Trump says he'll raise tariffs on $200bn of Chinese goods

06 Mai, 2019, 19:00 | Auteur: Anatole Charbonneau
  • Trump says he'll raise tariffs on $200bn of Chinese goods

A spokesman for the Chinese government said its envoys continue to prepare for a trip to the United States for trade talks, although there were concerns in the aftermath of Trump's tweet that Beijing might back out to avoid looking weak in the face of American pressure.

Financial markets have not taken the unexpected escalation in trade tensions well.

Trump complained on Sunday.

In a note to clients, an analyst for Raymond James said that although Trump has in the past used the threat of more tariffs as negotiating leverage, that doesn't appear to be the case this time. The U.S. had been targeting May 10 to announce a deal, that would be finalized and signed by Trump and Chinese President Xi Jinping later at an official summit, people familiar with the negotiations said last week.

Trump made the threat in two tweets, in which he claimed the 25% tariffs on more than $50 billion of technology exports and 10% on over $200bn of goods have been born by China and are "partially responsible for our great economic results". The U.S. releases the April CPI report Friday.South Korea's markets are closed Monday for a holiday.

"The probability of a no-deal scenario is now elevated and markets will have to price that accordingly", said Mona Mahajan, U.S. investment strategist at Allianz Global Investors, New York.

Mr Trump on Sunday warned he would lift tariffs on $US200 billion ($287 billion) worth of Chinese goods from 10 per cent to 25 per cent by Friday, reactivating a threat he delayed indefinitely months ago.

Trade-war proxy stocks tumbled Monday, with ZTE down as much as 13 percent in Hong Kong and pork producer WH Group falling 12 percent.

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The Dow dropped 450 points at opening bell on Monday morning as President Trump threatened new tariffs against China amid stalled trade talks.

United States stock futures pointed to a lower open on Wall Street.

What Our Economists Say: "Without more information, it's hard to know how to interpret Trump's tweets". But all bets could be off if the trade deal investors had anticipated as soon as this week proves beyond reach.

Mindful of his 2020 re-election bid, Trump suggested the measures were not leading to price increases for U.S. consumers.

One source told CNBC the threat to lift tariff rates is a message to Chinese Vice Premier Liu He to not come to the U.S. with more "empty offers". He also warned he would tax almost all of China's exports to the United States.

Nevertheless, the president's aggressive strategy drew rare bipartisan support from U.S. Senate Democratic leader Chuck Schumer, who urged Trump to "hang tough" in a tweet: "Don't back down. So, it's likely to see a longer trade war", the expert said, speaking on condition of anonymity due to the sensitivity of the topic.

"We see the weekend's developments as a negative catalyst for the market, not only because of where investor expectations have been regarding the deal, but because of the downward earnings revisions that are likely to occur if the tariffs are expanded, " said Lori Calvasina, head of USA equity strategy at RBC Capital, in a note to clients.

"The president is, I think, issuing a warning here, that, you know, we bent over backwards earlier, we suspended the 25% tariff to 10 and then we've left it there. It's looking very good", Trump had said.

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