From phone makers to farmers, the toll of Trump's trade wars

24 Août, 2019, 18:43 | Auteur: Auguste Feret
  • Jessica SmithReporter,Yahoo Finance

Though expected, the president appeared caught off-guard by China's Friday action, and was angry when he gathered with his trade team in the Oval Office before departing for France, according to two people familiar with the meeting who spoke to AP on condition of anonymity because they were not authorized to disclose closed-door conversations.

Even before he announced an increase Friday, J.P. Morgan had estimated that Trump's tariffs would cost the average household roughly $1,000 a year if he proceeded with his threats.

The comments made by China's Ministry of Commerce came after the U.S. President Donald Trump announced on Friday that Washington will impose an additional 5% duty the Chinese goods, hours after Beijing announced its latest retaliatory tariffs on about $75 billion worth of U.S. goods, in the latest tit-for-tat moves in their bilateral trade dispute.

Trump also said on Twitter on Friday that the economy was "strong and good", while "the rest of the world is not doing so well".

Mr Trump unveiled a 10 percent tariff on $300bn of Chinese goods on 1 August, blaming China for not following through on promises to buy more American agricultural products.

Trump announced a 5 per cent increase in tariffs on Chinese imports after China unveiled plans for duties of 10 per cent on $75 billion of USA goods.

"China should not have put new Tariffs on 75 BILLION DOLLARS of United States product (politically motivated!)".

"It's impossible for businesses to plan for the future in this type of environment", said David French of the National Retail Federation.

The Dow lost more than 600 points to close with a loss of 2.4%. The German DAX lost more 1% but London's FTSE gained ground.

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On Friday, Trump tweeted, "Our great American companies are hereby ordered to immediately start looking for an alternative to China, including bringing. your companies HOME and making your products in the United States of America".

"We don't need China and, frankly, would be far. better off without them", Trump said.

It was unclear under what authority Trump could demand that private companies alter their production.

Beijing also announced it would reimpose a 25% tariff on United States autos and a 5% tariff on auto parts, also starting Dec 15. China had lifted those tariffs earlier this year as a goodwill measure while trade talks were underway. Beijing had planned those tariff hikes past year but temporarily dropped them to keep the talks going.

President Donald Trump said he'll announce his response to the latest round of Chinese tariffs Friday afternoon, firing off a series of tweets that blasted the country and signalled mounting frustration with the direction of trade negotiations.

Soybeans, crude oil and other energy goods face 5% tariffs.

The International Monetary Fund said last month that global trade in the first quarter of 2019 was the slowest since 2012, noting big downside risks for world growth if more tariffs are imposed. "We can't let that happen to American workers again".

The Trump administration formally labeled China as a currency manipulator this month, after the Chinese currency plummeted to a decade low.

The Chinese ministry said the US had continuously escalated Sino-US economic and trade frictions, harming the interests of both countries as well as other global market, and threatening multilateral trading systems and free trade.

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