Trump Flip-Flops on Tax Cuts, Says U.S. Already Has ‘Strong Economy’

23 Août, 2019, 03:29 | Auteur: Auguste Feret
  • Trump Flip-Flops on Tax Cuts, Says U.S. Already Has ‘Strong Economy’

China's Ministry of Commerce Thursday urged the United States to correct its faulty practices in anti-subsidy probes against Chinese products after the World Trade Organization (WTO) recently again ruled that US countervailing measures were inconsistent with WTO rules.

However, Trump's constant threat of imposing retaliatory tariffs on European cars and other products for not providing reciprocal market access to American farm products has stymied the progress in the trilateral initiatives, said a Geneva-based trade diplomat, who asked not to be identified. Top negotiators from the two countries talked over phone last week, and the US delayed some tariffs by splitting the $300 billion list of Chinese products into two separate ones.

China's position is consistent and clear.

Trump's latest view on Tuesday that a short-term recession is bearable as a small price for winning the much-needed trade war with China contradicts what Trump and his aides had been saying so far.

The president continued to defend his struggle with China, telling reporters outside the White House it was up to him to do what past presidents should have done sooner.

"It's about time, whether it's good for this country or bad for this country short term", he said.

"Somebody had to take on what China was doing to the United States economically".

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In unusually blunt language, the blog post seemed targeted straight at President Trump, who has persistently demanded that the Federal Reserve cut interest rates to weaken the United States dollar and juice the economy, while imposing round after round of tariffs on China to reduce the deficit he describes as theft. Beijing retaliated with its own penalties on US$110 billion of goods from the United States. "Some U.S. financial institutions have predicted that the tariffs would cost an ordinary U.S. family 1,000 U.S. dollars a year on average".

New US tariffs will "lead to an escalation of economic and trade friction, " a Ministry of Commerce spokesman, Gao Feng, said at a news briefing. "If the trade frictions escalate, US consumers and businesses will suffer heavy losses".

China appealed to Washington on Thursday to "meet each other halfway" and settle a trade war instead of going ahead with planned tariff hikes Beijing warned will trigger retaliation.

Despite launching a section 301 investigation of France's digital services tax on 19 August, the USA wants to rebuild its traditional alliance with the members of the European Union (EU) and Japan for waging a common fight against China's unfair practices, such as alleged theft of intellectual property, forced transfer of technologies, and subsidies provided to state-owned enterprises.

"The Chinese side is confident, determined and capable of meeting various challenges and maintaining the sound and stable development of its economy and foreign trade", he added.

U.S. and Chinese negotiators are due to meet in September in Washington.

Negotiators talked by phone August 13 and agreed to talk again within two weeks, Gao said.

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