Markets tumble with China, US towards trade war

19 Juin, 2018, 16:45 | Auteur: Auguste Feret
  • President Donald Trump and China's President Xi Jinping arrive for a state dinner in Beijing last year

"After the legal process is complete, these tariffs will go into effect if China refuses to change its practices", the president said in a statement.

President Donald Trump added fuel to a burgeoning trade conflict with China on Monday, as he threatened to slap new tariffs on an additional $200 billion worth of Chinese imports.

If the U.S. goes ahead with the new $200 billion tariffs, they are more likely to be directly felt by individuals than the previous round.

"China apparently has no intention of changing its unfair practices related to the acquisition of American intellectual property and technology", he said.

According to the report, Trump's administration has explicitly told Cook that it will not place tariffs on Chinese-assembled iPhones - a major guarantee for the company - but Apple is concerned about potential actions by China's government. China threatened retaliatory tariffs of $50 billion this year when Trump first ordered his officials to consider an additional $50 billion.

The Chinese Commerce Ministry, in a statement translated for POLITICO, blasted the action as an example "of extreme pressure and blackmail" by the Trump administration that flouts global norms for handling trade disputes.

However and unfortunately, China has determined that it will raise tariffs on $50 billion worth of United States exports. Trump says he is taking action because China has raised tariffs on US exports and "has no intention of changing its unfair practices related to the acquisition of American intellectual property and technology".

Pompeo raised the trade issue directly with China last week, when he met in Beijing with President Xi Jinping and others.

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Initially, 545 United States products valued at $34 billion will be targeted by China, mimicking the Trump administration's tariff rollout. "The trade relationship between the United States and China must be much more equitable". "With the Trump team apparently of the view that the USA can win trade wars, and China determined to fight one if it ensues, it increasingly looks like we cannot preclude a full-blown trade war between the world's two largest economies". Three people close to Apple, who remained anonymous because they are not authorized to speak for the company, say that the tech giant's top worry is that the Chinese wreak havoc with Apple's supply chain by forcing suppliers to provide pointless paperwork in order to gum up the works.

But Beijing faces challenges in retaliating directly: China ships far more goods to the United States ($505 billion past year, according to USA figures) than come back in the opposite direction ($130 billion).

The statement from Trump on Monday said that China's response showed that Beijing had no plans to address the underlying IP theft and required escalation by the US.

Some companies have reported Beijing is meeting with Chinese businesses to discuss shifting contracts for usa goods and services to suppliers from Europe or Japan, or to local Chinese firms, Parker said. "But the United States will no longer be taken advantage of on trade by China and other countries in the world".

Since June 1, steel and aluminium imports from the European Union, Canada and Mexico have been hit with tariffs of 25 per cent and 10 per cent, respectively.

United States politics may restrain Trump.

"We use American power, economic might and influence as a tool of economic policy, " he said.

He said the move would be in retaliation for China's decision to raise tariffs on US$50 billion in United States goods.

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