Donald Trump said it was time to stop China from “taking advantage” of America
07 April, 2018, 16:18
USA officials have sought to downplay the threat of a broader trade dispute, saying a negotiated outcome is still possible, but economists warn that the tit-for-tat moves bear the hallmarks of a classic trade rift that could escalate.
The dollar fell in Friday's trade, while USA stock futures and most of Asia's stock markets were in the red. The S&P 500 e-mini futures traded down 1.3 percent EScv1, while similar moves were reflected in Dow and Nasdaq futures 1YMcv1 NQcv1. While the US added 103,000 jobs in March, roughly 70,000 fewer than expected, the undershoot is due in part to rough winter weather suppressing construction.
"Earlier, Trump had suggested to an audience in West Virginia that an all-out trade war might be avoided". China has also signaled out aircraft, cars and other products that should affect the blue-collar base of President Trump.
"Rather than remedy its misconduct, China has chosen to harm our farmers and manufacturers", Trump's statementsaid.
On March 8, Trump signed an order to impose tariffs of 25 percent on steel imports and 10 percent on aluminium, citing national security concerns.
China retaliated the next day with a list of duties on US imports including soybeans, planes, cars, beef and chemicals.
The higher costs could cause businesses to find other areas where they can save money, including in worker pay.
Trump's proposal intensified what was already shaping up to be the biggest trade battle since World War II.
In response, China has vowed to target key US exports, including soybeans.
President Trump defended his proposed tariffs, saying "so we may take a hit and you know what, ultimately we're going to be much stronger for it."
And Beijing has the economic equivalent of a nuclear weapon, holding more than one trillion dollars' worth of U.S. debt. He's threatening to light American agriculture on fire. So they pay 2.5; we pay 25. Trump has demanded that China cut the trade gap by $100 billion. "Negotiations are better than tariffs", he said.
Yesterday in West Virginia, the president said these tariffs are necessary to stop Chinese companies from stealing US research. "If a new deal can be reached between the U.S. and China through talks at the WTO, it is quite possible that the proposed U.S. Section 301 tariffs on China may not be implemented".
"Adding more tariffs would be both stunning and ill-informed", the FDRA, which helped to spearhead the footwear industry's efforts to combat additional tariffs, said in a statement.
A further $100 billion in tariffs on Chinese goods would likely expand the scope of Trump's attack to more consumer goods.
Trump earlier this week proposed tariffs on $50 billion in goods, raising the potential total to more than $150 billion. If China were to match tariffs on another $100 billion in USA exports on top of the 50 billion they were already threatening, that would basically be tariffs on every last item that the US sends to China.
Markets were expected to fall after Trump announced Thursday night that his administration would consider imposing $100 billion more in tariffs on Chinese goods.
"If we make a auto and try and get it into China, number one, they won't take it".
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Targeting Gandhi and his party, Shah said it was four generations of the Congress that need to give explanations to the country. On the Parliament session being washed out, Shah said, "We were ready to address all issues in the Parliament".
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