Trump tariffs undermine trust in rules-based global commerce

25 March, 2018, 01:38 | Author: Conrad Doyle

The Spokesman termed the memorandum signed by US Presidnet Donald Trump meant for imposing tariffs on Chinese goods and restrictions on Chinese investment in the US as a typical unilateral and protectionist practice.

The U.S.'s tariff plan is aimed at protecting the intellectual property rights of American high-tech companies and is expected to have a big impact on Taiwanese companies with factories in China, Chung-Hua Institution for Economic Research President Wu Chung-shu (吳中書) said.

"Reports indicate that "apparel" and "textiles" will be on the list, but there has been nothing more specific than that to date", HPFA counsel Robert Leo noted in an email to association members yesterday afternoon.

Lee said the most likely scenario is that the two countries will gradually reach a consensus, but added that U.S. But in a sign that he will still turn to the WTO when it suits his interests, Trump had his government file a complaint through the organization to try to stop China from allegedly stealing technology from US companies that operate there.

"There's no trade war; it's just a trick", he said."The U.S came with trade tariffs to say it's not happy".

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Products made in Taiwan and sold directly to the United States might benefit, however, if their Chinese competitors face higher tariffs, Lee said. "We would get concerned if the tariffs started being blanket, and larger, but for now this seems to be about renegotiating trade deals".

China's response Friday appeared to be aimed at increasing domestic USA pressure on Trump by making clear which exporters, including farm areas that voted for him in 2016, might be hurt. "If there's a trade war between the U.S. and China, don't blame Donald Trump: China started it long before he became president", the daily wrote. He said Trump and Xi agreed past year on a 100-day agenda of trade-liberalization measures but Beijing failed to act on about half of them. This is the Trump Administration's third WTO consultation request.

"China hopes the United States will pull back from the brink, make prudent decisions, and avoid dragging bilateral trade relations to a risky place".

Meantime, China showed readiness to retaliate by declaring plans to levy additional duties on up to US$3 billion of U.S. imports including fresh fruit, wine and nuts in response to imports tariffs Trump announced earlier this month on steel and aluminium, which were due to go into effect today.

The gains to the USA economy aren't limited to Silicon Valley.

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The tensions reflect the dueling nationalistic ambitions of Trump and his Chinese counterpart, Xi Jinping. We have great relationships with China.

"An worldwide trade war is in no one's interest".

"No one wins in these tit-for-tat trade disputes, least of all the farmers and the consumers", said National Pork Producers Council President Jim Heimerl, a pig farmer from Johnstown, Ohio.

Meanwhile, American stocks sank again for the second straight day, giving Wall Street its worst week in two years, as fear gripped investors that China and the USA were headed for a trade war.

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Trump, however, appears intent on fulfilling election campaign promises to reduce the record USA trade deficit with China . The S&P 500 index skidded 68.24 points, or 2.5 per cent, to 2,643.69. "The scale of the trade war would be broadened".

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