Trump tightens the screws on Chinese giants by shutting 87-year-old loophole

Removing Permanent Normal Trade Relations with China is a very radical and extreme step that would remove any guardrails against a trade war,

Shirk said

The Republicans won't pass the bill (to repeal the PNTR) until Trump tells them to pass it,

said Derek Scissors, a senior fellow at the American Enterprise Institute

Every year it gets closer to being repealed because it doesn't make sense, ... as China does not play by global trade rules

said Jim Lewis, a senior vice president at the Center for Strategic and International Studies

Most market participants have been preparing for such tariff headlines since the U.S. election and intuitively understand that Tariffs 2.0 will be used by the Trump Administration for policies beyond just trade (e.g., immigration, national security, foreign policies),

Lakos-Bujas said in a note to clients

We didn’t ask for this, but we will not back down in standing up for Canadians,

a grim Prime Minister Justin Trudeau said in an address

China's retaliatory tariffs are a calibrated response rather than an outright escalation,

Julien Chaisse, professor at City University of Hong Kong specialising in international economic law, told Al Jazeera

If talks between the two take place in the coming days, there is room for adjustments, partial exemptions or reciprocal gestures that could prevent a further spiral in trade tensions,

he said

This is a movie we’ve seen before, and it doesn’t bring jobs back to the U.S., and it does raise costs, so it’s a challenge for us to see the end game or the point,

Priest said

If we get tariffs, we will pass those tariff costs back to the consumer, and we’ll pass them through,

AutoZone CEO Philip Daniele told investors in September

There’s just a lot of uncertainty about how to price goods, because it’s a 10% tariff now on top of whatever duties we’re already paying, but what will it be a month from now or two months from now

said Matt Priest, president of the Footwear Distributors and Retailers of America

It’s almost impossible to confidently cost your goods without knowing where this duty plane will land,

he said

The vast majority of these orders are valued less than $800, which means all or virtually all of them are going to get caught in that,

Youssef Squali, an analyst at Truist Financial, said

I knew the costs were going to go up, and these are manufactured in China,

Salaytah said of a probe test light he purchased before Tuesday's tariff went into effect

Disregarding the outcomes of China-U.S. cooperation on drug control, the U.S. has insisted on imposing this tariff on Chinese imports. China has expressed its strong dissatisfaction with and firm opposition to the move, and has taken necessary measures to safeguard its legitimate rights and interests,

Lin told a regular news briefing

What is needed now is not unilateral tariffs, but dialogue and consultation -- on equal footing and with mutual respect,

Lin said

We are assessing this announcement with the goal of finding a positive resolution,

the company said

That's about one-fifth of China's total growth of the year, which is of course overstated,

Roche said

The first thing it's going to hit is confidence because the Chinese, like everybody else, thought that Trump was just for negotiating—when he's not. This is an ideological on a subject in which he thinks he holds the Holy Grail,

David Roche, a strategist at the geopolitical risk advisory Quantum Strategy, told CNBC

The Chinese tariffs do not go into effect until five days from now, a long time in Trump world. Let's see whether a call with Trump-Xi call happens and if Beijing gets a month's reprieve like our USMCA [United States-Mexico-Canada Agreement] partners. It will also be instructive to see which other issues may come up on such a call, given the various tension points in our bilateral relationship."

Wendy Cutler, vice president at the Asia Society Policy Institute and a former acting deputy U.S. trade representative, said

Higher prices make consumers poorer. Trump's washing machine tariff in 2018, for example, raised the product's domestic price by about 12 percent, approximately $90 per unit. The increased price had a greater negative impact on poorer families, who must spend a larger portion of their income on consumption."

Kent Jones, professor emeritus of economics at Babson College, previously wrote in an op-ed for The Hill