitimate right to develop, and seek to impede its development process", Wang said, according to a foreign ministry statement issued late Wednesday.

"The package we're announcing today will ensure that farmers will not bear the brunt of those trade actions", Perdue said.

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"This provides us with a unique understanding of the company's software engineering and cyber-security processes". The official added Huawei needs be eventually driven out of the country, if not immediately.

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The move is a potentially devastating blow for the company and has rattled technology supply chains and investors.

A person briefed on the matter said the United States is considering Huawei-like sanctions on Chinese video surveillance firm Hikvision Digital Technology Co Ltd over Beijing's treatment of its Uighur Muslim minority. Mobile said they were holding off on the launch of Huawei smartphones, including some that can be used on next generation mobile networks, amid uncertainty about the devices from the world's No. 2 smartphone maker. "But if the United States opts for a policy of maximum pressure, then China will take them on and fight to the end", he said.

US Secretary of State Mike Pompeo said the dispute over Huawei could deepen.

The survey by the American Chambers of Commerce in China and Shanghai found one-third of respondents had delayed or cancelled investment decisions to cope with tariffs. "The Chinese government is confident and able to protect the legal interests of Chinese firms", Gao said.

It also said two-fifths of respondents were considering relocating or had already relocated manufacturing facilities outside of China.

Best Buy's CEO is warning that prices will rise if the US applies another round of tariffs on Chinese goods.

The United States is seeking sweeping changes to China's trade and economic policies, including an end to forced technology transfers and theft of USA trade secrets. Most recently, China imposed duties ranging from 5 percent to 25 percent on $60 billion in USA goods on June 1.

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