WASHINGTON/BEIJING (Reuters) - China said on Monday it would impose higher tariffs on a range of U.S. goods, striking back in its trade war with Washington shortly after U.S. President Donald Trump warned it not to retaliate. China’s finance ministry said it plans to set import tariffs ranging from 5 percent to 25 percent on 5,140 U.S. products on a target list worth about $60 billion. It said the tariffs will take effect on June 1. The announcement came less than two hours after Trump warned Beijing not to retaliate after China said it “will never surrender to external pressure.” The White House and U.S. Trade Representative’s office did not immediately return a request for comment. Global equities fell sharply on Monday as hopes of an imminent trade deal between the world’s two largest economies were crushed. Major U.S. stock index futures were down about 2 percent. [MKTS/GLOB] The trade war escalated on Friday after Trump hiked tariffs on $200 … [Read more...] about China to impose tariffs on U.S. goods despite Trump warning
Imposes tariff on imports
By Joshua Zumbrun WSJ Mon., April 8, 2019 The Trump administration moved on Monday toward imposing tariffs on about $11 billion in imports from the European Union, saying the move was justified by the bloc’s subsidies for aircraft manufacturer Airbus. The USTR has been in litigation at the World Trade Organization over the case of Airbus subsidies since 2004, and said it was releasing a list of items proposed for tariffs in anticipation of a ruling soon from the WTO on the case. “This case has been in litigation for 14 years, and the time has come for action,” said Robert Lighthizer, the U.S. Trade Representative. “Our ultimate goal is to reach an agreement with the EU to end all WTO-inconsistent subsidies to large civil aircraft. When the EU ends these harmful subsidies, the additional U.S. duties imposed in response can be lifted.” Though the tariffs are in response to the WTO case, the move is sure to ratchet up tensions between … [Read more...] about U.S. to Impose Tariffs on $11 Billion of EU Goods
DETROIT — America's auto industry is bracing for a potential escalation in President Donald Trump's tariff war with the world, one that could weaken the global auto industry and economy, inflate car prices and trigger a backlash in Congress. Late Sunday, the Commerce Department sent the White House a report on the results of an investigation Trump had ordered of whether imported vehicles and parts pose a threat to U.S. national security. Commerce hasn't made its recommendations public, and the White House has so far declined to comment. If Commerce did find that auto imports imperil national security, Trump would have 90 days to decide whether to impose those import taxes. Trump has repeatedly invoked his duty as president to safeguard national security in justifying previous rounds of tariffs. An obscure provision in trade law authorizes a president to impose unlimited tariffs on particular imports if his Commerce Department concludes that those imports threaten America's … [Read more...] about US automakers to Trump: Don’t slap tariffs on imported cars
DETROIT — Sometimes, on a bad night, Brad Strong wakes at 2 a.m. and can't get back to sleep. The insomnia isn't about his family or money or health. It's about tariffs. The Strong family's three car dealerships in Salt Lake City could suffer a significant blow if President Donald Trump proceeds with a proposal to impose tariffs of 20 to 25 percent on imported autos and auto parts. Strong may be in for a few more sleepless nights. By Sunday, Trump's Commerce Department is expected to issue an opinion on whether auto imports endanger U.S. national security enough to justify such import taxes. Trump would then have 90 days to decide whether to impose them. The department could decide to postpone its conclusion. Or it could just hand its recommendations to Trump without making them public. But if it does suggest that Trump impose the tariffs, Commerce would be advocating a major escalation in Trump's combative trade policies. So far, he has stuck tariffs on imported steel, aluminum, … [Read more...] about Trump’s new trade decision: Impose tariffs on imported cars?
BRUSSELS (Reuters) - The European Union will impose tariffs on rice from Cambodia and Myanmar from Friday to curb a surge in imports, the European Commission said on Wednesday. The decision, which will be in effect for three years, follows a "safeguard" investigation launched last March after a request from the Italian government. Rice is grown in eight southern European countries from Portugal to Bulgaria. The Commission, which oversees trade policy in the bloc, had proposed the tariff measures last year but failed to a get clear majority of the 28 EU states to back the plan in December. In the absence of an opinion by the relevant committee, the Commission took the final decision itself on Wednesday. Cambodia and Myanmar benefit from the EU's "Everything But Arms" scheme which allows the world's least developed countries to export most goods to the European Union free of duties. But the Commission said its investigation had confirmed that a significant increase in imports of … [Read more...] about EU to impose tariffs on Myanmar, Cambodia rice for three years