China Taxes Over A Hundred US Products
These taxes are a response to the Trump Administration’s trade offenses, which include:
Tariffs on Chinese-made solar panels and washing machines
Maintaining the steel and aluminum tariffs on China after exempting several other countries
Proposing an additional $60 billion in tariffs to punish China for intellectual property theft
Despite pressure from the state-run media, Beijing has so far refrained from taxing soybeans and Boeing.
The Details
The White House reacted to the new tariffs by accusing China of “distorting global markets” and targeting “fairly traded US exports.”
China insists that Trump’s taxes have “seriously violated” the WTO’s free-trade rules and says it has a “legitimate right” to suspend its obligations to the WTO by taxing US products.
Differences between China and the US should be resolved through negotiation rather than taxes, said China’s Finance Ministry.
In the meantime, China’s announcement coincided with a 2.6% drop in the Dow and a 2.8% drop in the S&P.
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April Kuhlman writes at The Daily Grind.
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