Information from the Maritime Network Station (MARINETRAFFIC), which tracks the ship, showed that the vessel had arrived at a time of 17:07. A spokesman for the Ministry of Commerce said July 6 that the U.S. began to levy a 25% tariff on 34 billion of Chinese goods, accusing the US of "a typical trade bully, which is seriously endangering global industrial chains and value chain security and hampering the pace of global economic recovery." The spokesman also said, ' China promised not to shoot the first shot, but to defend the country's core interests and the interests of the people, forced to make the necessary counterattack.
' 34 billion dollars is roughly the equivalent of China's one-month export to the United States. According to the US Trade Representative's office, a total of 818 Chinese goods, including boilers, lathes, aircraft parts, electronic components and compressors, will be taxed at 25%.
China's taxes on the United States are mainly agricultural products and cars, including soybeans, sorghum, whey, a variety of meats, seafood and different types of fuel vehicles, electric cars and hybrid electric vehicles.
US-China trade dispute no solution in short term Some trade experts say it is likely to be a protracted trade war. "The U.S.-China trade war will continue at least until next year because of the strong performance of the US economy," said David Dollar, a Brookings institution expert on Chinese issues at the Brookings Institution, the Washington think-tank, to the Wall Street Journal.
It is unlikely that people will immediately feel the economic pressures brought about by trade wars. University of Syracuse (Syracuse University) professor of Economics, Peterson Institute for International Economics (Peterson Institute for International Economics) senior researcher Mary Loffley (Mary E. Lovely VOA says the crux of the matter is whether there is any contact between now and the next round of tariffs. "There is no dialogue between the two sides," she said. Given the present circumstances, I do not think the two sides will be able to resolve the issue by negotiation before the next round of tariffs.
' In China, the top policymakers seem to have reached the consensus that the U.S.-sponsored trade war is part of the overall US strategy to curb China's continued rise, so China has to retaliate decisively. Eswar Prasad, a professor of international trade at Cornell University, told the New York Times that ' domestic developments in both countries could make it difficult to curb trade hostilities or find ways to exit from trade hostilities. '
' U.S. President Trump in Thursday, preparing to depart for Montana State, said the U.S. tariffs on another 16 billion U.S. dollars in Chinese goods will come into effect within two weeks, followed by a tentative plan to impose tariffs on 200 billion of Chinese goods, ' then, after 200 billion dollars, We also have a 300 billion-dollar tax increase plan in abeyance. And this is only for China.
' If all these plans are implemented, it would mean that almost all Chinese imports will be levied on tariffs. In 2017, all the U.S. imports from China amounted to $505.5 billion trillion. And once the US levies a full tariff on Chinese goods, it is expected that China will also be highly likely to raise taxes on all U.S. goods. Last year, China's imports of U.S. goods amounted to about 130 billion dollars.
As a result, the US-China trade dispute could involve goods worth more than $600 billion trillion.
Experts: China can survive US tariffs Lovely, a professor at Syracuse University, said that if the US imposed a blanket tariff on Chinese goods, it would certainly put more pressure on the Chinese government, especially in China's coastal export-dependent areas, but those tariffs were not enough to crush the Chinese economy. "It's not a big problem for China as a whole," she said. At present, more than 50% of China's economy is a service industry, although some areas are for export-made services, but China should be able to survive. But the impact on China's economy is sure to be greater.
' According to the plan, the United States will next to the announcement of the 50 billion U.S. dollar Chinese goods, the remaining 16 billion U.S. dollars of Chinese goods to impose tariffs. According to Bloomberg, 50 billion dollar Chinese exports to the US will drag down China's economic growth rate by 0.2%. And if the trade conflict escalates, it could drag down China's growth rate by 0.5%. China's economy grew by 6.9% last year.
In 2018, China set an economic growth target of 6.5%.
China's first retaliatory tariffs on U.S. agricultural products and cars are expected to spread to energy and chemical products, but not Boeing aircraft, in the next 16 billion dollars. Yexa Rufus Yerxa, president of the National Foreign Trade Council, believes that the United States will end its trade war only if the United States has to adjust its strategy when all is in the lurch.
Yexa has served as deputy Director-General of WTO.
Lovely, a professor at Syracuse University, said China should make appropriate adjustments in the two areas of technology transfer and intellectual property to lift concerns about China's policies. She said: ' I do think the Chinese government should be more transparent about technology transfer because many countries think China is not fair enough on this issue. ' On intellectual property issues, many countries view "Made in China 2025" as a threat. Of course, the Chinese government doesn't think so. I think China's industrial policy in support of this goal should also be more transparent.