Trump threatens China with more than $500bn in United States trade tariffs

Howard TerryJul 07, 2018

Purdue appealed to farmers to support Trump's trade policy in an editorial last month.

China's commerce ministry said it had lodged a new complaint with the World Trade Organization (WTO). "Tariffs that beget tariffs that beget more tariffs only lead to a trade war that will cost American jobs and economic growth".

China's commerce ministry called the US actions "a violation of world trade rules" and said that it had "initiated the largest-scale trade war in economic history".

According to the group, if the USA government fully implements its threatened tariffs, US gross domestic product (GDP) may decline by almost 3 billion dollars and lead to the loss of 134,000 American jobs.

"There are no winners in a trade war", said William Zarit, chairman of the American Chamber of Commerce in China.

Companies in industries that use metal, electrical components and construction products will have to pay more for raw materials, and possibly charge more for their work, or cut or move jobs.

Substantial they may be, but the average US consumer will likely not see these impacts directly for a little while.

"China is a big market for us". $34 billion dollars worth of trade to be exact.

Friday's tariff hikes are the first stage in threatened USA increases on up to $450 billion of imports from China over complaints Beijing steals or pressures foreign companies to hand over technology. All but Japan have imposed retaliatory tariffs.

Gerard Bottino/CrowdSpark/NewscomBegun, the trade war has.

Dying U.S. Senator John McCain, a longtime Trump detractor and globalist, is among those who are actively rooting against the U.S. administration and consoling foreign countries. Meanwhile, Washington is attempting to renegotiate the 24-year-old North American Free Trade Agreement with Canada and Mexico. Trump questions whether these entangling alliances actually benefit America. "If we can seize our own market, we will be less affected by the trade war", said a spokesperson for Topsun, a furniture manufacturer in Zhejiang province. One estimate suggests that imports of the iPhone 7 and 7 Plus contributed $15.7 billion to last year's trade deficit with China. They will not reduce the projected trillion-dollar budget deficits the US will be running when Trump is up for re-election.

However, he added: "China may feel that U.S. universities have limited leverage over the Trump administration and limiting student numbers could undermine efforts to upgrade China's technical and scientific capabilities".

Still, Heitkamp said "no one should be surprised by this" because "this is what (President Donald Trump) said he was going to do". In 1971, Nixon ended the Bretton Woods system, which had allowed foreign governments to convert their accumulated dollars into gold.

China will also start collecting a 25 percent levy on $US34b of USA goods such as agricultural products and cars. In the years since, it has turned sharply negative.

Washington slapped the first round of the new tariffs on bilateral imports worth $50 billion for alleged intellectual property and technology theft, while Beijing quickly struck back on an equal amount of American products.

The Bretton Woods worldwide arrangement no longer reflects the “shared values” of todays globalists – who favor unlimited debt and untethered currency.

The Federal Reserve is picking up signs that the trade war is causing businesses to rethink investment plans. Domestic consumption now accounts for more than half of the country's GDP. Trade skirmishes might still break out from time to time, but gold would act as a check on their escalation. The yuan, which has weakened sharply against a broadly strong US dollar in recent weeks, was trading at 6.6480 per dollar as of 4:30 p.m.

American Soybean Association President John Heisdorffer, a soybean producer from Keota, Iowa, emphasized the importance of the Chinese market and the investment US farmers have devoted to cultivate the Chinese market. Exports to the USA account for only 19% of all of China's exports.

A better way of thinking about the U.S. No other single national currency seems capable of replacing it at this time. The pact eliminated most trade barriers among the three countries. A graduate of the University of Florida, Gleason is a seasoned business leader, investor, political strategist, and grassroots activist.

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