Trump threatens China with new $100 billion tariff plan
- Author: Zachary Reyes Apr 07, 2018,
Apr 07, 2018, 2:12
But he added, "We're going to have a much stronger country when we're finished".
The yield on 10-year German government debt, the euro zone benchmark, dipped 2.7 basis points in late trading to 0.494 percent, erasing much of Thursday's rise.
In Beijing, a Commerce Ministry spokesman said China doesn't want a trade war - but isn't afraid to fight one.
On Wednesday, China unveiled a list of 106 U.S. 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. The Labor Department said Friday that the unemployment rate remained 4.1 percent, a 17-year low, for a sixth straight month.
The U.S. announces tariffs on steel and aluminum worth $3 billion United States dollars. He tweets, "People are surprised, I'm not!" A week ago, there was just a single house where USA soldiers had hoisted a US flag on a hill a little ways back from a tense front line in Syria.
Trump announced tough tariffs on steel and aluminum in early March, triggering warnings from Beijing that China would take "necessary measures" to defend Chinese national interests.
Mr. Mei, the Chinese researcher, said China is considering other options because its response has to match the Trump administration's threats.
Such measures, economists said, could include stepped-up regulation of American companies operating in China and using the threat of a trade war to rattle the U.S.'s larger and more important financial markets, compared with China's smaller, less globally connected ones.
(DE), may be among the biggest losers in a China trade war. "None of this supports growth and employment".
China has unveiled plans for painful import duties targeting politically-sensitive U.S. exports, including soybeans, aircraft and autos. The proposed tariffs coming from Beijing would heavily target US agricultural industries, a section of the country composed of large swaths of Trump voters.
There's no timeline for developing a product list for Trump's new request for tariffs on an additional $100bn worth of imports, and interested parties will have an opportunity to comment, an administration official said on Friday. The administration hasn't said when any of the proposed tariffs would go into force.
"We have bills to pay and debts we must settle, and can not afford to lose any market, much less one as important as China", Duvall said. That was in response to Trump's proposed tariffs targeting industries including aerospace, robotics and machinery. He's also instructed his secretary of agriculture "to implement a plan to protect our farmers and agricultural interests".
"I have great respect for the president of China, President Xi. This is business", Navarro said.
The latest round of proposed USA tariffs target several specific categories of steel and aluminum made in China.
Instead of asking China to reduce its exports to address the trade imbalance, the United States should increase its own exports, the editorial said, adding that Washington was already restricting its exports to China, especially of high-tech products. In other words, China's strategy may be working.
"The heightened possibility of an outright tariff war is conjuring up images of slowed economic growth that could curtail the strong oil demand that has helped to revive a strong pricing environment during the past couple of months", said Jim Ritterbusch, president of Ritterbusch and Associates. "A [full blown] trade war meanwhile would have a more pronounced effect".
Trump struck a defiant tone during a speech in West Virginia on Thursday, saying it was time to stop China from "taking advantage" of America.
"We have heard what the USA has said publicly about imposing tariffs, and we will also monitor what moves it will take".