Trump's trade tariffs impact stocks, steel and manufacturing

04 Décembre, 2019, 22:36 | Auteur: Auguste Feret
  • Trump Willing To Wait Until After 2020 Election To Resolve Trade Disputes With China

Gold futures are trading sharply higher on Tuesday in reaction to a plunge in demand for risky assets, and a drop in U.S. Treasury yields.

U.S. Commerce Secretary Wilbur Ross told CNBC on Tuesday that staff-level trade negotiations with China were continuing but no high-level trade talks had been scheduled.

Trump's comments come shortly after he slapped tariffs on US steel and aluminium imports from Brazil and Argentina.

Beijing has called on the U.S.to roll back all of the more than $350 billion of tariffs placed on its goods as part of a deal.

White House senior adviser Jared Kushner is interviewed by Reuters at the Eisenhower Executive Office Building in Washington, U.S., June 20, 2019.

But sources familiar with the talks say the two sides are still wrangling over the details including whether existing US tariffs on Chinese goods will be removed and how much in additional USA agricultural products China will buy. "We will make a lot of progress", he said.

"That's a trend that is going to continue, especially as long as there's the trade uncertainty", Ross said.

Auto experts have said the US administration may have to find other means if Trump wants to tax European or Japanese vehicle imports, a key part of Trump's pledge to make America's trade relationships more fair.

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"U.S. Markets are up as much as 21% since the announcement of Tariffs on 3/1/2018 - and the U.S.is taking in massive amounts of money (and giving some to our farmers, who have been targeted by China)!"

China's foreign ministry did not specify on Wednesday what retaliatory measures are being considered.

A Washington-based source briefed on the talks said that the USA side is willing to remove some tariffs, but wants additional concessions from Beijing to curb the forced transfer of U.S. technology to Chinese firms. Trump's comments Tuesday suggest a deal could be further off than he has recently claimed.

The Uighur bill, which was passed 407-1 in the Democratic-controlled House, requires the US president to condemn abuses against Muslims and call for the closure of mass detention camps in its western region of Xinjiang. A report from Chinese state media earlier had indicated the government would soon publish a list of "unreliable entities" if the Xinjiang bill passes that could lead to sanctions against USA companies.

Trump didn't initiate the bill involving Xinjiang and a law supporting protesters in Hong Kong, and they are separate issues to the trade talks, according to Lu Xiang, an expert in bilateral ties at the state-run Chinese Academy of Social Sciences in Beijing, which is affiliated with the State Council.

"If the US follows through with the threat of tariffs on December 15, that is definitely a re-escalation, and China will retaliate", Lu said.

On Monday, before travelling to London, Trump said U.S. legislation backing protesters in Hong Kong was not making trade negotiations with China easier, but he believed Beijing still wanted a deal with the US.

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