Trade War: Trump says tariffs are working

During a July 20 CNBC interview, Trump said that he was willing to put tariffs on all $505.5 billion dollars worth of goods that China exports annually to the U.S.

China has unveiled plans to impose retaliatory tariffs on United States imports worth $60bn (£46bn), firing the latest volley in the mounting trade dispute between the world's two largest economies.

President Donald Trump this week ordered officials to consider imposing a 25 percent tax on $200 billion worth of imported Chinese goods, up from an initial 10 percent rate.

US companies are putting in place measures to cushion the impact of the trade row, including price hikes, and a number of companies - from industrial firms to home furnishers and toymakers - have said they will move some sourcing and manufacturing outside of China. The Trump administration slapped duties on $34 billion of Chinese goods last month, a move that also prompted immediate retaliation from China.

"Every country on earth wants to take wealth out of the US, always to our detriment", Trump tweeted, "I say, as they come, Tax them".

China's latest restrained tariff measure against the United States is rational, and aims to safeguard the multilateral trading system, experts said.

The world's two biggest economies, U.S. and China, further escalated trade tensions last week.

Trump's tweets appear to be the latest volley in a budding trade war between the United States and China. The president has imposed tariffs on $85 billion worth of foreign goods so far, meaning that, at most, his tariffs would raise about $21 billion, a minuscule percentage (0.1 percent) of the debt.

Both Trump and China continue to issue new threats of tariffs. Washington is anticipated to soon implement tariffs on an additional $16 billion of Chinese goods.

Cypress Semiconductor Co-Founder T.J. Rodgers discusses how Apple reached a $1 trillion market cap and why China will fold to President Trump's tariffs.

But based on the latest trade numbers, released Friday, it appears Trump is falling short of his main goal for trade battles; the USA trade deficit is actually heading in the opposite direction.

China said on Friday that it would respond to threatened tariffs from the U.S. with countermeasures of its own, and released a list of approximately 5200 United States products worth a total of $US60 billion that would be affected by customs duties of between five and 25 per cent. So this unifies NAFTA and U.S., Europe, Australia, Japan.

Leaders of the European Union have agreed to begin negotiations with the White House that would include buying more soybeans and energy products in exchange for discussions that could lead to a suspension of steel and aluminum tariffs, but those talks have only just begun and the parameters are unclear.

China plans to impose a 25% tariff on imports of US-manufactured solar cells - but the world's biggest manufacture of solar cells now imports few of the cells used to make panels that generate power.

"This could be, I don't want to say 'catastrophic, ' but very, very painful for the industry", Snow said.

China has now imposed or proposed tariffs on £85bn ($110bn) in USA goods.

The tensions are also having an impact on trade flows.

The editorial said the United States had escalated trade friction with China, and turned global trade into "zero-sum game".

"Leading China's economy on a stable and far-reaching path, we have confidence and determination", another commentary in the main edition of the People's Daily said.

(Copyright © 2015. All Rights Reserved.)
 
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