Tariff imposed on China working far better than anticipated: Donald Trump
08 August, 2018, 20:59 | Author: Dave Hampton
China will impose tariffs on $60 billion in US goods if the United States presses ahead with its latest trade threats, Beijing warned Friday. Now, Lighthizer says the President asked him to consider raising the proposed rate of the additional duty from 10 percent up to 25 percent.
An editorial of People's Daily, the mouthpiece of the Communist Party of China, said that the US President was starring in his own "street fighter-style deceitful drama of extortion and intimidation".
The trade war kicked off in earnest in July when Trump imposed a 25% tariff on $US34 billion worth of Chinese imports to the U.S., prompting China to respond in kind.
After China threatened to impose new retaliatory tariffs on a variety of American goods - everything from beef to condoms - the war of words between Washington and Beijing escalated yet further.
Workers at a swimwear factory in Yinglin town in Jinjiang, in China's eastern Fujian Province.
The action could threaten the health of the US economy, including the machinery and farming sectors of the Mahoning Valley economy, officials say.
The Twitter posts came one day after China vowed to impose steep tariffs on $60 billion in USA exports in retaliation to large tariffs the Trump is considering on $200 billion in Chinese exports.
The deficits between the USA and Trump's main trade adversaries are also growing.
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Trump then threatened to slap a 10% tariff on another $US200 billion worth of Chinese goods, again leading to a counter-threat from Beijing.
Many of these goods are agriculture-related and others relate to various metals and chemicals.
But a flurry of articles in Chinese state media emphasised the resilience of China's economy and downplayed concerns about the impact of the Sino-U.S. trade war.
President Donald Trump'strade war with China is entering its sixth month, and there are no signs it will end anytime soon.
"Copper is a global market that depends much less on regional trade flows and therefore tariffs in any one region should not have a material impact on the market", Chris LaFemina, an analyst at Jefferies, said by telephone from NY.
"The politicians just watched as other countries stole our jobs, plundered our wealth and got the crown jewels of the American economy", he told supporters. That's probably because there's already an existing 57% Chinese duty on U.S. polysilicon due to an earlier solar trade dispute now in its fourth year.
The result is that both China and the U.S. are now using government funds to stimulate areas of the economy.
Trump, in a series of Twitter posts before an OH campaign rally, said he was using tariffs, and the threat of tariffs, to try to force other countries to renegotiate trade deals with the United States.
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