‘Ready to tax all Chinese imports’

22 July, 2018, 02:27 | Author: Wade Massey
  • Analysts Trump tariff threats unlikely to yield trade deals

So far, the USA has put tariffs on $34 billion of Chinese goods. A second round of 10 percent tariffs on $200 billion of Chinese products will be the subject of administrative hearings next month.

Trump has been threatening to levy tariffs on European auto manufacturers in a bid to force more production into the US.

His administration is considering tariffs of as much as 20% on U.S. automobile imports from Europe.

The harsh comments took fresh aim at pillars of the worldwide economic system and underscored Trump's break with long-established norms by again openly rebuking the Federal Reserve for raising interest rates. Trump has already imposed tariffs on $34 billion in Chinese goods, and Beijing has retaliated with tariffs on an equal amount of American exports. The Fed, however, could raise interest rates if it finds the economy to be overheating. The Chinese government could also make it harder for United States companies to operate in China.

In a Marketplace interview earlier in July, Fed Chairman Jerome Powell said the Trump administration's tax cuts and fiscal-policy stimulus were likely to improve the economy for several years.

"They literally have the President of the United States trying to jawbone currencies and put pressure on the Fed to keep the currency weak. Why?"

"People can comment, including the president and other politicians", said St. Louis Federal Reserve Bank President James Bullard, according to Reuters. It expects that 700,000 jobs would be lost. On Friday, the Dow Jones industrial closed down slightly.

"I would have a higher stock market right now".

Trump frequently accused China of tanking its currency on the campaign trail, but the Treasury Department has decline to label the country a currency manipulator for two consecutive years.

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In particular, the Fed's most recent rate hikes could dilute some of the benefit of the tax cuts Trump signed into law past year. "Very specifically to gain a trade advantage", Mr Fratto said.

China does not have the wherewithal to match the US on tariffs, but it has other tools. White House Economic Adviser Larry Kudlow said Xi doesn't haven't any intention of agreeing on trade with the U.S.

The manipulation of the yuan, considered by many to be undervalued, is a direct response to Trump's actions on global trade and protectionism, sparking fears that China could "turn a trade war into a currency war", says Quartz. Yet he said he has not pushed the tariffs out of any ill will toward China.

Yet Trump soon intensified his tariff threats anyway.

The president's attacks on the Fed's rate increases and the recent strengthening of the dollar highlight an inherent contradiction at the core of his economic policies. "They've received conflicting messages depending on who they speak with".

China has retaliated with duties of its own, hitting US imports of soybeans and pork. Yet any such agreement would require extensive talks over how it would be implemented and verified. But in the CNBC interview, the president said he was seeking to do only what's fair.

"I don't like all of this work that we're putting into the economy and then I see rates going up", Trump said.

Economists note that Trump's hard-nosed stance on trade runs deep. His remarks Friday suggest his trade hawkishness may influence other realms of American policy, including its stance on the price of money. "No president should interfere with the workings of the Fed", Fisher said.

In his CNBC interview Friday, Trump shrugged off the prospect that a trade war with China could cause the stock market to tumble.

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