Friday, 17 August, 2018

Trump says tariffs 'working far better' than anticipated

China is threatening to impose tariffs on U.S. coffee and honey China threatens tariffs on $60 billion in US goods
Jodi Jackson | 08 August, 2018, 20:58

That's in stark contrast to the US' one-size-fits-all tariff approach, which was ill-considered, they said.

The latest criticism from the overseas edition of the ruling Communist Party's People's Daily newspaper singled out Trump, saying he was starring in his own "street fighter-style deceitful drama of extortion and intimidation".

China's surplus with the US swelled to a record in June as exports continued to rise, though signs of front-loading orders suggest the spike may have been a one-off.

Trump has threatened tariffs on over $500 billion in Chinese goods, covering virtually all USA imports from China.

The US widened the tax net to cover Mexico, Canada, the European Union and India.

A few minutes later, he tweeted again, writing, " Tariffs will make our country much richer than it is today.

"As the 'tit-for-tat" trade war continues, global markets appear to show resilience against any major moves by either the USA or China and the tariffs they are placing. "China is increasingly isolated with a weak economy", he said.

A Chinese Foreign Ministry spokesman had earlier called on Washington to "come to its senses" and settle the dispute.

Three rounds of trade negotiations between senior US and Chinese officials earlier this year centered on USA demands for China to make structural changes to its economy and to reduce its trade surplus with America.

While Trump has taken credit for new steel jobs created with the help of tariffs, retaliatory measures by Beijing and others have rattled USA soybean farmers and the many companies reliant on increasingly expensive steel as a raw material.

The polar fortunes of the USA agricultural industry cut off from Chinese markets and Chinese electronics firms cut off from the U.S. market makes it clear that in an ever more inter-connected world, while a trade war is mutually detrimental to all "combatants", in the specific case of China and the United States it is American producers that are clearly worse off than their Chinese counterparts in other industries. Americans have consumed more than they produce compared to many other nations for decades, they say.

US and Chinese officials have held "hardly any conversations" in the past month, but there's "some hint" the Chinese may be warming to the idea of negotiations, Kudlow said.

The Chinese government on Friday revealed plans to levy duties of 25, 20, 10 and five per cent on American products worth up to 60 billion dollars, unless Washington withholds its sanctions on up to 200 billion dollars worth of Chinese goods.

But China is somewhat limited with the extent of what tit-for-tat trade measures are at its disposal, as it exports far more goods to the USA than it imports. China market has dropped 27% in the last 4 months, and they are talking to us.

United States threats have escalated since, with the president saying he is ready to impose tariffs on all $500bn of Chinese imports.

The yuan extended gains following a rally triggered by a surprise China central bank move to make it more expensive to bet against the currency.

"He (Pompeo) was accommodating on this as a direction, and said that he does not want current frictions to continue", said State Councillor Wang Yi, who is also China's foreign minister. "China has time to fight to the end. Time will prove that the US eventually makes a fool of itself", the Global Times said.

"As the total value of goods under tariffs shoots up, China has little choice but to use LNG and others to top up the value", said Lin Boqiang, professor on energy studies at China's Xiamen University.

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