American business circles have sharply criticized the U.S. position, warning that the escalation of economic and trade frictions will damage U.S. enterprises and the broader economy, while claiming that requiring U.S. enterprises to leave China poses a new threat to U.S. multinationals.
On that day, the Dow Jones index fell more than 600 points. Gary Shapiro, president and CEO of the Consumer Technology Association of America, lamented, Thats enough! Today, the Dow Jones Industrial Average fell 623 points, proving that the market is faltering because of fears of a recession. The escalation of economic and trade frictions will only bring more pain to the United States. The imposition of tariffs on Americans has led us to the wrong economic path and damaged our global status. This is a major mistake. How long will the financial burden of this misguided trade policy be borne by American families, businesses and society?
Bo Mailun, executive vice president of the American Chamber of Commerce and head of international affairs, issued a statement saying that the economic and trade relations between the United States and China over the past 40 years are to a large extent fruitful, constructive and mutually beneficial. American enterprises have always been participants in Chinas economic development. Chinas development benefits the people of both countries. We dont want to see the relationship between the United States and China deteriorate further. David Franch, senior vice president for government relations at the National Retail Federation, said: The governments decision to impose tariffs clearly did not work, and the solution could not be to make American businesses and consumers bear higher taxes. Where does this end? In a statement issued by the National Association of Retail Leaders, the U.S. sides rising tariffs have disrupted the U.S. market. Uncertainty will spread from Wall Street to the general public. It will be American consumers, not China, who will suffer. It calls for an end to the economic and trade frictions before the damage is irreversible. Raising tariff rates will be a disaster for American consumers, businesses and the economy, said Rick Helfenbain, president of the National Association of Clothing and Footwear Industries.
As bankruptcies and delinquencies increase, people are increasingly disappointed.
Jeff Fischer, head of the Golden Planet Apparel Company, told reporters in this newspaper that it was absolutely a lie for the US to claim that the tariffs already imposed were paid by China. It is also a lie that tariffs encourage importers to produce in the United States, thereby creating jobs in the United States. Tariffs will not only have a negative impact on American consumers at higher prices, but may also have a devastating impact on workersemployment. Brett Cleveland, executive director of the Fashion Jewelry Trade Association, told our reporter that tariffs are a tax paid by American consumers. For decades, we have been working to develop our relationship with factories in China. It is not easy to replace these factories. Fashion jewelry industry is hard to absorb the cost of tariff increases. Goods shipped in September were purchased four to six months ago, but now they have to pay higher tariffs or cancel purchase orders, which will cause losses to importers and eventually pass the burden on to consumers.
For American farmers, the pain of economic and trade frictions is increasing every week, the American Agricultural Industry Organization Farmers for Free Trade said in a statement. Most of the agricultural areas feel the outlook is bleak and anger is spreading. As bankruptcies and defaults increase, people are becoming more and more disappointed.
Damage to domestic and global economic growth in the United States
A recent report from J.P. Morgan Chase argues that the U.S. tariff imposed on some Chinese imports since last year will cost American households an additional $600 a year on average. If tariffs continue to be imposed, the average additional burden on American households will increase to about $1,000 a year. CNN commented, The United States is playing with fire by raising tariffs on a range of consumer goods, including video game consoles, television and clothing. For small businesses, which account for half of the U.S. economy and labor force, trade frictions are undoubtedly a greater risk.
American importers and consumers are bearing the burden of tariffs. Gita Gopinat, chief economist of the International Monetary Fund, said recently, Tariff increases are unlikely to solve the overall trade imbalance in the United States. On the contrary, they may undermine corporate confidence and investment, disrupt global supply chains, increase costs for producers and consumers, and consequently damage the domestic and global economy of the United States. Economic growth.
(Washington, August 24)
Wu Lejun, a journalist of our newspaper in the United States
China decided to impose tariffs on about $75 billion of imports originating in the United States
Notice of the Tariff and Tax Commission of the State Council on the imposition of tariffs on some imported goods (the third batch) originating in the United States
On August 15, 2019, the U.S. government announced that it would impose a 10% tariff on some $300 billion of goods imported from China, which would be implemented in two batches starting from September 1 and December 15, 2019. The US measures have led to the escalation of Sino-US economic and trade frictions, greatly harming the interests of China, the United States and other countries, and seriously threatening the multilateral trading system and the principle of free trade.
1. Since 12:01 on September 1, 2019, a 10% tariff has been imposed on 270 items listed in the first part of Annex 1, 646 items listed in the second part of Annex 1, 5% on 64 items listed in the third part of Annex 1 and 5% on 737 items listed in the fourth part of Annex 1. Tax.
2. Since 12:01 on December 15, 2019, a 10% tariff has been imposed on 749 items listed in the first part of Annex 2, on 163 items listed in the second part of Annex 2, on 634 items listed in the third part of Annex 2, and on 1815 items listed in the fourth part of Annex 2. Tariffs.
3. For imported goods originating in the annexes of the United States, corresponding tariffs shall be levied separately on the basis of the current applicable tariff rates. The existing policies of bonding, reduction and exemption shall remain unchanged, and the tariffs levied shall not be reduced or exempted.
IV. Taxation of related import taxes:
Value-added tax and consumption tax on import links shall be levied in accordance with relevant laws and regulations.
The State Council Tariff and Tax Commission issued a public announcement deciding to impose tariffs on the restoration of automobiles and parts originating in the United States.
On December 14, 2018, the Tariff and Tax Commission of the State Council issued a notice suspending tariffs on automobiles and parts originating in the United States for three months from January 1, 2019. On March 31, 2019, the Tariff and Tax Commission of the State Council issued a notice that from April 1, 2019, tariffs on automobiles and parts originating in the United States will continue to be suspended and the deadline for suspending tariff measures will be notified separately.
In order to safeguard the multilateral trading system and safeguard their legitimate rights and interests, in accordance with the Customs Law of the Peoples Republic of China, the Foreign Trade Law of the Peoples Republic of China, the Import and Export Tariff Regulations of the Peoples Republic of China and other basic principles of international law, and with the approval of the State Council, the Customs and Tax Principles Committee of the State Council has decided From 12:01 on December 15, a 25% and 5% tariff was imposed on the recovery of automobiles and parts originating in the United States.