Trump says tariffs 'working far better' than anticipated
Trump says tariffs 'working far better' than anticipated
China threatens tariffs on $60 billion in US goods
08 August, 2018, 11:26
US business and farm groups, which do extensive business with China, have complained for months about Trump's strategy, but there are no signs that the Chinese government is paying for a campaign in the United States.
The trade war between the USA and China is about to get more intense, as China says it is preparing to impose retaliatory tariffs on $60 billion worth of goods made in the United States.
August 1: Trump ordered his trade representative to consider raising the planned tariff of $200 billion worth of Chinese products from 10 percent to 25 percent.
An editorial of People's Daily, the mouthpiece of the Communist Party of China, said that the US President was starring in his own "street fighter-style deceitful drama of extortion and intimidation".
China is trying to seek an "equal" position in future talks with the United States with today's retaliation announcement, said Gai Xinzhe, analyst at the Bank of China's Institute of International Finance in Beijing.
Trump's tariffs target goods the White House says benefit from industrial policies such as "Made in China 2025", which calls for developing Chinese competitors in robotic, artificial intelligence and other fields.
"Such methods of extreme blackmail will not bear fruit against China".
In a series of tweets on Saturday, Trump disagreed.
'Tariffs are working big time.
"[The] economy is now slowing and balance sheets are coming under strain after they tightened monetary policy a year ago and pushed up borrowing costs".
Chinese state media on Monday lambasted US President Donald Trump's trade policies in an unusually personal attack, seeking to reassure investors who are anxious about China's economy with growth concerns shaking its financial markets.
According to new data, the USA trade deficit is growing despite Trump's tariffs.
"Every country on earth wants to take wealth out of the USA, always to our detriment", he tweeted.
The Trump administration last month enacted a 25% tariff on roughly $34 billion worth of Chinese goods, prompting Beijing to retaliate in kind, and then threatened to slap additional duties on almost all Chinese goods sent to the US.
The State Council outlined the plan just days after the U.S. said it was considering higher tariffs on $200bn of Chinese goods than initially planned.
Trump then threatened to slap a 10% tariff on another $200 billion worth of Chinese goods, again leading to a counter-threat from Beijing.
The Chinese Commerce Ministry blamed the US for escalating the situation.
Liang stressed that USA consumers would ultimately pay the price for Trump's irrational trade policies, pointing out that the United States imports its nitrosamines, an industrial raw material, from China.
Donald Trump, right, listens to Larry Kudlow, his chief economic adviser, on the lawn of the White House in July.
On Friday, the People's Bank of China said it would require banks to keep reserves equivalent to 20 percent of their clients' foreign exchange forwards positions from Monday, in a move to stabilise the yuan.
Malaysian Foreign Minister Saifuddin Abdullah said he met Pompeo in Singapore and that his message was clear. "Time will prove that the US eventually makes a fool of itself", the paper said. The USDA estimates that soybean exports will plunge 11%in the year ahead because of the loss of the Chinese market.
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