Sunday, 21 October, 2018

Trump says tariffs 'working far better' than anticipated

China threatens tariffs on $60 billion in US goods China unveils additional retaliatory tariffs on $60bn of US goods
| 08 August, 2018, 21:00

President Trump speaks during a campaign rally July 31 at the Florida State Fairgrounds Expo Hall in Tampa.

Larry Kudlow, the president's chief economic adviser, told Bloomberg TV that Trump is not afraid of dragging out the fight with China. Hours before the rally, Mr Trump posted a string of tweets on the issue, saying the United States market is "stronger than ever", while the Chinese market "has dropped 27 per cent in last four months, and they are talking to us".

Beijing yesterday revealed more than 5,200 American-made products would be slapped with new levies in response to a threat by Donald Trump's administration to impose additional duties on $200bn of Chinese goods.

"China always believes that consultation based on the principles of mutual respect, equality, and mutual benefit is the effective way of resolving trade differences, and any unilateral threat or blackmail will only aggravate contradictions and hurt the interests of all side".

"Governing a country is not like doing business", the editorial said, arguing that Trump's actions imperilled the national credibility of the United States.

After a weekend of claims by US President Donald Trump that he has the upper hand in the trade war with China, Beijing responded through state media by saying the nation is ready to withstand the economic fallout.

Trump even claimed that China is "trying to convince and scare the USA politicians" to fight against him. That's in stark contrast to the US' one-size-fits-all tariff approach, which was ill-considered, they said. Still, the potential for tariffs has China's largest refiner holding back on any purchases from the U.S. at least through September, according to a person familiar with the situation. So this unifies NAFTA and U.S., Europe, Australia, Japan. USA business and farm groups, which do extensive business with China, have complained for months about Trump's strategy, but there are no signs that the Chinese government is paying for a campaign in the United States.

Beijing's earlier round of tariffs appeared created to minimize the impact on the Chinese economy by targeting soybeans, whiskey and other goods available from Brazil, Australia and other suppliers.


"We said before that this round of tariffs amounted to doubling down on the recklessness of imposing trade policy that will hurt U.S. families and workers more than they will hurt China", a major trade group, the National Retail Federation, said in a statement last week. "We win either way".

At the same time, Trump has credited tariffs with helping revitalize the steel industry.

It was the latest in a series of tariffs, with the first being imposed by Trump back in early February. The tariff increase would cover a wide selection of Chinese imports, including fruits, vegetables, garlic, and more.

"We hear complaints from [Chinese] companies that USA clients have requested a suspension of orders and deliveries, but so far it has had only a limited impact on the industrial sector", he said. Every country on earth wants to take wealth out of the US, always to our detriment.

There are some ways that Trump's tariffs do hurt foreign companies.

The dispute is part of broader USA complaints about global trading conditions that have prompted Trump to raise duties on steel, aluminum, washing machines or solar panels from Canada, Europe, Japan and South Korea.

Talks with China and Canada, however, have remained very frosty, and Trump has promised to punish both economies if he doesn't get his way.

Since taking office, Trump has added substantially to the debt, with a large tax cut and additional government spending on the military and various domestic priorities.

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