Economy

Tariffs prompt United States firms to rethink China business

Tariffs prompt United States firms to rethink China business

Of the nearly 250 respondents to the survey, which was conducted after China and the United States both raised tariffs on each other's imports earlier this month, nearly three-quarters said the impact of tariffs was hurting their competitiveness.

President Donald Trump followed through with his threat to increase tariffs on $200 billion in Chinese goods from 10% to 25%.

"There won't be any decision probably for another 30 to 45 days", Mnuchin said in a hearing before the US House of Representatives Financial Services Committee.

Purdue added that he hoped Trump's planned meeting with Chinese President Xi Jinping at the upcoming G20 meeting in Japan could help revive negotiations.

"Canada and Mexico may now be able to, and be in a position to, supply the USA with some of the steel, aluminum, and/or other goods which tariffs on Chinese imports have made much more expensive, " the researcher explained. The move, to take effect after a 90-day grace period, constitutes the use of "American national power to suppress Chinese companies", the ministry said in a statement on its website.

"Consumers in the USA and China are unequivocally the losers", the study added, citing price data from the Bureau of Labor Statistics for Chinese imports.

Long considered the ballast in a relationship fraught with geopolitical frictions, the US business community in China in recent years has advocated a harder line on what it sees as discriminatory Chinese trade policies.

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The assistance is created to offset the estimated impact to American farmers from Chinese tariffs on American goods levied in retaliation for tariffs against Chinese products. Tiankai said in a Tuesday interview with Fox News that Washington repeatedly "changed its mind overnight" and sunk deals that could have ended the two countries' trade war.

The Bureau of Industry and Security of the U.S. Department of Commerce earlier put Huawei and its affiliates on an "Entity List", which restricts the sale or transfer of U.S. technologies to the company.

A person briefed on the matter said the United States is considering Huawei-like sanctions on Chinese video surveillance firm Hikvision Digital Technology Co Ltd over Beijing's treatment of its Uighur Muslim minority.

Seeking to rally support for its side in the tariff war, Beijing is vehemently protesting the Trump administration's decision last week to impose controls on exports of computer chips and other key components.

It also said two-fifths of respondents were considering relocating or had already relocated manufacturing facilities outside of China.

"If China's decided not to play, then we'll sell these great products elsewhere". While to the north, Canada on July 1 imposed tariffs on $12.6 billion worth of USA goods, including steel, aluminum, coffee, ketchup and bourbon whiskey in retaliation for United States tariffs on Canadian steel and aluminum. They can also be absorbed by lower USA and Chinese profit margins, as corporations shoulder some or all of the increased costs, or by a stronger US dollar, which would increase the greenback's buying power against other global currencies yet also make USA goods more expensive to overseas customers.


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