Trump ratchets up tariff talk as key week looms for trade

18 September, 2018, 03:14 | Author: Regina Silva

The United States is set to impose another raft of tariffs on China, targeting roughly $200 billion Dollars in imported goods from China as US President Trump tail-chases his way into an even deeper trade war with the Asian superpower.

Economists at UBS Group AG say even a 10 per cent tariff would slow the USA economy in the fourth quarter by enough to stop the Federal Reserve hiking interest rates again in December.

Sohn said he thinks that China will retaliate against every USA tariff and that the back-and-forth sparring will escalate until the U.S. is taxing all Chinese imports - US$524 billion (NZ$798 billion) a year ago. He is expected to announce this week that the United States will impose tariffs on another $200 billion worth of Chinese goods, a move that people familiar with the negotiations say could scuttle trade talks that are planned with the Chinese next week.

The U.S. had already imposed tariffs on $50 billion in Chinese imports.

Trump has demanded that China cut its $375 billion trade surplus with the United States, end policies aimed at acquiring USA technologies and intellectual property, and roll back high-tech industrial subsidies.

China wants talks based on 'mutual trust, ' said a foreign ministry spokesman, Geng Shuang. "My administration will not remain idle when those interests are under attack".

China's yuan currency CNY=CFXS has weakened by about 6.0 percent against the USA dollar since mid-June, offsetting the 10 percent tariff rate by a considerable margin.

If China doesn't make concessions, the new tariffs will then jump to 25 percent, a senior administration official said.

"If the United States launches any new tariff measures, China will have to take countermeasures to firmly ensure our legitimate rights and interests", foreign ministry spokesman Geng Shuang told reporters during a regular press briefing.

Brett Kavanaugh: 'This is a completely false allegation'
She also said she wants the FBI to investigate the matter before the Senate advances Kavanaugh's nomination. Conway told reporters Monday accuser Christine Blasey Ford should "not be ignored or insulted".


Neymar smart to protect himself from injury - Klopp
Big-spending PSG have so far failed to deliver in the Champions League but Klopp rates them among the best sides in Europe. Should Firmino be unable to take his place at centre forward, then Daniel Sturridge is the most likely to take his spot.


Obama laments 'broken' politics in stumping for Ohio Democrats
It is just wonderful to be back in OR , and over the last 15 months we've traveled to every corner of the United States". President Trump's son, Donald Jr., will also be in the state on Thursday, campaigning for Brown's GOP opponent Rep.


The tough talk follows reports China is deliberately reducing exports to the USA by slowing down customs approvals and stepping up environmental and other inspections.

"Tariffs are a tax on American families, period", said Hun Quach", RILA's vice president for worldwide trade.

Trump has also complained about the US' gaping trade deficit - US$336 billion (NZ$511 billion) a year ago - with China, its biggest trading partner.

In May, in fact, it looked briefly as if Treasury Secretary Steven Mnuchin and Chinese Vice Premier Liu He had brokered a truce built around a Chinese offer to buy enough American farm products and liquefied natural gas to put a dent in the trade deficit.

"We have been very clear about the type of changes that need to be made, and we have given China every opportunity to treat us more fairly". But Trump quickly backed away from the truce.

'Only knowing the pain of fighting will stop the war and cause (the United States) to negotiate seriously, ' said Lou.

Kudlow laid out general demands for China - whose economic reforms, he said were moving in the wrong direction.

Trump's tariffs on China raise costs and create uncertainty for companies that have built supply chains that span the Pacific Ocean.

Recommended:



Popular

Richard Gere, wife Alejandra Silva expecting first child together
The sweet image shows the Dalai Lama with his hand on Silva's stomach, while Gere stands beside his wife with a hand on her side. The 69-year-old Pretty Woman actor and 35-year-old Spanish publicist and activist, née Alejandra Silva , married in April.

FDNY: 17 injured in 6-alarm fire at Kings Plaza parking garage
A massive fire is raging through a parking garage in Brooklyn , leaving at least 21 firefighters and civilians injured. Nigro said the fire was confined to the second level of the parking garage and did not extend to stores at the mall.

IOS 12 Officially Released: New Features, Compatible Devices and More
You can also install it through iTunes, but we recommend the over-the-air update instead due to Apple's waning interest in iTunes. If you're running an older version of iOS, your iOS 12 update and download will be much bigger thanks to the updates you skipped.

Zane Gonzalez was kicking with groin injury Sunday, Browns sign new kicker
Understandably, when the Callaway touchdown took place the Browns' Twitter account went nuts. The Browns (0-1-1) host the New York Jets (1-1) on Thursday.

Coca-Cola is eyeing the cannabis drinks market
Coca-Cola Co . spokesperson Kent Landers issued a statement on the reports confirming the company's monitoring of CBD. The drinks would aim to relieve pain with CBD rather than give the "high" associated with inhaling marijuana.

With "Angry Waters" Rising, Officials Warn Of Risk To Life From Florence
President Donald Trump said federal emergency workers, first responders and law enforcement officials were "working really hard". The whir of generators could be heard throughout the city, a sound not expected to dim soon as crews work to restore power.

US gang victim's mum killed near memorial
The woman's 2016 Nissan Rogue was impounded for a safety check by investigators. The driver remained on the scene and called 911, according to police.

Russian Federation and Turkey agree on safe zone in Syria's Idlib
While the Russian army is in Syria by the call of the Syrian regime, we have been called by the people of Syria, the president of Turkey said.

Abbas: Palestine committed to peace, negotiations with Israel
The United States has also cut off aid to the Palestinians and to UNRWA - the U.N. agency for Palestinian refugees - and has ordered the PLO's office in Washington shut, further angering Palestinian leaders.

Woody Allen ‘Wouldn’t Bet His Life’ On Ronan Farrow Paternity
The author of the profile , Daphne Merkin , admits within the piece that she's "been friends with Allen for over four decades". However, Allen did join Previn for a portion of her profile and opened up about the impact the allegations had on his career.