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Trade War With China Could Cost Auto Industry Billions

26 September 2018

Trump previously vowed to immediately retaliate with further tariffs on around $267 billion of Chinese imports if Beijing introduces tariffs in response to the latest measure.

By cutting tariffs, China is hoping to stimulate its economy and increase domestic consumption.

China said Tuesday that it will hit back against President Donald Trump with retaliatory duties of five or 10 percent against another $60 billion worth of American products.

Background: China cut tariffs on almost 200 consumer products in December 2017.

It would be unreasonable, however, to expect any effort to compel China to alter its unfair business practices to leave United States companies completely unscathed.

In a new survey just released by a pro-China council that includes Tyson Foods, Walmart and Microsoft as members, three-fourths of the members who do business with China say they will be impacted by the ongoing trade tensions between the two economic superpowers. China has said that it will respond with another $60 billion in duties on US imports.

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"(China) is not anxious that the USA trade counter measures will raise domestic commodity prices by too much but will instead use it as an opportunity to replace imports, promote localisation or develop export-oriented advanced manufacturing", it said.

One million jobs would be close to 1 percent of all jobs in the United States - meaning that successfully delivering would make Alibaba one of the country's largest private employers. What's more, in an interview, Kemmsies, explained that ever since President Trump "got serious" about taking tariff actions earlier this year, he has been saying all along that eventually it would get resolved, because both China and the USA lose, as does the rest of the world for a few different reasons, including: in the long-run, the trade structure of the world doesn't get adjusted to accommodate the US; and since 1978, the USA alone has been running a consistent trade deficit, which worsened when China joined the WTO. Officials have not confirmed if the US would be affected by the move. Such a move would mean roughly all of China's exports to the U.S. would be subject to new duties.

"To deal with the trade war, what China really should do is to focus on doing its own thing well", said the newspaper, which is published by the ruling Communist Party. The US businesses were exhausted of grand-sounding but unfulfilled promises about market opening, obstacles created to help Chinese competitors at their expense and rampant theft or extortion of their key technologies.

The administration says its demands are clear: Stop stealing trade secrets.

The turnaround is remarkable, given how sour corporate America had grown on China by the time Trump was inaugurated.

In retrospect, the Trump administration should clearly have worked more closely with those CEOs to design an approach to China the U.S. business community could embrace. "In the long run, I think it will work out well, as both China and the USA stand to gain tremendously by coming to good terms".

Trade War With China Could Cost Auto Industry Billions