The Trump administration is preparing to activate tariffs on $200 billion worth of Chinese goods, hitting a broad array of internet technology products and consumer goods from handbags to bicycles to furniture. The US President is trying to bring off his trifecta of trade deals after nailing the Europeans and the Mexicans with trade concessions, in the wake of his threats to nuke their products with tariffs.
So far, the United States and China have hit US$50 billion worth of each other's goods with tariffs in a dispute over U.S. demands that China make sweeping economic policy changes, including ending joint venture and technology transfer policies, rolling back industrial subsidy programs and better protecting American intellectual property. "The stakes couldn't be higher for American families, businesses, farmers and workers threatened by job losses and higher prices as a result of tit-for-tat tariffs".
A series of companies want President Trump to know that tariffs are hurting USA industries. They said almost one-third are thinking about canceling or postponing investment decisions.
The survey released Thursday by the European Union Chamber of Commerce in China polled almost 200 European firms doing business in China and found 17% are delaying investment or expansion plans. He warned that further escalation would severely damage Chinese industries, China's markets and currency, and its position in the global supply chain.
Chinese funded publications and news agencies around the world continue to insist that the trade war's impact on the Chinese market is insignificant, but the numbers and the statements of China's leadership tell a different tale. That prompted worries it would use regulatory controls to disrupt USA business operations in China.
It resulted, however, in Americans for decades missing out on innovations from European truck makers and paying higher prices for USA pickups and sport utility vehicles, said Mark J. Perry, an economist at the American Enterprise Institute. -China Business Council, said this week Chinese officials told it they were postponing accepting license applications from American companies in financial services and other fields until relations improve.
About 74.3 percent said they would be affected if Washington's tariff increase on $200 billion of Chinese goods goes ahead. Exporters in the United States say their business in China has dried up since then.
China has tried without success to recruit Germany, France, South Korea and other governments as allies against Washington.
Trump met with his top trade advisers on Thursday to discuss the China tariffs, including Treasury Secretary Steven Mnuchin, Commerce Secretary Wilbur Ross and U.S. Trade Representative Robert Lighthizer, the people said. Some of them have criticized Trump's tactics but many echo US complaints about Chinese market barriers and industrial strategy.