Trump Promises Long Term Wins Over China With Tariffs
07 April, 2018, 14:48 | Author: Marjorie Miles
He dismissed the notion that a trade war is inevitable, stressing that it's just a proposal to raise USA tariffs on an additional $100 billion worth of Chinese goods.
On Wednesday, China unveiled a list of 106 USA goods - from soybeans and whiskey to frozen beef and aircraft - targeted for tariffs, in a swift retaliatory move only hours after the Trump administration proposed duties on some 1,300 Chinese industrial, technology, transport and medical products.
Mr Trump said the United States has already lost any trade war, as he defended his proposed tariffs, saying the move might cause "a little pain" but the USA will be better off in the long run.
The proposal comes after China retaliated to that by threatening tariffs on 106 key U.S. products.
Trump's tariffs have been criticized by USA businesses and members of his own Republican party alike.
"Rather than remedy its misconduct, China has chosen to harm our farmers and manufacturers", Trump said.
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In a statement on Thursday, Trump said he had ordered the move "in light of China's unfair retaliation" to U.S.
In a statement, he announces the US Trade Representative has determined that China "has repeatedly engaged in practices to unfairly obtain America's intellectual property".
He has also instructed his secretary of agriculture "to implement a plan to protect our farmers and agricultural interests".
U.S. trade representative Robert Lighthizer quickly followed up on Mr Trump's Thursday evening declaration with a statement of his own stressing that none of the tariffs would take immediate effect. Beijing responded in kind nearly immediately, announcing plans to impose duties on $50 billion in American products.
Russian Energy Minister Alexander Novak said that an arrangement under which Moscow cooperates with the OPEC oil group could become indefinite once a current deal to curb oil production expires at the end of the year. He later stressed that any additional tariffs first would be subject to a 60-day public comment period.
"International Trade 101 analyses the partial equilibrium effects of a tariff as driving a wedge between demand and supply curves, whereby the price goes up and the quantity down", he said in a note to clients. "We must act together to make that happen", Zhang said.
Brady says a trade war with China could hurt Republicans, taking focus away from the tax cuts ahead of the mid-term elections, and there could be other consequences.
"So we may take a hit and you know what, ultimately we're going to be much stronger for it". "We don't want a trade war, but we aren't afraid of fighting one". But if they did, it's 25 per cent tax. "We are in communication with them regularly". But the president has been clear, the administration has been clear, we're not trying to start a trade war.
The stock market continues to bear the brunt of escalating trade tensions between the USA and China.
"China is guilty of many things, but the president has no actual plan to win right now". He's a friend of mine, and I'm a friend of his.
The AAFA, which represents more than 1,000 footwear, apparel and accessories brands and retailers on Capital Hill, also condemned Washington's latest proposed levies on China imports as "far from appropriate".
"If the trade dispute escalates or lasts for a long time, it will have a big impact on China's manufacturing industry, and foreign investment in related projects will be affected too", said Zhang Lifan, a Beijing-based independent political commentator.
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