Stephen Colbert Mocks Donald Trump's China Tariffs
Stephen Colbert Mocks Donald Trump's China Tariffs
China Puts New Tariffs On $60 Billion Of U.S. Goods, Retaliating For Trump Action
14 May, 2019, 13:57
The article reflects the author's opinion, and not necessarily the views of CGTN.
The prospect of global economy being derailed by the United States and China sliding into a fiercer, more protracted dispute has rattled investors and led to a sharp selloff on equities markets in the past week.
USA stocks fell sharply early Monday after China announced it would raise tariffs on about $60 billion worth of US exports in retaliation to the Trump administration's tariff hike on Chinese goods last week.
The U.S. Trade Representative's office Monday released a list of about US$300 billion worth of Chinese goods including children's clothing, toys, cell phones and laptops that Trump has threatened to hit with a 25 per cent tariff.
I'm not at all surprised by the outcome as it's not an easy job to solve the decades-long trade disputes between the two countries. There will be nobody left in China to do business with'.
The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, May 13, 2019.
USA negotiators reportedly have told Beijing it has a month to reach a deal or face tariffs on all its us exports.
Forecasters have warned that the US tariff hikes could set back a Chinese recovery that had appeared to be gaining traction.
Meanwhile, Japanese officials are reportedly concerned Washington may ramp up pressure for a quick bilateral trade deal should the China talks stall. -China negotiations ended without a breakthrough or any specific plan for further talks.
The sector, crucial for the United States economy, also represents an important electoral base for Donald Trump. In the case of the U.S.
"I think that China felt they were beaten so badly in the recent negotiation that they may as well wait around for the next election, 2020, to see if they could get lucky & have a Democrat win - in which case they would continue to rip-off the U.S. for $500 Billion a year", Trump said.
The tensions reverberated through global financial markets, with the yield curve between three-month U.S. Treasury bills and 10-year notes inverting for the second time in less than a week on Monday.
And the effects of Trump's trade war were not limited to the American market. "[The] street sees the current 25 percent tariffs on $200bn of goods will bring down China's GDP growth by more than half a percent over the next 12 months, and over one percent if additional tariffs hit the other $325bn goods", Yang wrote.
If the ban can be lifted, it's much easier to solve the deficit problem. Paid for mostly by China, by the way.
Beijing has so far imposed tariffs on $110 billion worth of American goods in retaliation to the USA duties.
Negotiations are expected to continue among high-level officials in the coming weeks.
A market sell-off that began in the United States spread to Asia on Tuesday as investors feared the increasingly acrimonious trade war between the USA and China would hurt the global economy.
Then, on Friday, Trump posted that the Chinese trade talks were progressing in "a very congenial manner" followed by another saying there is "no need to rush" a new agreement. They were slowly rebounding this spring when it seemed like the two countries were nearing a trade deal.
So what will such a move mean for the Chinese economy, if it comes about? But he added that "both sides will suffer on this". We think these differences are significant issues of principle. Sales of United States soybeans elsewhere failed to make up for the loss.
One positive factor about the U.S. Many are still confident that both sides will eventually reach a deal. It is true that where there is a will, there is a way.
Beijing is running out of USA imports to penalize because of the lopsided trade balance between the world's two largest economies.
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