China Says It Will Fight Back Against Proposed US Tariffs
- Author: Joanne Flowers Apr 07, 2018,
Apr 07, 2018, 13:44
"I just really underscore this, we are serious". Do not forget to update your bookmarks.
"They aren't going to bully him into backing down", said Stephen Moore, a former Trump campaign adviser who is now a visiting fellow at the Heritage Foundation.
The concern is that while apparel and footwear have so far escaped the proposed new tariffs on products imported from China, they would possibly be back in contention for the next wave of tariff increases.
However he added: "While confrontation with China is necessary, Trump's way of doing it has too much collateral damage and does not deal with the issue in a rational way". On April 3, 2018, the USTR announced approximately $50 billion in proposed tariffs on imports from China as an initial means to obtain the elimination of policies and practices identified in the investigation.
General Motors shares reversed earlier losses and were last up 0.7 percent after the No. 1 U.S. automaker called for constructive U.S./ China dialog, citing an "interdependence between the world's two largest automotive markets".
Mr. Trump said he's taking the action because China is imposing retaliatory tariffs on US goods instead of fixing its unfair trade practices.
The stock market continues to bear the brunt of escalating trade tensions between the US and China. White House press secretary Sarah Huckabee Sanders said the two sides remained in "routine contact".
China said it was not afraid of a trade war, even though it did not seek one, and accused the USA of provoking the conflict.
Trump's late Thursday statement decried China's plan to retaliate with tariffs that match USA trade restrictions blow for blow.
The clash reflects the tension between Trump's promises to narrow a USA trade deficit with China that stood at $375.2 billion United States in goods a year ago and China's ruling Communist Party's development ambitions. They therefore get tremendous perks and advantages, especially over the U.S. Does anybody think this is fair.
The tit-for-tat moves have unsettled global markets in recent weeks. Yesterday, China went a Larry Kudlow, the White House's National Economic Council director, said on Wednesday that both the countries still had time to work out their differences. John Thune, the Senate's No. 3 Republican, in an interview with KDLT-TV in Sioux Falls. But he says the current standoff is not the beginning of a trade war, and that he's "cautiously optimistic that we'll be able to work this out".
The U.S. announces tariffs on steel and aluminum worth $3 billion United States dollars.
But Trump could even more easily achieve his trade objective, without Chinese cooperation, and without throwing a spanner in the works of global commerce by resorting to import tariffs.
Further escalation could be in the offing.
Experts say that the seemingly random array of US products in line for retaliation are actually carefully selected.
US gold futures for June delivery settled up 0.6 percent at $1,336.10 an ounce.
China responded swiftly and robustly by proposing tariffs on 106 key United States products, including soybeans, aircraft parts and orange juice, narrowly aimed at politically important sectors in the USA, such as agriculture. "Negotiations are better than tariffs", he said.
The Europeans reject Trump's allegations, which have mostly circled on Germany's auto industry, and prepared a list of counter-measures in case the USA reverses course and slaps on the tariffs.
"I'm not saying there's not gonna be any pain", Trump said on "Bernie & Sid in the Morning". The announcement comes "in light of China's unfair retaliation" earlier this week. That could specifically harm core Trump supporters. "We must act together to make that happen", Zhang said.