Sunday, 09 May, 2021


Trump threatens China with additional $100bn tariffs

US President Donald Trump and China's President Xi Jinping Trump threatens China with additional $100bn tariffs
Conrad Doyle | 07 April, 2018, 07:36

"The US and China would suffer significant slowdown in real GDP growth - a cumulative loss around 1.0 percentage point", and it would cut global economic growth to 2.5 percent next year from 3.0 percent in Oxford's baseline scenario.

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. "We're going to have a fantastic relationship long term with China, but we have to get this straightened out".

The markets reacted negatively to the growing confrontation, with the S&P 500 Index down 1.1% as of 11:52 in NY on Friday.

On Wednesday, China unveiled a list of 106 US goods - from soybeans and whiskey to frozen beef and aircraft - targeted for tariffs, in a swift retaliatory move only hours after the Trump administration proposed duties on some 1,300 Chinese industrial, technology, transport and medical products.

"If the USA side announces the list of products for $100 billion in tariffs", Chinese Ministry of Commerce spokesman Gao Feng said Friday, "The Chinese side has fully prepared and will without hesitation counterattack with great strength".

Meanwhile, China has initiated a complaint with the World Trade Organisation over the USA tariffs, in what analysts say could be a sign that this will be a protracted process.

Such measures, economists said, could include stepped-up regulation of American companies operating in China and using the threat of a trade war to rattle the U.S.'s larger and more important financial markets, compared with China's smaller, less globally connected ones. "It would certainly be bad for both China and the United States".

A more direct example comes from Trump's recent tariffs on steel and aluminum imports. He tweets, "People are surprised, I'm not!" "The U.S. risks isolating itself from global trade in this process and we think the U.S., Dollars and U.S. asset markets have more to lose".

Earlier this month, China announced tariffs on $3bn of United States goods such as pork and wine in retaliation for the steel and aluminium tariffs imposed last month by Trump.

President Donald Trump may be looking for ways to ratchet up a pending trade war with China.

Administration officials have spent the past two days trying to tamp down fears of a trade war, with chief economic adviser Larry Kudlow saying on Thursday the U.S. could still hammer out a deal with Beijing.

Trump's latest proposal intensified what was already shaping up to be the biggest trade battle for more than a half century. "None of this supports growth and employment".

Trump disclosed that he had instructed the U.S. Trade Representative (USTR) Robert Lighthizer to "identify the products upon which to impose" the additional tariffs he suggested.

Experts say there are some steps that China could theoretically take to punish the United States that are too risky to consider. China countered by announcing tariffs on $3 billion worth of USA products.

White House chief of staff John Kelly and Mnuchin concurred with the move, as did Kudlow, who traveled with the president to West Virginia. He said the administration anticipated USA agriculture would be the first point of retaliation and said Trump "will have the backs" of America's farmers. "This is business", Navarro said.

In straight up fight the U.S. probably has the upper hand because it imports more from China than China imports from the US. That came with the US considering duties on an additional $100 billion in goods imported from China.

China gains access to USA technology by employing several tactics, which many observers have said are unfair or illegal.

Analysts at Oxford Economics, referring to the fact that the tariffs are not yet in effect, said in a note to clients that, "Importantly, these threatened tariffs will be subject to negotiation, and therefore shouldn't be considered as final". Oil prices fell nearly 5 percent this week as investors wondered if an increase in trade tensions will reduce demand for oil by slowing down the global economy. That followed an announcement earlier this year that the USA would impose import taxes on aluminium and steel, which would include China.

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