26 September, 2018
U.S. President Donald Trump has threatened further retaliation if Beijing takes aim at U.S. agricultural or industrial workers as he accused China of trying to sway U.S. elections by targeting farmers. They will start at 10% and increase to 25% from the start of next year unless the two countries agree a deal.
Toughened (tempered) safety glass of size and shape suitable for incorporation in vehicles, aircraft, spacecraft or vessels are also affected.
This week Trump said he would press ahead with 10 percent levies on $200 billion of imports - on top of $50 billion already targeted - prompting Beijing to target another $60 billion of US goods with 5 to 10 percent taxes. These tariffs will also go into effect September 24, 2018.
According to the HomeWorld Business 2018 Top-100 Housewares Retail Report, Walmart at $21.2 billion and Target at $7.8 billion, were the first and third largest resellers of housewares in the United States in 2017.
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Confidence among Asian companies has slumped to the weakest in nearly three years as businesses fear collateral damage from the worsening trade war and China's slowing economy, the latest Thomson Reuters/INSEAD survey showed. The Reserve Bank of Australia has announced that the trade war is emerging as a "material risk" to the global economy. If tariffs are placed, the administration will be on the hook for our GDP shrinking, hundreds of thousands of Americans losing jobs and American families shouldering higher costs due to the rising cost of consumer products. Combined with previously taxed imports, that would cover 100 percent of the products the USA buys from China.
"If he does that, we're just headed inevitably for an economic cold war with China", economist Gary Hufbauer of the Peterson Institute for International Economics, told The Washington Post. The same applies to potential USA job losses due to declining exports to China: they won't happen fast enough to have any impact on November's mid-term elections in the United States. Today's tariffs, said former US trade official Holleyman, "may become the new normal".
"This commitment is based on the China-U.S. friendly cooperation and the rational and objective premise of bilateral trade", Ma said. Multi-billionaire Chinese businessman Jack Ma predicts that it could last 20 years, which sounds a bit pessimistic, but as long as it lasts, it will poison relations between the world's two greatest powers.
While Beijing has vowed to impose retaliatory tariffs, the country's premier said it's getting harder for China to maintain a stable economy.
"Down this path, we will see a limitation of all economic", he said.