(25.04.10) China hikes tarriffs on US imports

매일 트럼프 덕에 재밋음 ㅎ_ㅎ

 

Global News Podcast 제공: China hikes tariffs on US imports, 2025년 4월 9일
https://podcasts.apple.com/kr/podcast/global-news-podcast/id135067274?i=1000702872991

This is the Global News Podcast from the BBC World Service. I'm Nick Miles, and at 14 Hours GMT on Wednesday the 9th of April, these are our main stories. Turmoil in trade.

Beijing has announced its retaliations to Donald Trump's recent tariffs against China. We look at the impact of Ecuador's record cocaine export, and a hijacking at gunpoint in Southern Italy, why olive oil is being targeted.
Also in this podcast, nothing has come in for the reconstruction, no donations, only food for the aid workers.
More than a week on from the deadly earthquake in Myanmar, just what aid is getting through?

베이징은 도널드 트럼프의 최근 대중 관세에 대한 보복 조치(retaliations)를 발표했습니다.
우리는 에콰도르의 사상 최대 규모(record) 코카인 수출(cocaine export)이 미친 영향,
그리고 이탈리아 남부에서 총기로 벌어진 항공기 납치 사건(hijacking at gunpoint), 왜 올리브 오일이 표적이 되고 있는지(being targeted) 를 살펴봅니다.
이 팟캐스트에서는 또, 재건(reconstruction)을 위한 어떤 지원도 들어오지 않았고, 기부(donations)도 없었으며, 구호 인력(aid workers)을 위한 식량만 도착했다는 소식도 다룹니다.
미얀마에서 발생한 치명적인(deadly) 지진(earthquake)으로부터 일주일이 지난 지금, 과연 어떤 구호 물자(aid)가 전달되고 있을까요?(getting through)


The largest round of US trade tariffs yet have come into effect. Two trillion dollars worth of what Donald Trump's described as explosive levies are now in place on about 60 nations. President Trump said they would be legendary in a positive way.

**미국의 사상 최대 규모(the largest round) 무역 관세(trade tariffs)**가 발효되었습니다.
**도널드 트럼프가 ‘폭발적인’(explosive) 세금(levies)**이라고 표현한 **2조 달러(two trillion dollars) 규모의 조치(measures)**가 **약 60개국(about 60 nations)**에 적용됐습니다.
트럼프 대통령은 이 조치가 긍정적인 의미에서 전설적인(legendary in a positive way) 것이 될 것이라고 말했습니다.


In a moment, we'll hear how Beijing has responded. But first, let's look at the reaction on the financial markets. Across Europe and Asia, stock markets have fallen yet again, and there's also been a big sell-off of US government debt or bonds.
잠시 후에, 베이징이 어떻게 대응했는지 들어보겠습니다. 하지만 먼저, **금융 시장(financial markets)**의 **반응(reaction)**을 살펴보겠습니다. 유럽과 아시아 전역에서 **주식 시장(stock markets)**이 또다시 하락했고(fallen), 미국 국채(government debt) 또는 **채권(bonds)**에 대한 대규모 **매도(sell-off)**도 있었습니다.


Tanya Beckett is a presenter on BBC Business. She told me a little bit more about the bond market and why it's so important.
It's the debt market. It is packaged debt. If I lent you $100, you wouldn't give me a piece of paper saying that I'd done that.
You would give me 100 pieces of paper, and each one of those would represent $1. And it's simply that. It's just packaged up debt.
And in this particular case, we're talking about US government debt. And that is packaged up and traded back and forth according to how confident people feel in whether they want to lend the US government money or not. The problem at the moment is they seem to be voting with their feet and saying they don't want to lend this money and they are dumping some of this debt on the market.
So there's a lack of confidence in the US economy. What will the sale of all this debt mean more broadly for the US economy?
타냐 베킷(Tanya Beckett)은 BBC 비즈니스(BBC Business)의 진행자입니다. 그녀는 채권 시장(bond market)과 그것이 왜 중요한지에 대해 조금 더 설명해주었습니다.

그것은 채무 시장(debt market)입니다. 이것은 포장된 부채(packaged debt)예요.

내가 너에게 100달러를 빌려줬다면, 너는 내가 그 돈을 빌려줬다는 사실을 증명하는 종이 한 장을 주지는 않을 거예요.

대신 너는 나에게 100장의 종이를 줄 거고, 각 종이는 1달러를 나타낼 거예요.

단순히 그거예요. 그냥 묶여진 부채(packaged up debt)일 뿐이에요.

그리고 이 경우에는, 우리가 말하는 건 미국 정부 부채(US government debt)입니다.

그리고 그것은 묶여서(packaged up), 사람들이 미국 정부에 돈을 빌려주고 싶은지에 대한 신뢰(confidence) 수준에 따라 서로 사고팔립니다(traded back and forth).

현재 문제는 사람들이 행동으로 의사를 표시하면서(voting with their feet) 이 돈을 빌려주고 싶지 않다는 메시지를 보내고 있고, 이 부채의 일부를 시장에 팔아치우고 있다는 점(dumping)입니다.

그래서 미국 경제에 대한 신뢰가 부족하다(lack of confidence)는 의미죠.

이 모든 부채의 매도(sale of debt)가 미국 경제에 전반적으로(broadly) 어떤 영향을 미칠까요?


