Trade War: Trump says tariffs are working

08 August, 2018, 21:02 | Author: Teresa Adams
  • China threatens tariffs on $60 billion in US goods

China instead is threatening roughly two-fifths of its US purchases after Trump threatened two-fifths of China's much larger exports to the USA, said Tu Xinquan, executive dean of the China Institute for World Trade Organization Studies at the University of International Business and Economics in Beijing.

President Donald Trump is defending his tariffs after China threatened an additional $60 billion levied on American goods amid an escalating trade war between the two economic giants.

China plans to slap additional tariffs on 5,207 categories of U.S. products with four levels of tariff rates - 25 percent, 20 percent, 10 percent and 5 percent. Last year, China imported some £100bn ($130bn) in goods from the United States.

Friday's retaliation from China suggests that tactic hasn't worked.

US companies are putting in place measures to cushion the impact of the trade row, including price hikes, and a number of companies - from industrial firms to home furnishers and toymakers - have said they will move some sourcing and manufacturing outside of China.

And he said this approach has paid huge dividends, reviving the American steel industry and bringing manufacturing jobs to the U.S.

"Tariffs are working big time". On Friday, officials stepped in to cushion the yuan, which has been battered by trade tensions and was approaching the key level of seven to the dollar. "This is the main reason why we are seeing this uptrend in bankruptcies and uptrend in corporate bond defaults", Evans-Pritchard said. The timing of Friday's announcement hinted at that conflict. "Those are the things that concern us the most".

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But Trump raised the stakes this week with his threat to raise the tariff rate.

A piece in the Global Times, a tabloid run by the People's Daily, described the retaliatory measures as "rational" and insisted China "will not rush to compete with U.S. numbers".

This prompted an imposition of taxes on Chinese steel and aluminium imports. "They are really hurting their economy".

Mr Trump's senior advisers, particularly White House National Economic Council Director Larry Kudlow and Treasury Secretary Steven Mnuchin, have said the White House's ultimate goal is to remove tariffs and trade barriers in a way that makes "free and fair trade", but Mr Trump's message on Saturday evening was one of protectionism and economic restrictions, not open markets. But they have rejected changing technology development plans they see as a path to prosperity and global influence.

Canada's global trade deficit, for instance, shrank to $481 million in June, down from $2.1 billion the month before, according to Statistics Canada.

The U.S. trade gap is now on track to hit a ten-year high, despite a series of tariffs imposed on products and raw materials around the world by the Trump administration.

In early rounds, the United States and China went threat for threat, matching $50 billion and then $100 billion salvos.

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Some of the fresh Chinese imports will include onions, apples, cauliflower, and broccoli. The country exported about $500bn in goods to the USA and imported about $130bn.

"China was forced to take the countermeasures" in response to a US plan to raise tariffs to be imposed on 200 billion dollars of Chinese goods from 10 percent to 25 percent, the commission said in a statement. It will be September at the earliest before the USA decides whether to impose those tariffs.

When President Donald Trump first threatened to slap tariffs on Chinese goods in March to punish Beijing for stealing American intellectual property, trade experts warned the two nations risked slipping into a downward spiral of tit-for-tat trade actions. Previous rounds of tariffs cover a lengthy list of products, from steel and aluminum to washing machines.

"Foreign investors don't want to be in China".

"We urge the United States to come to its senses, correct its erroneous acts and create the necessary condition for a proper settlement as soon as possible", spokesman Geng Shuang said.

The United States accuses China of using predatory tactics to obtain USA technology, including outright cybertheft and forcing American companies to hand over trade secrets in exchange for access to the Chinese market. It's a "race to the bottom that will harm American consumers, farmers and USA industry". The deficit in goods trade with China also rose.

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