Tariff imposed on China working far better than anticipated: Donald Trump

08 August, 2018, 20:59 | Author: Dave Hampton
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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.

The president repeatedly mentions the United States trade deficit when talking about trade fights with China, the European Union, and Canada.

China on Friday announced its decision to impose additional tariffs of four different rates on 5,207 items of imported US products worth 60 billion USA dollars.

Chinese officials are trying to reassure markets and the local population that the US moves would have little impact.

"Tariffs are working far better than anyone ever anticipated", he wrote on Twitter. Rather, the US importers bringing the products into the United States pay the tariffs.

"As the 'tit-for-tat" trade war continues, global markets appear to show resilience against any major moves by either the U.S. or China and the tariffs they are placing.

The trade war, increasing corporate bankruptcies, and the huge decline in the value of the yuan against the dollar have prompted worries that China's economy could face a more sluggish pace in growth.

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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's trade 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.

Chinese state media accuses Donald Trump of "deceitful drama" in trade spat
Much of the trade war with allies is really about US domestic politics and the upcoming US November midterm elections. Mnuchin is more in favour of coming to an agreement that would bring about a reduction in the United States deficit.

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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