Thursday, 18 October, 2018

Trade War: Trump says tariffs are working

The Trump administration ratcheted up pressure for trade concessions from Beijing this week by proposing a higher 25% tariff on $200 billion worth of Chinese imports Here's Why Trump Is Hiking Chinese Tariffs To 25%
Cristina Norman | 06 August, 2018, 06:30

"They better not underestimate President Trump's determination to go further", Larry Kudlow said on Bloomberg Television.

"The implementation date of the taxation measures will be subject to the actions of the United States, and China reserves the right to continue to introduce other countermeasures", China's Ministry of Commerce said in a statement.

China is ready to levy differentiated additional tariffs on about $60 billion of imports from the United States, if the latter further escalates trade frictions, the Customs Tariff Commission of the State Council announced late on Friday.

"China's countermeasures with differentiated tariff rates are rational and restrained, and were proposed after extensively soliciting opinions and careful evaluation", the spokesperson said in a statement.

Cypress Semiconductor Co-Founder T.J. Rodgers discusses how Apple reached a $1 trillion market cap and why China will fold to President Trump's tariffs. This makes the products more expensive and less attractive for US consumers.

The ministry reiterated that since the United States has ignored the interests of companies and consumers in both countries, China has to take the necessary countermeasures to safeguard the dignity and interests of its people, defend free trade and the multilateral system, and ensure the common interests of all the countries of the world.

China promptly promised it would take countermeasures of its own.

Trump initially proposed 10 percent tariffs on an additional $200 billion of Chinese imports, but he told trade officials this week to consider raising that to 25 percent.

China on Friday announced its decision to impose additional tariffs of four different rates on 5,207 items of imported US products worth 60 billion USA dollars.

"Copper is a global market that depends much less on regional trade flows and therefore tariffs in any one region should not have a material impact on the market", Chris LaFemina, an analyst at Jefferies, said by telephone from NY.

If China carries through on its latest threat, it will be imposing some form of tariffs on almost all of the $130 billion in goods it imports from the U.S.

Separate releases recently showed growth in China's manufacturing sector slowing in July and one measure of USA consumer sentiment falling due to tariff concerns, according to media reports.

The measures, which the White House ridiculed as "weak" but China said were "fully justified", came after Washington said it would increase the rate of additional tariffs on Chinese goods worth $200 billion.

A dip in auto exports and rising oil prices in June drove the biggest increase in the USA trade deficit in 19 months, reversing much of May's export bonanza, the government reported Friday.

Chinese leaders have offered to narrow their politically sensitive trade surplus with the United States by purchasing more American goods.

After weeks of half-measure negotiations between the two countries, talks have broken down and now both the White House and Beijing are locked in a rapid escalation of trade threats that experts have predicted could damage both economies.

The odds of a full-blown trade war are low, but they just got a little bit higher.

The smaller list of goods tagged by China indicates Beijing is running out of products to target due to its lopsided trade balance with the United States. "Trump's trade challenge was aimed at thwarting China's technological development". Likewise, another of Mr Trump's tweets claimed that foreign countries are paying the tariffs he has imposed on steel, aluminium and a variety of products being shipped from China.

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