What Is the Endgame for the Trump Trade Wars?

Workers assembling smartphones in Guang'an Sichuan

Workers assembling smartphones in Guang'an Sichuan

"The president has broken his promise to bring 'maximum pain on China, minimum pain on consumers, ' and American families are the ones being punished", Hun Quach, vice president of global trade for the Retail Industry Leaders Association, said in a statement following news of the new round of duties.

It also noted that the profits from reciprocal tariffs will mainly be used to minimize the damage to Chinese enterprises and their employees.

Mr Trump said last week that the United States may ultimately impose tariffs on more than $500 billion worth of Chinese goods - roughly equivalent to the value of all USA imports from China previous year.

Trump said last week the United States may ultimately impose tariffs on more than $500 billion worth of Chinese goods - roughly the total amount of USA imports from China a year ago.

Up until now, only a few companies, including Harley-Davidson Inc. and Brown-Forman Corp., have publicly said the tariffs will affect their businesses, as most U.S. retailers and consumer brands were spared in the first round of tariffs on Chinese imports. He added the USA is ready to target an additional $200 billion, and then $300 billion more should Beijing retaliate.

The president of the European Union Chamber of Commerce in China, Mats Harborn, said Tuesday one of its members moved final assembly of goods for the American market from China to a newly created USA company. Orrin Hatch, chairman of the Senate Finance Committee.

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Members of Congress are increasingly questioning Trump's aggressive trade policies, warning that tariffs on imports raise prices for consumers and expose United States farmers and manufacturers to retaliation overseas. But Trump hasn't backed down, arguing that China's unfair trading practices are hurting American workers.

The Office of the U.S. Trade Representative published the list of more than 6,031 product lines Tuesday and proposed 10 per cent tariffs on them.

Lighthizer's office plans four days of public hearings on the trade actions starting August 20. Since then, the president has said his administration could impose duties on virtually all Chinese imports into the US.

"We expect this will have a meaningful impact on US consumer inflation as well as a meaningful drag on US GDP growth", he said in an interview, citing the Chinese government's pledge to retaliate against new US duties.

The ministry released no further details about how it would spread the financial relief or whether the aid would cover the total cost of losses, but analysts said the move suggests China could significantly increase its support for industries that stand to be bled by the commercial battle.

The Washington Post's Danielle Paquette reported from Beijing.

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