Markets hit as Trump threatens new tariffs on China

Irving Hamilton
July 11, 2018

China immediately retaliated with duties on the same value of United States goods, including soybeans and cars.

The tariffs will not be imposed until after a two-month period of public comment on the proposed list.

"Rather than address our legitimate concerns, China has begun to retaliate against U.S. products ..."

China slammed the latest US tariff threat as a "totally unacceptable" escalation of their trade battle and vowed Wednesday to protect its "core interests".

In June, the President accused China of "threatening workers who have done nothing wrong". "At the same time, we call on the global community to work together to safeguard the rules of free trade and the multilateral trading system and jointly oppose trade hegemony", it added.

He told reporters: "The Trump administration lacks the savvy skill to impose tariffs in such a way that doesn't simply harm every single strategic trading partner from the European Union to China". No financial details of the agreement signed Tuesday were announced, but construction is expected to start as soon as official permits come through. They would go into effect sometime after August 30. French said. "The way things are shaping up, it may be too late, but we hope the administration changes course before we lose the momentum from tax and regulatory reform and return to an era of high prices, job loss and negative growth in our economy". "There is no justification for such action". "But it could mask over factors that could also weigh on equities in the longer run, such as tighter monetary policies led by the United States".

Bloomberg first reported on Tuesday that the Trump administration was planning to release the list, citing two people familiar with the matter.

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"This demonstrates the lack of skilled economists and diplomats in the USA administration".

"We have an absurd policy unsafe, stupid".

However, analysts say there's little chance China will back down on the plan, which it considers crucial for developing its huge economy. The new tariffs would kick in within 60 days.

"Special Report" panel reacts to the strategy behind the Trump administration's new charges on Chinese products. U.S. President Donald Trump had warned then that his country may ultimately impose tariffs on more than $500 billion worth of Chinese imports.

LONDON - Global markets are getting hammered on Wednesday as the trade war between the Trump administration and China intensifies, while fears also rise that Trump could pull the U.S. out of North Atlantic Treaty Organisation.

'TARIFFS ARE TAXES' Senate Finance Committee Chairman Orrin Hatch, a senior member of Trump's Republican Party, said the announcement "appears reckless and is not a targeted approach". China, for example, exports far more to the US than the USA exports to China, resulting in Beijing's trade surplus of $375.2 billion in 2017.

Even more tariffs could be on the way. The Trump administration announced plans to levy tariffs on another $200 billion of Chinese goods as trade tensions escalate. He has not formally directed Lighthizer to prepare that list.

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