undergroundnewsroom.com April 25, 2018

Trump Threatens Another Round of Tariffs Against China as Tensions Escalate

07 April 2018, 02:45 | Jenny Fowler

Trump Threatens Another Round of Tariffs Against China as Tensions Escalate

US President Donald Trump and China's President Xi Jinping

Forty-five U.S. trade associations representing some of the largest companies in the country urge Trump not to impose tariffs on China, warning it would be "particularly harmful" to the USA economy and consumers.

Responding on Friday, China's ministry of commerce said it would immediately retaliate if the "arrogant" U.S. imposed the sanctions.

President Donald Trump said on Thursday he had instructed USA trade officials to consider $100 billion in additional tariffs against China, upping the ante in an already high-stakes trade confrontation between the world's two biggest economies.

Trump's US Treasury secretary, Steven Mnuchin, acknowledged in an interview with business news television channel CNBC that the friction between the world's two largest economies has the "potential of a trade war".

While Beijing's claims that Washington is the aggressor and is spurring global protectionism, China's trading partners have complained for years that it abuses World Trade Organization rules and propagates unfair policies at home that lock foreign firms out of some sectors. But they had calmed down Wednesday and Thursday on hopes the United States and China would find a diplomatic solution.

"Rather than remedy its misconduct, China has chosen to harm our farmers and manufacturers", Trump's statement said.

China said Wednesday it would levy a 25 per cent tariff on about US$50 billion of USA imports including soybeans, automobiles, chemicals and aircraft.

The move comes a day after China issued a $50 billion list of USA goods including soybeans and small aircraft for possible tariff hikes in an escalating and potentially damaging dispute. Also on the list were American beef, whiskey, passenger vehicles and industrial chemicals. "We are firmly against any more arms sale from the United States to Taiwan...we are watching the situation very closely and will take actions accordingly".

US Trade Representative Robert Lighthizer has stated that Trump was "right to ask for additional appropriate action to obtain the elimination of the unfair acts, policies, and practices identified in USTR's report".

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Mr Trump said the U.S. has already lost any trade war, as he defended his proposed tariffs, saying the move might cause "a little pain" but the USA will be better off in the long run.

"China has chosen to respond thus far with threats to impose unjustified tariffs on billions of dollars in USA exports, including our agricultural products", Lighthizer said.

Trump argues China's trade practices have led to the closure of American factories and the loss of millions of American jobs.

US President Donald Trump has defended his proposed tariffs on Chinese goods, saying they will ultimately make the United States much stronger. But economists warn that the tit-for-tat moves bear the hallmarks of a classic trade rift that could keep growing.

He also said no negotiations were likely in the current circumstances. "And second of all because they hold so much USA debt they can start threatening not to buy it", said Brady, noting that budget President Trump signed increased the deficit, which increases the need for the U.S.to sell debt. Financial markets have swung wildly over the past few days in response to fears of escalating trade tensions between Washington and Beijing. -China ties. Beijing has called on the European Union to help it reject USA protectionism and uphold the worldwide trade order. China is the world's largest exporter of steel and called this a "serious attack" on worldwide trade.

Chinese economic growth could see a similar dip, while a broader trade war would result in a "significant" slowdown in both countries, he said in a note to clients.

"With respect to the Trump administration, its political success will rise and fall with the economy", Kudlow said.

The Organization of the Petroleum Exporting Countries (OPEC) and some non-OPEC producers including Russian Federation are committed to cutting output by around 1.8 million barrels per day through the end of 2018 in a bid to clear a global overhang and support prices. He later stressed that any additional tariffs first would be subject to a 60-day public comment period.

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