Trump touts effectiveness of tariffs in string of tweets
Trump touts effectiveness of tariffs in string of tweets
Media playback is unsupported on your device Media caption The'danger of a US-China trade war
08 August, 2018, 21:00
China has already retaliated against some of these measures. "We are using them to negotiate fair trade deals", Trump said.
The trade war kicked off in earnest in July when Trump imposed a 25% tariff on $US34 billion worth of Chinese imports to the USA, prompting China to respond in kind.
Days later, Washington unveiled a list of another $200 billion in Chinese goods, from areas as varied as electrical machinery, leather goods and seafood, that would be hit with 10 percent import duties. Beijing retaliated by imposing similar charges on the same amount of USA products. The paper went on to say "China will eventually defeat the trade blackmail of the USA and it is impossible to force China into surrender to the US coercion".
Full lists of USA products subject to different levels of additional tariffs are available on the website of the Ministry of Finance.
FILE - White House National Economic Council Director Larry Kudlow speaks with reporters at the White House in Washington, June 27, 2018. United States manufacturers are considering expanding outside the country to avoid the widening trade conflict, according to the Institute for Supply Management's July survey. Rather, the USA importers bringing the products into the United States pay the tariffs.
"Market participants foresee a relatively stable Chinese currency in the near term, without fear of impacts from the US-China trade dispute".
The sanctions levied by China will affect almost 38 per cent of all American goods, amounting to 170 billion dollars.
Chelsea only need one more player - Sarri Christophe Henrotay, the agent of Chelsea goalkeeper, Thibaut Courtois has told the club to let his client move to Real Madrid . Chelsea winger Pedro has signed a one-year contract extension, the Premier League club announced on Friday.
Another reason China is anxious is because Washington's actions have come when the domestic Chinese economy is going through a bad time.
Chinese authorities - bracing for economic fallout - have taken a range of measures in recent weeks to bolster the economy.
"Tariffs are working far better than anyone ever anticipated", Trump tweeted, citing losses in the Chinese market. Farmer groups have decried the trade tensions as soybean futures slumped. From Apple to General Motors, a long list of large US enterprises have transferred extensive operations to China and could be vulnerable to any response from Beijing.
The polar fortunes of the USA agricultural industry cut off from Chinese markets and Chinese electronics firms cut off from the U.S. market makes it clear that in an ever more inter-connected world, while a trade war is mutually detrimental to all "combatants", in the specific case of China and the United States it is American producers that are clearly worse off than their Chinese counterparts in other industries.
An all-out trade war could overshadow Trump's otherwise solid economic record of low unemployment and stimulus-fueled growth. The timing of Friday's announcement hinted at that conflict.
Timing will depend on the actions of the United States, the Chinese Commerce Ministry said in a separate statement. "Obviously, the USA tariffs won't help and they are going to cause some damage", he said.
Beijing yesterday revealed more than 5,200 American-made products would be slapped with new levies in response to a threat by Donald Trump's administration to impose additional duties on $200bn of Chinese goods. "The implementation date will be subject to the actions of the USA, and China reserves the right to continue introducing other countermeasures". This article is strictly for informational purposes only.
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