Trump ups ante on China, threatens duties on nearly all its imports

by Abel Hampton September 9, 2018, 1:06
Trump ups ante on China, threatens duties on nearly all its imports

Trump's now threatened tariffs on a total of 517 billion dollars in Chinese imports - a figure that eclipses the total amount of goods imported from China to the USA previous year. On Friday President Trump said he was prepared to punish China with additional duties, this time on $267 billion in Chinese goods.

"There is still an impact from front-loading of exports, but the main reason (for still-solid export growth) is strong growth in the US economy", said Zhang Yi, an economist at Zhonghai Shengrong Capital Management.

The tariffs are now in a period of public comment. China has said it's ready to impose retaliatory tariffs on $60 billion of USA goods.

The US has already imposed tariffs on $50bn in Chinese products, and Beijing has punched back with tariffs on $50bn in American goods.

The Nasdaq 100 Index capped its worst week since March as Apple slumped on its warning that the Trump administration's musing over levying virtually everything imported from China would hit a broad range of its products.

The President told reporters aboard Air Force One on Friday that he may expand his proposed tariffs as part of his ongoing trade war with China in which the two nations ramp up costs on each other's exports.

Kudlow, who heads the National Economic Council, told CNBC the administration was still talking with China about trade issues but so far China had not met United States requests.

Companies such as Cisco and Hewlett-Packard say tariffs on Chinese networking equipment will ultimately make it more expensive for American consumers to access the Internet. "Trump's remarks confirm his intention to continue escalating trade sanctions until China capitulates, and China has equally clearly signaled it has no intention of doing so".

Following meetings with the Trump administration earlier this year, Apple CEO Tim Cook stated that he was confident tariffs would not affect the device.

President Trump called on Apple shift production to the US and out of China, reviving a longstanding criticism and pressuring the iPhone maker to help fulfill the administration's economic goal of restoring American manufacturing.

"If the USA dogmatically implements any new tariff measures against China, China will have to take the necessary countermeasures", commerce spokesman Gao Feng told reporters. The company has not announced plans to move manufacturing from China to the U.S.

"We are still talking with China on a number of issues".

"Free trade will suffer a great setback, but it may be temporary", Yu Yongding, a commissioner and senior researcher at CASS, said.

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