Saturday, 19 June, 2021

Trump seeks $100 bil

US President Donald Trump and China's President Xi Jinping Trump seeks $100 bil
Conrad Doyle | 07 April, 2018, 06:16

Read the full press release from the White House below: "Following a thorough investigation under section 301 of the Trade Act of 1974, the United States Trade Representative (USTR) determined that China has repeatedly engaged in practices to unfairly obtain America's intellectual property".

China on Friday warned that it was digging in for a long campaign to counter Washington's attempts to undermine its economy, following President Donald Trump's threat of imposing another installment of tariffs. He dismissed the notion that a trade war is inevitable, stressing that it's just a proposal to raise us tariffs on an additional $100 billion worth of Chinese goods.

Trump tweeted moments later, criticizing the World Trade Organization and suggesting it's "unfair" to the U.S.

Kudlow started his job as director of the national economic council this week.

In China, some observers held out hope that the two countries were headed toward negotiations and noted that despite Beijing's tough talk, it likely does not want the country's export-driven economy to be hit by punishing tariffs.

"China is not afraid of a trade war", the vice minister of finance, Zhu Guangyao, declared at a news conference to discuss possible countermeasures.

China said today it was ready to pay "any cost" in a possible trade war with the United States, after President Donald Trump warned he was considering US$100 billion (RM387 billion) in extra tariffs.

One silver lining: American automakers that import electric vehicle batteries from China were spared from the US tariffs.

USA drillers added 11 oil rigs in the week to April 6, bringing the total count up to 808, the highest level since March 2015, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday.

He gave no details of what measures Beijing might take. Trump and Chinese President Xi Jinping speak to each other, as well as high-ranking figures from both governments, he added. People are surprised, I'm not!

Trump announces import tariffs of 25% on steel and 10% for aluminum, but exempts Canada and Mexico and offers the possibility of excluding other allies.

Economists, businessmen and Republicans have warned that the trade war could end in devastation for the US economy.

China has unveiled plans for painful import duties targeting politically-sensitive United States exports, including soybeans, aircraft and autos.

China is ready for further escalation by the USA side and has prepared detailed countermeasures, according to Gao.

Trump spoke about the clash in an interview with the "Bernie and Sid" radio show on 77 WABC Radio that was taped Thursday and aired Friday. "So we might lose a little of it but we're going to have a much stronger country when we're finished, and that's what I'm all about".

China will hit back with comprehensive countermeasures if U.S. continues its unilateral, protectionist practices, a spokesperson with the Ministry of Commerce said.

"If the USA side disregards opposition from China and the worldwide community and insists on carrying out unilateralism and trade protectionism, the Chinese side will take them on until the end at any cost", the Ministry of Commerce said in a statement on its website. Trump has only made a decision to propose a $100 billion tariff on Chinese goods after China proposed a $50 billion tariff on USA goods.

The remarks came after the U.S. President Donald Trump threatened on Thursday to slap tariffs on 100 billion U.S. dollars of imports from China.

China has already announced retaliation for the first $53 billion in US tariffs, and could be expected to respond to the next $100 billion if it is implemented - though this would almost equal total USA exports to China. But he told reporters Friday that these threats are necessary to force Beijing to eliminate trade barriers and allow more USA products into China.



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