Donald Trump's many trade wars

Donald Trump's many trade wars

Donald Trump's many trade wars

Donald Trump has intensified America's trade war with China by imposing new $200bn (£152bn) tariffs on imports starting next week.

In a statement, Trump said the tariffs will take effect on September 24, at 10 percent until the end of the year, when they will rise to 25 percent.

Trump also warned that if China takes retaliatory action against US farmers and industries, the administration will pursue tariffs on about $267 billion of additional imports.

US trade actions against China will not work as China has ample fiscal and monetary policy tools to cope with the impact, a senior securities market official said.

China is expected to further retaliate against the United States, and top officials have warned that could include penalizing USA companies that rely on Chinese components for phones, cars, televisions, and other products.

The administration's proposal for the tariffs on US$200 billion (S$247 billion) of products drew protest from technology companies earlier this year, but the final list of taxed devices described by the official avoids many big consumer brand names and products.

McClay said no escalation of tariffs was good for a small country like New Zealand, "particularly between the world's largest and second-largest economies", and he was not sure if the Government was paying enough attention to its trading partners.

Adding in the $200 billion list and another $267 billion of Chinese goods, total imports from China facing tariffs would exceed the $505 billion in goods that the United States imported from China previous year.

Zarit said the Chinese government had plenty of measures to disrupt the operations of United States firms in China and Trump's hopes of bringing United States businesses back home were misplaced. "I think it's going to work out very well with China", he said.

The Journal cited unnamed people familiar with the matter who said the tariff level will likely be set at about 10 percent, below the 25 percent announced earlier this year.

Many US businesses have warned that a new rounds of tariffs would threaten to increase prices of everyday goods for Americans - goods as varied as baby seats and bikes.

Trump has always been fiercely critical of China, accusing it during the 2016 campaign of "the rape" of the American economy and vowing to create a more balanced trade pattern.

China has threatened to retaliate and pull out of negotiations if that happens. The lack of progress and collapse of that deal have made future negotiations more hard, as it's unclear who speaks for the USA administration and there's a lack of confidence that any deal will be honored.

The tough talk follows reports China is deliberately reducing exports to the U.S. by slowing down customs approvals and stepping up environmental and other inspections. The U.S. put out about 40 per cent of the world's steel after World War II, but the figures have steadily dropped in the years since.

Through July, the United States ran a US$233.5b trade deficit in goods trade with China, an 8 per cent increase compared with the same period in 2017.

"Make your products in the United States instead of China".

"If countries will not make fair deals with us, they will be 'Tariffed!'" While USA inflation has continued to rise steadily albeit modestly, firms across the country report lost businesses, layoffs and possible bankruptcies as input costs rise and exports fall.

And as the China tariffs are imposed, top officials of the European Union are meeting to discuss how they might overcome the financial sanctions the United States will impose against European companies if they maintain economic ties with Iran after November 4 following the unilateral abrogation of the Iran nuclear deal. "And it was not under Bush", said Derek Scissors, a China expert at the American Enterprise Institute.

Related news

[an error occurred while processing the directive]