Trump threatens additional $200bn in tariffs on China
Trump threatens additional $200bn in tariffs on China
20 June, 2018, 01:58
Navarro also disputes any notion that the trade standoff would damage the broader relationship with China.
"Trade between our nations, however, has been very unfair, for a very long time".
South Korean and Japanese companies have all felt this effect, with their businesses in China hurt as part of a dispute between states.
The ongoing trade dispute between the United States and China knocked the yuan to 6.4660 per dollar, its weakest in more than five months in the offshore market.
The U.S. imported US$505 billion of goods from China past year and exported about US$130 billion, leaving a 2017 trade deficit of US$376 billion, according to U.S. government figures.
If Trump carries through on all his trade threats, the result would be higher costs on virtually all the goods that the United States imports from China.
The initial US tariffs are aimed at items such as semiconductors, electronics, plastics and other goods from sectors expected to benefit from China's "Made in 2025" initiative to dominate the world in technology areas such as robotics, driverless cars and advanced medical devices.
But on Monday, the US Senate defied Trump by voting to overrule his administration's deal with legislation to re-impose the ban on hi-tech chip sales to the company, whose fate has figured prominently in the trade talks.
The proposed measures caused upset on global stock markets on Tuesday, initially weakening both the USA dollar and the Chinese yuan. The Dow Jones Industrial Average and the S&P 500 also fell along with commodities. Boeing dropped 3% and construction and mining equipment maker Caterpillar shed 2.7%. "Because the United States does a very good job, I believe, in following the WTO regulations, the World Trade Organization".
"Such a practice of extreme pressure and blackmailing deviates from the consensus reached by both sides on multiple occasions, and is a disappointment for the worldwide community", the ministry said in a statement on Tuesday.
China's commerce ministry saidBeijing will fight back firmly with "qualitative" and "quantitative" measures if the United States publishes an additional list of tariffs on Chinese goods, accusing Washington of launching a trade war.
The total amount of US goods exports to China only amounted to $130 billion a year ago, meaning Trump's potential tariffs on $250 billion or more of Chinese imports can't be matched, at least directly.
The dollar rose against a basket of currencies as traders bet on a escalating trade war forcing inflation up in the USA because of costlier imports, raising the prospect of more interest rate rises.
Pompeo on Monday described USA actions as "economic diplomacy, " which, when done right, strengthens national security and global alliances, he added. -China Business Council. Parker suggested that such steps might include delaying or denying licenses required by USA companies in China.
The tit-for-tat moves could start to meaningfully slow US growth, economists warn.
China's proposed retaliatory tariffs on the United States target farm goods such as soybeans, as well as chemicals, oils and seafood.
June 15: Trump rolls out the final list of goods subject to new tariffs. A punitive duty the Trump administration applied to lumber imports from Canada has raised the price of a new home by $9,000, according to the National Association of Home Builders. Apple and the White House were not immediately available for comment.
"China could target US firms through tax and regulatory policies", said Citigroup in a report.
U.S. Trade Representative Robert Lighthizer, who spearheaded the investigation leading to Trump's initial tariff threat, put out a statement saying he supports the president's latest move.
The tariffs could affect $50-$60 billion worth of goods and increase trade tensions.
"We're going to take care of our American farmers", Trump said, without offering specifics.
But additional body camera and squad vehicle videos showed the moments after officers used a stun gun on him. The police department ordered eight officers to undergo remedial training in professional communications.
They buy shoes and they wear 'em. "It's not easy but we're getting there", he told a group of USA small business executives. They fought World War II with us. "They fought World War I with us and we appreciate it, but we're protecting each other".
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