President Donald Trump: New Tariffs For The China

President Donald Trump said “things are going along very well with China,” two days after his move to threaten tariffs on hundreds of millions of dollars in additional Chinese imports sent global stock markets tumbling.

The 10% tariffs on another $300 billion in imports from Sept. 1 proposed on Thursday would target a wide range of goods, from smart-phones and other electronics to clothing to toys, hitting American consumers more directly than previous rounds of tariffs.

The latest U.S. moves mark an abrupt escalation of the trade war between the world’s largest economies, shortly after the two sides restarted talks after a hiatus. Beijing pledged on Friday to respond if the U.S. insists on adding extra tariffs to the remainder of Chinese imports.

“China has to do a lot of things to turn it around,” Trump said at an event on Friday. “Frankly if they don’t do it I could always increase it very substantially.”

“If the U.S. is going to implement the additional tariffs, China will have to take necessary countermeasures,” Foreign Ministry spokeswoman Hua Chunying said at a regular briefing in Beijing on Friday. She didn’t elaborate on what the measures would be.

“China won’t accept any maximum pressure, threat, or blackmailing, and won’t compromise at all on major principle matters,” Hua said.

Trump has repeatedly complained that China hasn’t made the “large quantities” of agricultural purchases that he claims Xi promised when then they met in Osaka, but what was promised has never been made public and the two sides’ interpretations appear to differ.

China’s purchases from U.S. farmers have declined over the past year, with buying of soybeans falling in the first half of this year to the lowest level in more than a decade. At the same time, over the last two weeks, China has approved the purchase of up to 3 million tons of soybeans, 50,000 tons of cotton, plus pork, corn and sorghum from the U.S. as part of “goodwill” measures.

Trump’s “trade war with China has failed and he is doubling down on a failing strategy,” said Edward Alden, a senior fellow at the Council on Foreign Relations. “The whole purpose of the tariffs was to force China to make structural changes to its economy. But the tariffs have failed to do that. China is prepared to live with the pain rather than make the changes the U.S. wants.”

 

 

 

Source: Bloomberg

 

 

 

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August 5, 2019
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