China Hits Back at Trump With Tariffs, Limits on Key Exports

If trade deficits are persistent because of tariff and non-tariff policies and fundamentals, then the tariff rate consistent with offsetting these policies and fundamentals is reciprocal and fair,

the USTR said in the release

Rising car prices are already a major pain point for the vast majority of Americans who live in an area where they need a car to get to work, school, their kids' activities, and medical appointments,

said Erin Witte, director of consumer protection for the Consumer Federation of America

People will still import clothing to a large extent, and they'll have to eat the price increase,

he said

These tariffs will make it much worse, and will significantly reduce Americans' choices about what car they want to buy,

she said

The tariffs are disastrous for the apparel industry worldwide, but especially for smaller countries with highly specialized garment manufacturing,

Green said

Chicken Little 'expert' predictions didn't quite pan out during President Trump's first term, and they're not going to pan out during his second term when President Trump again restores American Greatness from Main Street to Wall Street,

Desai said in an e-mailed statement

The bulk of tariffs are borne by American consumers in the form of higher prices,

Zandi said

China played it wrong, they panicked - the one thing they cannot afford to do!”

Responding to China’s new levies, Mr Trump wrote on Truth Social

Businesses around the world, including in trade and global trade, they just need to know what the rules are.”

Defending the measures, US secretary of state Marco Rubio said

[The ... The tariffs], if sustained, would likely push the US and possibly global economy into recession this year. An update of our probability scenario tree makes this point, raising the risk of a recession this year to 60 per cent,

they say

We find that the tariffs should be in the range of 20 percent to 25 percent. Making them higher is a bad idea for the United States,

he said

The way in which we calculate the tariffs is using a sophisticated quantitative model that needs to go through a supercomputer to speed up what the tariff rates are,

Pujolas said

Saint Peterchalfont

It's not as bad a situation as he thinks, especially when you're one of the richest countries in the world,

Simon said

Saint Peterchalfont

They had to come up with numbers that made him look good, and that would make U.S. [trade] look bad,

said Peter Simon, professor of economics at Northeastern University

They pulled two numbers out of thin air that perfectly canceled each other out,

said Anson Soderbery, an economics professor whose 2018 paper on "trade elasticities" was also referenced in the USTR's methodology

It is hard for us to [make] sense of the strength of Beijing tariff response,

Wang wrote

It has become a full-on tariff war between the US and China with Beijing, to our surprise ... Beijing pulled the trigger earlier since it used to announce responses on the effective dates of U.S. tariffs. Not all makes sense,

Neo Wang, the firm's China strategist, wrote in a Friday note to clients

China's tariffs will stop soybean and grain sales to China. There will no sales of any U.S. grains or soybeans to China until this is resolved,

one European trader said

This is the first very explicit escalation from China, they are not backing down, they are upping the game,

said Bjarne Schieldrop, chief commodities analyst at SEB

This is significant and is unlikely to be over, hence the negative market reactions,

said Stephane Ekolo, Market & Equity Strategist, Tradition, London