Sunday, 09 May, 2021


Donald Trump considers list of trade demands for China

Oil pumping facilities are seen at Venezuela's western Maracaibo lake Oil pumping facilities are seen at Venezuela's western Maracaibo lake in Venezuela
Bennie Garza | 07 April, 2018, 05:25

China's commerce ministry said that "China has very detailed countermeasures" and will "fight at any cost" to defend its economic interests as markets faltered Friday amid renewed trade war talk on both sides of the Pacific. The ministry said it would hold a press briefing at 8:00 p.m.in Beijing Friday. The price of aluminum per pound has been falling since February, a decline that started before the tariffs were imposed. He tweets, "People are surprised, I'm not!"

Even as US markets remained stable on Thursday, investors struggled to make sense of the signals coming from the administration.

More than half of the $39 billion USA surplus with China in services comes from spending by Chinese citizens on travel to the United States and on attending American schools and colleges, according to investment bank Nomura.

United States officials have sought to downplay the threat of a broader trade dispute, saying a negotiated outcome is still possible.

That could do some damage to the president, and the Republican Party, before the midterm elections in states that turned out for Trump in 2016.

If Beijing's trade tit-for-tat with Washington keeps escalating, some experts think American companies doing business in China should buckle up for a rough ride. "None of this supports growth and employment".

US Trade Representative Robert Lighthizer called China's moved "unjustified" and said Mr Trump's proposal was an "appropriate response to China's recent threat of new tariffs".

"A wait-and-see mood tends to increase ahead of the release of United States jobs data. but the market will likely stay solid with risk aversion among investors receding", Okasan Online Securities said in a commentary.

In making the call for extra tariffs, Trump wanted to vent his anger with a "bomb-like" statement, the newspaper said, adding that whether the tariffs are actually put into effect and what the consequences will be "are secondary to him".

"History and reality have repeatedly proved that economic globalization has provided a strong impetus for the development of global trade and economics", the newspaper said, adding that the United States was "one of the biggest beneficiaries" of this.

China on Monday announced tariffs on $3 billion in American goods in response to steel and aluminum tariffs Washington imposed last month, sparking fears of a global trade war.

Previously, Mr Trump approved higher import duties on Chinese-made washing machines and solar modules to offset what Washington said were improper subsidies. But the bellicose rhetoric from the White House represents an escalation in the tense trade standoff.

Mr Trump's protectionist agenda is aimed at saving U.S. jobs and closing what he sees as a $504bn trade gap with China and deficits with other major economies.

"China is guilty of many things, but the president has no actual plan to win right now". China's illicit trade practices - ignored for years by Washington - have destroyed thousands of American factories and millions of American jobs. China shot back with a list of similar proposed duties on American imports, including soybeans, planes, cars, beef and chemicals. That prompted the Chinese government to warn it's willing to take "new comprehensive measures" in response.

"For many years, no president wanted to go against China, economically".

China exports far more to the United States than vice versa, a fact that Trump has said is due to improper economic practices in Beijing.

"History and reality have repeatedly proved that economic globalisation has provided a strong impetus for the development of worldwide trade and economics", the newspaper said, adding that the United States was "one of the biggest beneficiaries" of this.

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