#new tariffs

The Cabinet will discuss the new policy introduced by US President Donald Trump, which may impact Malaysia’s economy due to proposed tariffs on imported goods. Foreign Minister Datuk Seri Mohamad Hasan stated that Malaysia, a key exporter of electrical and electronic goods to the US, could be affected by these tariffs. Malaysia to Discuss Trump’s New Tariff Impact in Cabinet Meeting The…

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New Post has been published on https://www.thisdaynews.net/2018/08/23/breaking-news-china-vows-counter-attack-on-donald-trumps-new-tariffs/

Breaking News: China vows counter-attack on Donald Trump’s new tariffs

China says it plans to file a fresh complaint against President Donald Trump’s tariffs at the World Trade Organisation (WTO).

The threat comes after the US imposed a second round of tariffs on $16bn (£12.4bn) of Chinese goods, in an escalation of their trade war.

The 25% tax came into effect at noon in Beijing (04:00 GMT), affecting goods including motorcycles and antennas.

There are fears that more tariffs could further hurt companies and consumers.

China’s commerce ministry warned of a “counter-attack” after Washington imposed the new tariffs, saying it “clearly suspected” the US of violating WTO rules. It filed the first complaint at the WTO in July.

On Thursday, China imposed retaliatory taxes on $16bn of US goods at the exact same time as the US levies came into force. The levies cover goods including coal, medical instruments, cars and buses.

A total of $50bn worth of imports from both sides will now be taxed under this second round.

The tit-for-tat tariffs come as officials from the US and China are holding low-level talks in Washington.

But hopes are not high they will bring a breakthrough in the trade row which began in July.

Washington’s second round of tariffs has come despite testimony to the US Trade Representative’s Office by dozens of American companies and industry groups.

Many said the new tax would hurt their businesses and warned that they would not be able to absorb another tax without raising prices for US consumers.

However, the $16bn is a drop in the ocean compared to the amount Donald Trump has flagged could be hit.

New measures from China to North American New Tariffs

China has not remained indifferent to the trade war that the president of the United States has initiated, striking first with the introduction of new higher tariffs on steel and aluminum that he carried out a few weeks ago without consultation. On its part, Beijing, as expected and announced, will place new import tariffs on meat, fruit and other products from the United States. Several analysts had predicted that the Asians would respond with measures that would affect the agricultural products of the United States. Eight will be the products on which China's Customs Tariff Commission will increase the import rate, including pork, by 25%.