Trump claims tariffs will help pay down the massive USA debt

China Plans Tariffs On $60 Billion Of US Goods In Latest Trade Salvo

China Plans Tariffs On $60 Billion Of US Goods In Latest Trade Salvo

Trump has imposed tariffs on certain goods imported from foreign countries, but the foreign countries do not pay those tariffs.

Pompeo added that he had discussed trade issues with Chinese State Councillor Wang Yi on Friday.

But finding common cause with Europe is one thing.

In the meantime, signs of the trade war are creeping into the economic data. Bona fide trade wars occur when tariff fights spill over to currency devaluations and generate currency wars. Previous rounds of tariffs cover a lengthy list of products, from steel and aluminum to washing machines.

Trump, who has accused China and others of exploiting the United States in global trade, has demanded that Beijing make a host of concessions to avoid the new duties on $200 billion of Chinese goods, which could be imposed in the weeks after a comment period closes on September 5.

Trump suggested that his use of tariffs has directly damaged the Chinese economy, something that he said would continue unless they agreed to his demands, which includes allowing more US exports and investments. The Commerce Ministry said the implementation and date of the tariffs depended on U.S. actions.

"Really what we're looking to see is whatever actions are taken do not have the staying, negative fallout as the tariffs did in 2002", Paglia said, referring to tariffs President George W. Bush placed on imported steel. USA steel-aluminium tariffs on imports from Mexico-Canada have elicited a token response of $15.8 billion in Mexican and Canadian tariffs on United States imports. Still, in response to Trump's tariffs, China retaliated with a 25 percent tariff on soybeans. From Apple to General Motors, a long list of large USA enterprises have transferred extensive operations to China and could be vulnerable to any response from Beijing.

Kudlow also told reporters on Friday that the administration held a call with China within the past few days involving high-level officials.

Samsung Elec Q2 profit up 5.7 pct on-year, buoyed by chips
Overall, the company reported $13.3 billion in profit, up 6 percent from the same time a year ago , on $52.1 billion in revenue. The unit saw operating profit fall by 29 percent due to underwhelming sales of its latest flagship smartphone, the Galaxy S9 .

Bona fide trade wars are never limited to tariffs.

However, there has also been a positive impact for China, as Anna-Marie Baisden, head of autos research at Fitch Solutions, points out. "It has seriously violated the principles of the World Trade Organisation", Hong Kong-based South China Morning Post quoted the statement as saying. Our market is stronger than ever, and will go up dramatically when these awful Trade Deals are successfully renegotiated.

And that devaluation will nearly certainly quickly go global - given the current significant decline in currency exchange rates already taking place throughout various throughout key emerging market economies (Argentina, Turkey, India, etc.). This year so far, China's CSI 300 index, representing major stocks listed on the country's two exchanges (Shanghai and Shenzhen), has fallen by more than 17 percent, while Tokyo's Topix index is down just four percent.

Trump apparently believes he can control the response of U.S. trading partners to his threats and intimidations, and that he can conclude token trade deals, if necessary, to avoid falling over the trade cliff of currency devaluations.

China accounted for about 16% of America's trade in goods past year.

"Tariffs are working far better than anyone ever anticipated", Trump wrote on Twitter, citing losses in China's stock market as he predicted the USA market could "go up dramatically" once trade deals were renegotiated.

China wants to find a negotiated solution to the two sides' trade policy differences, but also could not simply ignore Trump's threat earlier this week, Tu added.

The issue of who is to take charge of United States policy if negotiations do take place is bound up the question of what are the central objectives of the trade war.

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