China's US Oil Tariffs Come Into Force
Sep 19 2019 Read 444 Times
In a new development in the ongoing trade war between the United States and China, revised oil tariffs have come into force and seen a 5% tariff slapped on American crude exported to the People's Republic. The oil tax is a response to the 15% tariffs imposed on more than US$125 billion worth of Chinese goods, including electronics, clothes and footwear.
The tariffs introduced by President Donald Trump target mass-produced, Chinese-manufactured products such as smart watches and flat-panel TVs, which are popular with American consumers. Trump asserts the taxes are designed to decrease the country's reliance on Chinese goods and support an independent economy. In a tweet, the President said the move is about "American Freedom" and claims the taxes will "redirect the supply chain" and help the US achieve economic independence from the People's Republic. "There is no reason to buy everything from China," he says.
Experts warn US-imposed taxes will backfire
Qi Zhenhong, head of a government think tank organisation called the China Institute of International Studies, warns that the 15% tariffs imposed by the United States will backfire and damage the American economy. In the long term, he says they will not have a negative impact on Chinese development.
National groups such as Tariffs Hurt the Heartland agree, with the introduction of American taxes on Chinese goods receiving heavy criticism. The group is fronted by more than 150 of the largest trade organisations in the United States and features representatives from a myriad of industries, including retail, agriculture and manufacturing.
Trump accused of "betting the health of our entire economy"
“The administration is betting the health of our entire economy on a tariff strategy that is a proven loser," warns Tariffs Hurt the Heartland. "These added tariffs will ratchet up consumer prices, stall business investment, escalate uncertainty and cost American jobs. Congress can’t sit on the sidelines any longer while jobs, retirement savings and local farms are put at risk by a trade war that gets more dangerous by the day. Enough is enough.”
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