Trump raises stakes with new round of China tariffs
- Stephen Hansen
The tariffs focused on industrial products, not on things Americans buy at the mall or via Amazon.
In a statement, Trump said the tariffs will take effect on September 24, at 10 percent until the end of the year, when they will rise to 25 percent. But if the administration enacts the additional tariffs on $267 billion in goods, it would engulf all remaining US imports from China and Apple products like the iPhone and its competitors would not likely be spared.
Chinese imports from the United States grew by nearly 500 percent over the past five years, such that as of 2017 Chinese buyers accounted for almost one in every five dollars in USA export revenue.
A top economic adviser to President Donald Trump said on Monday he expects USA budget deficits of about 4 percent to 5 percent of the country's economic output for the next one to two years, adding that there would likely be an effort in 2019 to cut spending on entitlement programs.
USA officials say those violate Beijing's market-opening commitments and worry they might erode United States industrial leadership. American officials also worry they might erode USA industrial leadership.
Trump is not expected to relent.
Sohn said the Trump administration was pursuing a legitimate goal to get China to stop violating global trade rules.
The president has described the tariffs as leverage in negotiating Chinese policy changes with Chinese President Xi Jinping.
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"President Trump's decision to impose an additional $200 billion is reckless and will create lasting harm to communities across the country", said Dean Garfield, president of the Information Technology Industry Council, which represents major tech firms.
Earlier yesterday Mr Trump claimed that the consequences of the global trade...
He said China had to agree to some of the White House's demands for any progress to be made.
In proceeding with additional tariffs, Trump ignored pleas from hundreds of United States companies who opposed the new levies at public hearings last month. The lack of progress and collapse of that deal have made future negotiations more hard, as it's unclear who speaks for the USA administration and there's a lack of confidence that any deal will be honored.
The president early on Monday seemed to undermine any efforts for a negotiated solution, saying tariffs have bolstered the U.S. bargaining position, while cost increases to consumers have been negligible and warned of more levies.
Initial reaction from the business community Monday was unfavourable.
The tariffs also threaten to undermine the prospect of any further talks any time soon with Beijing. "Sino-US economic and trade relations are mutually beneficial and win-win, and cooperation is the only correct choice".
President Donald Trump, to the alarm of U.S. trading partners, has kept his course of aggressive trade policy, imposing punitive tariffs on countries he accuses of cheating American workers.
- China threatens retaliation, to cancel talks, if $200 bn tariffs imposed.
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Vice Premier Liu He is set to convene a meeting in Beijing on Tuesday morning to discuss the government's response to the United States decision, Bloomberg News reported, citing a person briefed on the matter.
Smart watches and devices that use bluetooth wireless communications, the technology behind Apple's AirPods and other products that work with smartphones, will be excluded from the new tariff list. "We must strive for American ownership of American companies in China".
"That's why we continue to urge everybody, whether they are those who engage in market distorting subsidies, or whether they are those who might talk about or pursue multi-lateral tariff actions, to think carefully about the consequences of doing so". "That's good news. At least we did something", he said. "There's no way around it".
This is the inherent, objective, logic of the latest trade war measures. While individual companies have complained about their operations being disrupted by material shortages or cost increases, growth remains strong and unemployment is approaching a half-century low.
"So we've negotiated and negotiated and negotiated and given them chance after chance after chance".
Trump Monday said he would soon reach new deals with USA trading partners that would reverse the offshoring trend of the past generation.
"It will be a lot of money coming into the coffers of the United States of America", Trump said. He has threatened to expand his tariffs to cover all Chinese imports, an escalation that many economists say would be costly. Both countries have already slapped levies on $50 billion of each other's exports.
There are reports China is reducing exports by slowing down customs approvals and stepping up environmental and other inspections.
Alex Cora discusses Trump's comments on Puerto Rico
Cora called Trump's attempt to downplay the deaths caused by Hurricane Maria " disrespectful ", according to the Boston Globe. Last May, Harvard University public health researchers published a study that estimated the death toll was even higher.
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