Saturday, 18 August, 2018

White House adviser warns China 'better not underestimate' Trump on trade - global

President Donald Trump and President Xi Jinping make joint statements at the Great Hall of the People in Beijing China President Donald Trump and President Xi Jinping make joint statements at the Great Hall of the People in Beijing China
| 06 August, 2018, 07:59

For example, he claimed that China was financing advertisements to convince Americans to stop Trump's trade agenda. Treasury Secretary Steven Mnuchin duly declared that the trade war had been "put on hold", but this was overturned in a matter of a few days.

In the meantime, signs of the trade war are creeping into the economic data. To put matters bluntly, the U.S. government is now facing the medium term possibility of paying its farmers to throw away foodstuffs while Chinese investment in its various domestic industries is used to help push Chinese goods to the forefront of innovation while helping Chinese products ranging from agriculture to industrial goods to reach foreign shelves.

Washington imposed 25 percent duties on $34 billion of Chinese goods on July 6 in response to complaints Beijing steals or pressures companies to hand over technology.

Commenting on the latest US move to add some Chinese companies into its list of entities subject to USA export controls, the MOC said that China stands firmly against US unilateral sanctions on Chinese entities. China immediately vowed to retaliate though at the same time urged the United States to act rationally and return to talks to resolve the dispute. The country exported about $500bn in goods to the United States and imported about $130bn.

Last month, Trump threatened to impose tariffs on all goods imported from China. "The implementation date will be subject to the actions of the United States, and China reserves the right to continue introducing other countermeasures". He told trade officials this week to consider raising that to 25 percent.

Bona fide trade wars are never limited to tariffs. In thinking that China will be "broken" by U.S. tariffs, Donald Trump's nation is rapidly learning that a mutually disadvantageous trade war is far more disadvantageous to United States businesses than to Chinese industries.

And that devaluation will nearly certainly quickly go global - given the current significant decline in currency exchange rates already taking place throughout various throughout key emerging market economies (Argentina, Turkey, India, etc.).


The conflict with China is taking on a "cyclical" pattern with roughly two weeks of escalation followed by two weeks of relative calm, said Mark Rosenberg, chief executive at Geoquant Inc., a firm that uses computer models to gauge political risk. The move was meant to bring China back to the negotiating table for talks over U.S. demands for structural changes to the Chinese economy and a cut in the bilateral trade deficit.

China accounted for about 16% of America's trade in goods previous year.

"The US wants to disturb the global trading order".

Here Trump will prove flexible and eventually settle for minor adjustments in trade terms, just as he did with the South Korea trade pact earlier this year. United States business and farm groups, which do extensive business with China, have complained for months about Mr Trump's strategy, but there are no signs that the Chinese government is paying for a campaign in the US.

"China promises that it will continue to unswervingly push forward reform and opening-up based on established arrangements and pace, firmly support economic globalization, firmly safeguard free trade rules and multilateral trade mechanisms to realize joint development and share prosperity with all countries that pursue progress", the commission said. We are using them to negotiate fair trade deals and, if countries are still unwilling to negotiate, they will pay us vast sums of money in the form of Tariffs. Mexico president-elect, Lopez Obrador, sent his trade negotiator to Washington DC this past week to explore concessions with Trump. The deal was "more evidence that the American president is the master negotiator". Juncker's goal was to get Trump to back off his threats to impose tariffs on Europe auto part imports. It was not actually a trade agreement. The U.S. can buy more because the economy is strong.

In terms of actual tariffs, or any other "trade" measure, the Trump-Juncker announcement was mostly a public relations stunt for both parties created to placate their domestic critics. Beijing retaliated by imposing similar charges on the same amount of USA products.

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