Press Release (ePRNews.com) - TAIPEI CITY, Taiwan - Jul 23, 2018 - U.S. President Donald Trump upped the ante in America’s trade conflict with China by threatening to impose tariffs on a range of Chinese goods to the value of $200 billion. Analysts at Reed Cavendish Wealth Management say Trump’s move caused stocks to fall and prompted China to threaten retaliation.
China’s ministry of commerce stated that it was shocked by Trump’s threats and that it would file a complaint with the World Trade Organization and, while it did not immediately say how it would respond, the ministry called Trump’s threats completely unacceptable.
China has said it would respond to the U.S.’s escalation of the trade dispute through the use of qualitative measures. Reed Cavendish Wealth Management analysts say U.S. businesses based in China are concerned that such measures could mean increased inspections, delayed investment approvals or even consumer boycotts.
The threatened tariffs are far greater than the value of goods the U.S. imports from China and Reed Cavendish Wealth Management analysts say China may need to think of alternative methods of retaliation.
U.S. officials recently issued a list of a range of Chinese imports Trump wants to impose new tariffs on including many food products as well as tobacco, coal, and chemicals. This list attracted much criticism from various U.S. industry groups.
The U.S. recently imposed tariffs on Chinese imports to the value of $34 billion and China retaliated by imposing tariffs on U.S. goods to the same value. Both countries plan to impose tariffs on an additional $16 billion worth of goods which would bring the full amount to $50 billion.
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Reed Cavendish Wealth Management