China-US Trade Tensions: Businesses continue to lobby Trump administration over $200 billion tariffs
Updated 12:45, 26-Aug-2018
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02:25
We begin with the deepening trade tensions between the US and China. Just moments ago, the latest round of mutual tarrifs on trade between the countries went into effect, subjecting 16 billion dollars worth of goods from each country to import duties of 25 percent. The final list of products effected by the tarrifs were released while Chinese and US officials are meeting in Washington for their first round of trade talks since June. Meanwhile, the US is preparing yet more tarrifs on a further 200 billion dollars-worth of goods. The proposed duties would effectively subject 'half' of China's exports to the country to hefty taxes. US business leaders are now spending a third day trying to lobby the White House to reconsider. CGTN's Owen Fairclough has more.
From beer to boats, business leaders descending on Washington DC for a third day to state their case for and against ramping up tariffs on China. They're telling the government why they think imposing tariffs on another 200 billion dollars of Chinese imports will be good or bad for business - in both countries.
BIKRAM SINGH, PRESIDENT AND CEO NEW AGE CASTING "It's nuts. I don't know how they're going to be able to process and digest so many intricate products and categories."
WALTER WELLER, VICE PRESIDENT CHINA MANUFACTURERS ALLIANCE "I feel strongly about the Chinese tire industry and the role it plays in the US market. They represent 40% of the tires sold in the US. That is a huge number and there is no other market in the world that can satisfy that demand."
These tariffs would take effect in late September and hit consumer products that until now, have largely been spared.
OWEN FAIRCLOUGH WASHINGTON DC "And there are already more tariffs on the way right now. On Thursday the Trump administration is expected to add an extra 16 billion of duties on top of 34 billion already in effect - all designed to pressure China into stopping what the U.S. calls unfair trade practices. China denies this."
And yet even as this trade war is poised to escalate, the two sides are at least resuming talks they abandoned months ago. Chinese Vice Minister of Commerce Wang Shouwen is in Washington DC for low level talks with U.S. officials. OFA, CGTN, Washington.