Amid Trump's Trade War with China, Beijing Slashes Tariffs on Imports

The Latest: Sec. Ross: Americans won't feel trade-war sting

First, on Monday, the Trump administration announced 10% tariffs on USD200bn worth of imports from China, taking the total imports from China hit by new tariffs to USD250bn, or roughly half of the total United States imports from China.

While the cumulative feedback from these tariff actions have been largely negative, they may be more necessary than one thinks, according to Walter Kemmsies, Managing Director, Economist and Chief Strategist for JLL's U.S. Ports, Airports and Global Infrastructure Group. "China will never go down the road of relying on yuan depreciation to stimulate exports".

China added $60 billion of US products to its import tariff list on Tuesday to hit back at USA duties on $200 billion of Chinese goods that go into effect from September 24.

The Latest: Sec. Ross: Americans won't feel trade-war sting
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The U.S. administration appears to be baffled by this. There's not much he can do about paying the 10 percent duty, or $30,000, on those vehicle-lighting parts.

And he added that for months the USA has urged China to change these unfair practices, and give fair and reciprocal treatment to American companies.

The promise to further lower import tariffs came as China and the United States remained locked in a bitter trade dispute that has roiled financial markets and cast uncertainty over global supply chains.

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If not, the economic losses from his trade-war adventure will really start to mount. "Now it's just a question of how the Chinese can save face and say "alright we're going to change, going to open up wider access not only to the USA but to the European Union and Japan", said Christopher Peel, chief investment officer at Tavistock Wealth in London.

"Both sides believe they can outlast the other, fearing any conciliatory move will be viewed as weakness and reduce negotiating leverage", said Wendy Cutler, a former USA trade negotiator who is a vice president at the Asia Society Policy Institute. But our position is that China's policies need to be revised to be more like that of a modern developed economy...fair market access for all. Those places are most affected which depended on United States order books mainly.

Over half of US companies in China surveyed in a recent poll say they're already being harassed by increased inspections, slower customs clearance and other regulatory hurdles. "This thing will last long". So if Trump fulfills his threat and hits the remaining $267 billion of Chinese exports as well, by next Sunday ALL America's imports from China and ALL China's imports from the United States will be paying tariffs.

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"By further cutting import taxes, China is sending a message that it will keep opening up and reform no matter how the trade war goes". It has other options, even when it runs out of USA imports to tax.

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