Tuesday, 13 November, 2018

USA trade deficit hits nine-year high on falling exports

China's Foreign Minister Wang Yi China's Foreign Minister Wang Yi
Kenny Thornton | 09 March, 2018, 19:32

"They make it nearly impossible for to us do business with them - and yet they sent their cars and everything else back into the United States".

"We're going to be doing a reciprocal tax programme, at some point so that if China is going to charge us 25 per cent or if India is going to charge us 75 per cent and we charge them nothing", he said as he imposed a 25 per cent tariff on steel and a 10 per cent tariff on aluminium from all countries except Canada and Mexico.

"The bigger picture is that while China's trade surplus with most of the world has declined during the past year...its surplus with the United States has continued to expand" said Julian Evans-Pritchard, China Economist at Capital Economics in a note.

China and the United States "don't need to be rivals, they should be partners". Japan's steel industry body also expressed concern.

"The European Union has not treated us well", he added.

Although China does not recognise the self-ruled island as an independent nation, Wang took questions about Beijing's relationship with Taipei, warning that the Taiwanese government must come around to China's way of thinking if it hopes to enjoy "peaceful development".

Some products under consideration are largely produced in constituencies controlled by Trump's Republican Party.

The White House is hours away from putting into effect sweeping steel and aluminum tariffs on its trading partners that have caused an worldwide outcry.

Coca-Cola Will Launch First Alcoholic Beverage to Compete In Japan
Bancorp (NYSE:USB) shares were sold by GODRIDGE LESLIE V. von Gillern Jeffry H. sold 13,641 shares worth $750,528. (NASDAQ:MU). Northland Capital has "Buy" rating and $4300 target. (NYSE:RNG) earned "Buy" rating by SunTrust on Monday, February 12.

Boosted by a global trade boom in 2017, China's exports grew at their fastest pace since 2013 and served as one of the key drivers behind the economy's forecast-beating 6.9 per cent expansion past year.

Trump said the "reciprocal tax" programme would ensure "fair trade deals" for the US. During a discussion with Barack Obama days after the 2016 election, Xi told the outgoing US president that he wouldn't throw the first punch at Trump - but he also wouldn't sit back and take one either.

Australian Prime Minister Malcolm Turnbull sounded confident of getting favourable treatment as Trump spoke of Washington's strong relationship with Australia, a major exporter of iron ore but exports little steel. China accounts for a small fraction of U.S. steel imports, but its huge industrial expansion has helped create a global glut of steel that has driven down prices.

Beijing vowed to "firmly defend its legitimate rights and interests". It added that the tariffs would " seriously impact the normal order of global trade". But he urged the United States to "sit down peacefully" to constructively discuss finding a mutually beneficial solution. It was the most explicit threat yet from the country in the escalating trade row.

The United States bought just 1.1 percent of China's steel exports a year ago compared with 12 percent for South Korea and 5 percent for Japan, according to the U.S. International Trade Commission.

Trump said the U.S. is going to stop the trans-shipping. But that would probably require Congress to muster an extremely hard two-thirds majority to override a Trump veto.

South Korea has said the North has indicated it is prepared to give up its nuclear weapons programme - a defining feature of its politics for decades - if the USA agrees to guarantee its security.

"Choosing a trade war is surely the wrong prescription, in the end you will only hurt others and yourself", Foreign Minister Wang Yi said.

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