Trade War With China Could Cost Auto Industry Billions

Backing China into a corner on trade is unlikely to make Beijing surrender. It has other options even when it runs out of U.S. imports to tax

As promised, President Trump has escalated his trade war against China - announcing tariffs of 10 percent on another $200 billion in goods, plus a threat to raise the levy to 25 percent next year. But in an interview with China's official news agency (Xinhua) this week, Ma said the recent waves of tariffs implemented by the Trump administration compelled him to abandon the pledge. "China, however, still refuses to change its practices - and indeed recently imposed new tariffs in an effort to hurt the United States economy". He warned that if China retaliated again, he would impose a similar tariff on all the rest of China's exports, another $267 billion.

Starting Monday, a 10 percent duty applies to $200 billion of Chinese imports - Trump's biggest salvo yet in a trade war between the world's largest economies that now directly hits US consumers.

"This has become a kind of USA routine", he said.

"It's more likely than not that these tariffs will be put in place for a long time", said Timothy Keeler, a partner at the Mayer Brown law firm and former chief of staff at the Office of the U.S. Trade Representative.

The promise to further lower import tariffs came as China and the United States remained locked in a bitter trade dispute that has roiled financial markets and cast uncertainty over global supply chains.

Yet, despite Beijing's willingness to negotiate some kind of a deal to stop the escalation of the trade war, the White House is trying to coerce their partner into submission.

Ma in April doubled down on his pledge, claiming 10 million jobs could be created "if China and the USA maintain good trade relations".

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As President Donald Trump continues to escalate the trade war with China, researchers fear the USA auto industry could be hit hard.

"China has been forced to take retaliatory measures, and they are entirely meant to protect China's own interests, "commerce ministry spokesman Gao Feng said at a weekly news briefing in Beijing".

China remains an important market for American companies despite the challenges.

U.S. -China trade tensions affect American companies.

Li went on to say that the world's multi-lateral trading system should be upheld, and that unilateral trade actions will not solve any problems.

"We have been very clear about the type of changes that need to be made, and we have given China every opportunity to treat us more fairly", he said. The National Retail Federation in the USA warned that duties will lead to higher prices and even product shortages.

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