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Trump sets tariffs on $50 billion in Chinese goods; Beijing strikes back President Trump said he was pushing ahead with hefty tariffs on $50 billion of Chinese imports on Friday, and the smoldering trade war between the world's two largest economies showed signs of igniting as Beijing immediately vowed to respond in kind. Trump laid out a list of more than 800 strategically important imports from China that would be subject to a 25% tariff starting on July 6, including cars, the latest hardline stance on trade by a U.S. president who has already been wrangling with allies. China's Commerce Ministry said it would respond with tariffs "of the same scale and strength" and that any previous trade deals with Trump were "invalid." The official Xinhua news agency said China would impose 25% tariffs on 659 U.S. products, ranging from soybeans and autos to seafood. China's retaliation list was increased more than six-fold from a version released in April, but the value was kept at $50 billion, as some high-value items such as commercial aircraft were deleted. Shares of Boeing, the single largest U.S. exporter to China, closed down 1.3% after paring earlier losses. Caterpillar Inc, another big exporter to China, ended 2% lower. Trump said in a statement that the United States would pursue additional tariffs if China retaliates. Washington and Beijing appeared increasingly headed toward open trade conflict after several rounds of negotiations failed to resolve U.S. complaints over Chinese industrial policies, lack of market access in China and a $375 billion U.S. trade deficit. "These tariffs are essential to preventing further unfair transfers of American technology and intellectual property to China, which will protect American jobs," Trump said. Analysts, however, did not expect the U.S. tariffs to inflict a major wound to China's economy and said the trade dispute likely would continue to fester. Honesty is the best policy. |
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Trump threatens additional $400 billion in tariffs against China President Donald Trump sharply escalated trade tensions with China late Monday, announcing plans for an additional $200 billion in tariffs on Chinese imports, and threatening another $200 billion in tariffs on top of that. In a statement, Trump said he has ordered the U.S. Trade Representative to identify $200 billion in Chinese goods that will face additional 10% tariffs. The new tariffs are a tit-for-tat measure in response to China's retaliatory tariffs announced after the $50 billion in tariffs that the U.S. put into effect Friday. The $200 billion in new tariffs will go into effect if China does not drop its retaliatory measure, Trump said. Trump also said that if China responds in kind, "we will meet that action by pursing additional tariffs on another $200 billion of goods." Honesty is the best policy.
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"Trade war" not only with China, but also with Canada, Mexico, many Europe countries, Japan, .... And yet, make friend with North Korea, Kim Jong-Un, the dictator, the tyrant. I think the stock market will fall next week. Honesty is the best policy.
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It sounded like "Trade War" ignited. Honesty is the best policy.
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