m3n4.net
m3n4.net July 16, 2018


The dollar is sliding as US-China trade war materializes

08 July 2018, 12:23 | Tara Lloyd

Trump Says U.S. Tariffs On Chinese Goods Could Exceed $500 Billion

China rejects ‘blackmail’ on eve of US tariff hike

Is it Smoot-Hawley II, or an economic liberation?

Chinese Commerce Ministry spokesman Gao Feng said on Thursday that the proposed USA tariffs would hit many American and foreign companies operating in China and disrupt their supplies of components and assembly work.

China Daily: "The U.S.' $34 billion tariffs on Chinese goods violates the WTO rules and has set off the largest trade war in economic history, demonstrating a typical hegemonic attitude against the rules of world trade, said a statement by the [commerce] ministry".

Beijing vowed to take "necessary countermeasures" after the U.S. imposed 25 percent duties on about $34 billion in Chinese machinery, electronics and high-tech equipment, including autos, computer hard drives and LEDs.

Curious about the products affected by new tariffs?

"A little fighting may be the only way the Trump administration clears its mind and allows everyone to sober up", the state-run Global Times said.

Beijing hit back on Friday with tariffs worth $34bn and has said it will match Trump's $50bn threat.

United States President Donald Trump on Friday said tariffs worth $16 billion (Rs 11,036 crore) may be implemented in the following two weeks.

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The president believes this is the best way to close the trade deficit between the U.S. and China.

The US trade deficit in goods with China now stands at about $375bn.

On July 2, the U.S. Chamber of Commerce issued a study outlining the state-by-state impact of retaliatory tariffs from China and other countries. However, for the first five months of the year, it totaled $245 billion, up from $227 billion in the same period in 2017.

American apple growers are also concerned about the new export tariffs. Others may not have voted for him but did not vote for Hillary Clinton, opting to write in third-party candidates or leave that part of the ballot blank.

Trump has said the tariffs were imposed to pressure China into abandoning unfair practices like theft of intellectual property.

The tariffs will make trade more expensive and complicated, and consumers will end up paying a price, Wilson said.

Other farmers also say they still trust the president. However, I think he's wrong for talking about the trade imbalance. And he also wants to indicate to his neighbors and the rest of the world that China is the new superpower that they need to get close to. If he has to ruffle a few feathers in the Washington "cesspool" along the way, that suits them just fine.

So you don't think these USA tariffs and Chinese counter tariffs today are here to stay?

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That may well be true, but it's about to be true for the rest of American consumers too.

Despite three rounds of negotiations between the two sides, including a Chinese pledge to significantly increase purchases of American products, Trump chose to go ahead with the tariffs.

"I will try my best to support domestic products".

American companies doing business in China are particularly anxious.

Throughout the escalating conflict, China has sought to take the high road, positioning itself as a champion of free trade, but state media increased criticism of Mr Trump today.

That strategy can only last so long, though.

Under the snippy headline " So much trade losing", the lead editorial compared the Trump trade war to the start of Civil War that led to nothing but tragedy for the rebels of the South.

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