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Donald Trump says tariffs 'working big time'

08 August, 2018, 21:00 | Author: Shawna Walton
  • China threatens tariffs on $60 billion in US goods

"We are coming together with the European Union to make a deal with them so we will have a united front against China", National Economic Council Director Larry Kudlow told Fox Business News.

The US trade deficit rose 7.3 percent or $3.2 billion in June to $46.3 billion, overshooting analyst expectations. "China is not delivering, OK?"

Speaking on the sidelines of a security forum in Singapore, he hit back at Mr Kudlow's remarks: "As to whether China's economy is doing well or not, I think it is all too clear to the whole worldwide community", Mr Wang said, adding that China contributed a huge amount to global economic growth. "Don't underestimate President Trump's determination to follow through".

Most major U.S. crops were already hit by previously announced Chinese duties, so the fresh duties announced Friday on about $60 billion worth of American goods is leaving the farm largely unscathed. The Trump administration is weighing an additional round of tariffs on $200 billion of Chinese goods.

The retaliation stands to further inflame tensions between the world's two biggest economies.

Beijing and Washington have been involved in tit-for-tat measures on trade since March when the United States levied tariffs on steel and aluminium imports from China.

A spokesperson from the Ministry of Commerce said the date of implementation of the tariff measures will depend on the actions of the USA, and China reserves the right to introduce other countermeasures.

In response, the Chinese government has released more liquidity into the banking system, encouraging lending and promising more "active" fiscal policy. Last year, China imported some £100bn ($130bn) in goods from the United States. U.S. business and farm groups, which do extensive business with China, have complained for months about Mr Trump's strategy, but there are no signs that the Chinese government is paying for a campaign in the US.

Representatives for the White House and the US Commerce Department did not immediately reply to requests for comment on China's retaliatory move.

The new tariffs would hit items from China like handbags and petroleum.

Some of the fresh Chinese imports will include onions, apples, cauliflower, and broccoli.

"Market participants foresee a relatively stable Chinese currency in the near term, without fear of impacts from the U.S". In fact, some argue that a larger trade deficit actually displays signs of a stronger U.S. economy.

Beijing recently slapped additional duties ranging from five to 25 percent on $60 billion worth of American goods.

An editorial in the Communist Party's People's Daily said that by raising tariffs and then offering negotiations, the Trump administration is trying to use "carrot-and-stick diplomacy to bully China into unilateral trade concessions".

Chinese authorities - bracing for economic fallout - have taken a range of measures in recent weeks to bolster the economy.

He also identified agriculture as another Valley industry that will be among those most significantly impacted.

Still, despite the data, Trump reiterated in a tweet Sunday that his tariffs are working "big time". From Apple to General Motors, a long list of large US enterprises have transferred extensive operations to China and could be vulnerable to any response from Beijing.

Trump has said trade wars are "easy to win" and made the soaring US-China goods deficit a principal issue in his nationalist economic agenda. The timing of Friday's announcement hinted at that conflict.

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