Trade War: Trump says tariffs are working

08 Août, 2018, 11:29 | Auteur: Auguste Feret
  • Media playback is unsupported on your device                  Media caption The'danger of a US-China trade war

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

President Trump's assertiveness on trade has also taken in measures against markets such as Canada, Mexico and the European Union, which have all responded with counter-measures, with food caught in the crossfire.

The U.S. "will be able to start paying down large amounts" of the national debt because of tariffs imposed on imported goods, said President Trump on Sunday.

The overseas edition of the Communist Party's People's Daily newspaper said Trump believes he is starring in a "street fighter-style deceitful drama of extortion and intimidation", adding it is "wishful thinking" to think China would play along, according to Reuters.

China's stocks were lower on Monday as Beijing's latest tariff threats escalated the tit-for-tat Sino-U.S. trade war, while the yuan weakened after briefly edging up despite the central bank's latest efforts to shore up the tumbling currency.

The escalation has business leaders on both sides anxious about where this will end up. Neither side is showing any sign of backing down.

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

For example, he claimed that China was financing advertisements to convince Americans to stop Trump's trade agenda.

China is trying to seek an "equal" position in future talks with the U.S. with today's retaliation announcement, said Gai Xinzhe, analyst at the Bank of China's Institute of International Finance in Beijing.

USA companies, meanwhile, are setting up measures in an attempt to offset the effects of the trade spat, including price hikes.

The US move is being fuelled by deep frustration within the Trump administration over its unsuccessful attempts to press China to change its trade practices, including improperly obtaining American intellectual property.

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Trump campaigned on a promise to bring down America's massive trade deficits by renegotiating trade agreements and getting tough on countries like China that sell the US far more than they buy from it. Beijing retaliated by imposing similar charges on the same amount of US products.

"Every country on earth wants to take wealth out of the United States, always to our detriment", he tweeted.

Throughout all of this, the United States continues to criticise China's trade practices as "unfair" because of the domestic win-win relationship between central government and private producers.

This is false, and not how tariffs work.

Beijing warned on Friday that it was prepared to impose new tariffs on $60 billion worth of us goods if Washington ups the ante in the escalating U.S.

Meanwhile, the Chinese economy is likely to feel a pinch, but that doesn't mean the country will back down, William Zarit, the chair of the U.S. Chamber of Commerce in China, tells NPR. This makes the products more expensive and less attractive for USA consumers. Last year, China imported about $130 billion in goods from the United States.

But Trump raised the stakes this week with his threat to lift the tariff rate.

Similar to crude oil and LNG, coal was another area where Trump could have made a difference to US exports to China.

Chinese authorities - bracing for economic fallout - have taken a range of measures in recent weeks to bolster the economy.

The White House issued a statement Friday, condemning the proposal.

Trump has at times said he likes this idea, and some White House officials had hoped that this might cool conservative angst in Congress.

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