Connect with us

Americas

China Warns US of Severe Repercussions Against New US Tariffs

Published

on

Chinese industry sources have said that there will be a severe impact, more on the US consumers and industry as compared to China if the United States continues with its move to impose extra tariffs on the solar panels imported from China. To fight back in case of a trade war, China may tax the auto exports from the US to China.

Read: China and India Battle for Global Influence with OBOR and NSTC Projects

The Donald Trump administration has approved a revised tariff of 30 percent on solar panel components and 50 percent on washing machines. A US Trade Representative confirmed the same on Monday while adding that the tariffs for solar panels would decline over the coming 4 years while the same for the washing machines would be over the next 3 years.

Read: Amendments to Enemy Property Act Poses Threat To Chinese Investments In India

While some industry sources have seen the move as one targeting China alone, Chinese experts from Sichuan University believes that the tariffs are not as bad as they seem. The experts said the US had in the year 2012 imposed tariffs of 36 percent on the solar panels from China. They added that the impact of the new tariffs will be close to negligible since the previous tariffs are still effective. According to Global Times CCEER director Lin Boqiang, on the other hand, said the tariffs are not likely to have a great impact on the Chinese industry as the biggest driver for the same is domestic demand and not the US market.

23,000 US Jobs May Be Lost To Solar Tariff Surge

Chinese industry experts said that the new tariffs will show a heavier impact on the US solar industry worth USD 28 billion while thousands of Americans could lose their jobs. The increase in tariffs would lead to an increase in prices that would result in a loss of low-cost options for the US consumers. Another spokesperson for the solar company said the price rise will result in a delay in US projects. The SEIA took to Twitter to claim that the price surge will result in losses of over 23,000 jobs.

Read: China Africa Trade: Chinese have Replaced Britishers as our Masters!

The Chinese MOFCOM reacted to the same saying that the US is misusing the trade remedy measures. CCEER director Lin went a step further in saying that the increase in tariffs could result in a possible trade war between China and the United States.

Advertisement
Advertisement

Facebook

FEATURED

usa-taiwan usa-taiwan
Asia Pacific3 hours ago

Amid China Threat, Taiwan’s First Homegrown Submarine To Be Equipped With US’ Torpedoes, Harpoon Missiles

Amid China’s muscle-flexing, Taiwan has started building its first indigenous submarine. The Island nation will be receiving imported components for...

ROBOT-SOLDIERS ROBOT-SOLDIERS
EurAsian Region3 hours ago

Russian Army Receive 1st Batch Of Deadly ‘Terminators’ That Can Spread Terror On The Battleground

The Russian Ministry of Defense announced that its military had received the first batch of Terminator tank support fighting vehicle...

F-35-INDIA F-35-INDIA
Featured6 hours ago

Did Russian Missiles ‘Hit’ F-35 ‘Stealth’ Fighter Jet Operated By The Israeli Air Force Over Syria?

The world has its eyes on the new American F-35 jet that has already cemented its place in the elite...

Chandrayaan-2 Chandrayaan-2
Asia Pacific9 hours ago

India’s Venus Orbiter ‘Shukrayaan’ May Get A Piggyback Ride On Heavy-Duty Rocket, GSLV-Mk III

In September, NASA administrator Jim Bridenstine had said it’s time to prioritize Venus, one of our closest planetary neighbors. His...

INDIA-PAKISTAN INDIA-PAKISTAN
Featured11 hours ago

Pakistan Hits Out At India For War-Mongering Even During Covid-19 Pandemic

Pakistani foreign minister lambasted arch-rival India and – said that some countries, including India, defied international calls for peace and...

INDIA-CHINA INDIA-CHINA
Asia Pacific12 hours ago

Chinese PLA Deploys ‘Assault Boats’ In Pangong Lake After Indian Army Stations MARCOS Commandos?

As Indian and Chinese diplomats and top military commanders are trying ways to disengage in the Ladakh region, there are...

rafale-jets rafale-jets
Asia Pacific14 hours ago

Indian Rafales ‘Far Superior’ To Pakistan’s JF-17 Thunder — Chinese Military Experts Make Rare Admission

In what seems to be a rare admission, Chinese experts have said that the French-built Rafale fighter jets, procured by...

china-moon-mission china-moon-mission
Featured14 hours ago

ISRO’s Chandrayaan Looks To Catch-Up In Space Race As China Surges Ahead With Chang’e-5 Moon Mission

China’s Chang’e-5 probe has successfully landed on the moon, in a landmark mission to bring lunar surface samples back to...

US-CHNA-WORLD-WAR US-CHNA-WORLD-WAR
Americas23 hours ago

Why Is The US Constructing A New Military Base Right Next To Its Biggest Airbase Near China?

With its eyes on China, the US Department of Defense (DoD) will build an alternative military base on Tinian island,...

Americas24 hours ago

The US ‘Apple’ Turns Sour As China’s Xiaomi Heads For Global Domination In Smartphone Markets

Xiaomi replaced Apple for the first time to reach the third spot globally, after Samsung and Huawei, in the list...

Advertisement
Advertisement