Tuesday, 22 January, 2019

China 'underestimated' Trump, a key adviser says

Jeannette Daniel | 20 June, 2018, 07:53

It labeled the move "extreme pressure and blackmail", and said it would retaliate with counter measures.

Mr Trump said if China increases its tariffs again in response to the latest USA move, "we will meet that action by pursuing additional tariffs on another $200 billion of goods". Late last week, China announced its own round of retaliatory tariffs, which target $34 billion worth of usa goods including soybeans, electric cars, orange juice, and salmon.

He estimated that U.S. crop farmers have lost $100 per acre in revenue over the past two weeks in the most rapid erosion of USA farm profit since at least 1979 due to the administration's battle with China.

Wall Street's three major indexes were lower, though the S&P 500's decline of less than 1 percent was much more measured than that of overseas markets. But it appears that Trump and Kudlow were more interested in Cook's promise that Apple will contribute $350 billion to the USA economy over the next five years.

Here's what a full-blown global trade war might look like.

According to the New York Times article, Trump promised Cook that he wouldn't place tariffs on iPhone assembled in China. Trumps Tariffs spread pain to non-Chinese companies.

And as Mr Trump increases the range of goods subject to tariffs it becomes harder for American importers and consumers to avoid the cost by finding alternative suppliers. US gold futures fell 0.22 percent to $1,277.30 an ounce. "But the United States will no longer be taken advantage of on trade by China and other countries in the world".

But investors in USA agricultural commodities appeared to be far more anxious.

Trump recently ordered tariffs on $50bn in Chinese goods in retaliation for what he claimed is theft of intellectual property.

More news: Does Jay-Z address his feud with Kanye on 'Everything Is Love'?

The US announced plans for tariffs this spring, after an investigation into China's intellectual property practices.

"There could actually be a bit of a lift for our exports to China if the Chinese retaliate against the U.S. on dairy beef, wine - these are all things we export to China and we could fill the gap", he said.

At the heart of the dispute is the ballooning trade deficit between the USA and China. A counter punch was swift in coming, with a statement from Beijing on Friday night that it would "strike back forcefully".

The Trump administration has "blood lust" when it comes to pushing its trade agenda against China and wants to "suck the lifeblood" from the Chinese economy, an official state-run newspaper said on Wednesday, stepping up the rhetoric.

"This latest action by China clearly indicates its determination to keep the United States at a permanent and unfair disadvantage", the White House said, citing a "$376 billion trade imbalance".

When you consider the number of jobs that Apple is responsible for in the country, and how highly the iPhone is thought of in China, we'd expect the device to be kept out of the trade war by China, too. The Senate passed legislation on Monday evening that would restore penalties on ZTE.

China's Commerce Ministry on Tuesday criticised the latest threat of tariffs, saying it was an "act of extreme pressure and blackmail that deviates from the consensus reached by both parties after many negotiations, and is a disappointment to the global community".

"All they can do is impose higher tariffs on a smaller subset of products", he said. About 60 per cent of United States soybean exports go to China.

-With assistance from Kevin Hamlin.

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