Wednesday, 22 August, 2018


Trump says U.S. ready to tax all Chinese imports should need arise

European stocks jump as US and EU agree to work towards 'zero' tariffs Two wildcards remain in markets
Conrad Doyle | 01 August, 2018, 10:20

China under Xi Jinping believes that its impressive accumulation of economic and military power in the past four decades entitles it to claim predominance in Asia and at least equal status with the U.S. globally.

Any threats to retaliate against the U.S. could have dire implications for the protective umbrella of AGOA - far better to remind the USA of its responsibilities under an act which it has long promoted. There is now a sense that China may have declared victory too early while the USA may have reacted too late in the day. The trade war shakes everyone's confidence in the world economy. "We are grateful for the administration's recognition that farmers and ranchers needed positive news now and this will buy us some time". The best relief for the president's trade war would be ending the trade war. Clinging to the outdated zero-sum game mindset and willfully provoking a trade war will harm the interests of not only the two parties involved but also all other parties in the global industrial chain. The Chinese understand this clearly.

The trade dispute would stop short of full implementation of the most severe potential measures announced so far, including tariffs on all USA automotive imports or a breakdown of The North American Free Trade Agreement (NAFTA), Moody's said in a report titled "Trade - Cross-Sector: Global Trade Monitor-July". It was said that the real USA intention was "to suppress China's development".

China is vulnerable on various counts.

Nations with large auto manufacturing sectors, including Germany, Canada, and Japan, are gathering today in Geneva to discuss their response to the United States, according to Reuters. Non-performing assets at Chinese banks may now be of the order of US$ 450 billion and the overall debt overhang is almost 300% of GDP. The US dollar serves as the global reserve currency. This may offset the higher tariffs on Chinese exports but also carries the risk of triggering large scale capital flight as had been witnessed in 2015. Despite the rhetoric of retaliation there are signs that China may be prepared to quietly concede considerable ground to assuage Trump but uncertain whether this would relieve the pressure. China will only become more and more open. China retaliated by placing a 25 percent tariff on US soybean imports.

What about the US? "And we'll see where we get", he said.

"We've been very clear since the campaign".

"There are more details that will be rolled out at that Labor Day timeframe, and Labor Day is what we are terming as the time when these programs will actually kick in", Ibach said.

The main criticism that the USA makes against China centers around the trade deficit America runs with China.

Or take the Made-in-China suit. While Trump was cheered on by his base and protectionist forces in Washington DC, the verdict of the worldwide economic community was scathing. Therefore, it is probably too late for the USA to prevent the emergence of China as an independent centre of technology generation and innovation. Trump has long viewed America's trade deficit as the result of foreign companies and countries "stealing" from the United States, and he has blown hot and cold between confrontation and negotiations.

Still, he acknowledged that the company does some export business in China and other parts of Asia, so it plans to keep an eye on the tariff situation overall, including the possibility of retaliatory tariffs on finished goods such as furniture.

After a phony war stretching to the earliest days of his presidency, Donald Trump fired off the loudest salvo yet in his trade battle with China in July.

"[Trump's] a free trader".

In this scenario, Trump will have "solved", imperfectly, a problem that he created.

Trump has shown how he responds when his lies are exposed or his policies are failing: he doubles down.

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