Trump says tariffs working far better than anticipated
Trump says tariffs working far better than anticipated
China announces $60B of US goods for tariff retaliation
06 August, 2018, 07:58
Prior to approval of the duties took place one and a half hour meeting of senior White house officials, officials of the U.S. administration who are responsible for national security issues, as well as representatives of the Ministry of Finance and the Ministry of Commerce of the United States.
Lu Xiang, an expert on U.S.
China's proposal to add a new round of tariffs on $60 billion worth of goods it imports from the US - retaliation for expanding planned tariffs by the Trump administration - is only hitting one commodities sector hard: liquefied natural gas shipments.
Earlier this week, the White House said it was considering boosting tariffs on $200 billion worth of Chinese goods, raising those tariffs to 25 percent from 10 percent.
Trump, in a series of Twitterposts before an OH campaign rally, said he was using tariffs, and the threat of tariffs, to try to force other countries to renegotiate trade deals with the United States.
"I sense that we're seeing a hardening of attitudes on both sides", said Jacob Parker, vice president of China relations at the U.S. China Business Council.
While soybean exports continued to rise in July - as Chinese importers rushed to buy ahead of the retaliatory tariffs Beijing imposed in July - US shipments of automobiles, aircraft and pharmaceuticals fell.
The State Council outlined the plan just days after the U.S. said it was considering higher tariffs on $200bn of Chinese goods than initially planned.
The lack of negotiations is compounded by the fact that Trump and the White House have not articulated clear goals for the trade fight with China.
"Such methods of extreme blackmail will not bear fruit against China". But Trump's Twitter posts Saturday evening reflected a much different mentality and suggest that the president prefers a much different strategy than one that resembles free trade.
Still, despite the data, Trump reiterated in a tweet Sunday that his tariffs are working "big time". Research later conducted on those tariffs found they negatively impacted employment and the US economy.
The United States and China have the world's biggest trading relationship but official ties are increasingly strained over complaints that Beijing's technology development tactics hurt American companies.
U.S. agricultural producers in particular are feeling the sting of the trade war.
Should Trump follow through with threats of $200-$500 billion more tariffs on China imports, the U.S. and China will likely slip into a currency war as China allows its currency, the Yuan, to devalue further. Tit-for-tat tariffs have fuelled months of tensions that were notched up Friday as Beijing threatened to impose levies on $60 billion of American goods. Last year, China imported some £100bn ($130bn) in goods from the United States.
The total cost of the goods for which it is proposed to introduce new fees, is about $ 60 billion.
Kudlow has said while talks have stalled in recent days there had been some communication at the highest level between the United States and China.
U.S. Secretary of State Mike Pompeo, however, remained staunch on Washington's push for fairer trading conditions with China.
However, Kudlow said there has been some communication "at the highest level" on trade between the United States and China in recent days. But Trump's threats and announcements do not constitute a trade war.
"The United States was allowed to get truly ripped off", Trump said earlier in the week.
The question is what other tools the two countries may use, once they have no more goods upon which to impose tariffs.
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