The debt has a fixed interest rate on it. So the only way of adjusting that interest rate for somebody who wants to invest or not is to sell and it goes down in price and therefore the yield or the interest rate on that debt would be higher. So when people dump debt, that's exactly what happens.
So that the risk associated with lending to the US government is seen as being higher and therefore the interest rate being demanded is higher. What does it mean? Well, this debt is continually refinanced by the central bank.
All central banks around the world do this on behalf of their governments and they auction this debt. And if they are unable to find takers for it, that means they cannot refinance it. That causes a funding crisis.
But it may also be also, and this is what's happening, is that the US government simply has to pay more for the debt to entice investors in.
And if they have to pay more, obviously people pay more in higher interest rates for their mortgages as well, one supposes. There's also been a stock market sell-off and that affects ordinary people too, I suppose, in terms of pensions amongst other things.


Yeah, sure. I mean, all of this starts coming down the track. It doesn't feel real, does it?
Because it's so conceptual. But actually, this is what makes up your pension funds. And you're right, borrowing costs start to change as a result of this.
So it does start coming down the track. It's just that people don't feel it until they start looking at their savings and realizing perhaps also they are finding it difficult to borrow money. So it affects people, individuals directly at some point or another.
And what goes up can come down. Bond markets can come down again. But it takes a little bit of time briefly, doesn't it?


It does sometimes. And you have to inject confidence into the market. And Donald Trump is not doing that right now, quite simply, because he doesn't seem to be moving ahead with striking a trade deal more particularly with China and also the EU.
Tanya Beckett. Well, Tanya mentioned China there. And China is one of the nation's hardest hit by the latest round of levers.
US imports from China will now face an eye-watering 104% tariff. But it seems Beijing is showing no signs of backing down and has responded. Nicky Bristow is our Asia Pacific Regional Editor.
China has increased its tariffs on US imports to 84%. That's an increase of 50%, exactly matching the latest tariff introduced by President Trump on Chinese imports of 50%. So, essentially, what you have in China now is everything that it imports from the United States comes at an 84% tariff, which is a staggering level.


Both figures are staggering levels. When you think of the fact that $600 billion of goods are traded between these two countries every year, this is what it's going to affect. You have to start wondering, actually, at this levels of tariff, exactly what is going to be traded, because perhaps the tariff price is going to push up prices so much that it's just not worth buying those goods from each other's countries.
Just to give you an example, a couple of years ago, China sought to punish Australia for certain political things, and it put 100% to 200% tariff on wine. The wine trade, Australian wine trade with China just collapsed. Nothing was sold there.
So you got to wonder how much left of US-China trade there will be if these tariffs continue for any length of time.


And that explains probably why Beijing is looking to its neighbors and saying, look, we've got to trade more with each other.
It is looking to its neighbors. The Chinese leader Xi Jinping said it has to build up supply chains. But really the relationship with America is so big that nothing can really replace it.
I'm presuming that in the coming weeks, both sides are going to have to find, or you would assume find, some face-saving way of getting rid of these tariffs because it's going to destroy trade otherwise.
Interesting that you say that because from an outsider's point of view, it looks as though they're tip for dat and nobody's backing down. But you anticipate Beijing at a certain point to do that.
I'm not going to make any prediction on what President Trump is going to say and what he's going to do next. But a rational observer would imagine they would find some way to back down. But obviously we're not really living in rational times.

Mickey Bristow. So China is taking a hard line against Donald Trump. Let's look at how the American tariffs are affecting some of Beijing's smaller neighbors.
Here's our Southeast Asia correspondent, Jonathan Haidt in Bangkok.
Well, it's a much bigger impact for them than it is for China because simply because exports to the US account for a much bigger proportion of their economies. I think Vietnam is the most affected. And the irony here is that Vietnam and the United States have been working very hard to build a much closer relationship in the last few years.
They now have a comprehensive strategic relationship, the highest level of diplomatic relations Vietnam has with its partners. And that for Vietnam was very much predicated on the idea that it could rely on increased exports to the US to help its very ambitious growth targets. Those have been now thrown into complete disarray.

46% tariffs imposed on Vietnam and 30% of its exports going to the United States. Cambodia probably devastated by this because the garment industry, which is really its only significant employer, private employer, relies very heavily on US markets and it's now facing 49% tariffs. Thailand is less dependent, but the Thai economy is a lot more vulnerable than Vietnam's.
It's been stagnating for a long time and the Thai government's been trying every possible lever to reignite it. And so with its own dependence on the US for around a fifth of its exports, these are very big barriers, in particular auto exports, you know, Thailand's facing exports a lot of auto products to the US., both the 25% tariff in addition to the 36% special tariff for it.

So all these countries badly affected. Their message until now has been, don't panic, to retaliate like China, negotiate. And they're all sending delegations to Washington, but it's a long, long queue, a long line of people.
And the other thing you have to remember is that Trump officials are saying, well, even if you bring your tariffs down to zero, that's something Vietnam has already offered. That's not good enough for us. What the US administration wants to do is eliminate the trade surpluses these countries have.
And that's frankly totally impossible for poor countries like Cambodia. There isn't a world that exists in which Cambodia could buy as much from the US as it exports.

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