Trump wants US$200B in China tariffs despite talks, sources say

Howard TerrySep 15, 2018

The green light for the tariffs, first reported by Bloomberg, had an immediate effect on financial markets.

"The president has had a couple of tweets suggesting he's in no hurry to craft an agreement, but despite this, talks are apparently going to resume". The latest data from polling aggregator RealClearPolitics puts Democrats at a more than 8-point lead in a generic congressional vote for the House.

A Treasury spokesman did not immediately respond to a query on the status of the China talks invitation.

Against this concern, CNBC's Jim Cramer noted that stocks with heavy exposure to China have been on a recent rise, which he thinks suggests a real trade war might become a lower risk.

President Trump ordered his staff to start preparing the tariffs this summer, escalating a dispute over what the USA says are China's unfair trade practices, such as state subsidies. Oil was poised for a weekly gain as traders keep watch on Hurricane Florence.

U.S. President Donald Trump said last week that in addition to preparing tariffs on the further $200 billion worth of goods, he had tariffs on an additional $267 billion worth of goods ready "on short notice if I want".

In the case of the Trump administration's trade tensions with China, the US clearly has an edge when it comes to imposing tariffs.

As of June 30, almost 450 entities employed lobbyists on trade issues - up from about 160 at the start of the year and about 100 when Trump took office, according to lobbying-disclosure reports compiled by the nonprofit Center for Responsive Politics.

His first round of tariffs this summer hit $50 billion in Chinese products like high-end technology parts and manufactured goods, while Beijing fired back dollar-for-dollar at USA soybeans, autos and other farm goods.

Also Thursday, the European Union Chamber of Commerce in China said one in six of its members that responded to a survey are delaying investment or expansion.

The US President Donald Trump said Washington is under "no pressure" to achieve a trade deal with China as the prospect of new tariffs loom.

On Thursday, Trump reportedly met with trade advisors, including Treasury Secretary Steven Mnuchin who is spearheading the effort to jumpstart talks with Beijing, where he indicated that he was not anxious about the impact of tariffs. "If nearly a half of American companies anticipate a strong negative impact from the next round of USA tariffs, then the US administration will be hurting the companies it should be helping".

USA stocks sank on the news.

Trump threatened a third tranche of tariffs on another $267 billion of Chinese imports last week, which would mean levying duties on almost everything China exports to the U.S. Trump said at the time those tariffs were "ready to go on short notice", but the administration hasn't yet published a list for public comment.

Related Articles:



« Previous article


Popular Pages

Hurricane Florence still poses grave threat despite weaker winds
Dead hogs and chickens were pictured floating in the floodwaters, which had been polluted with agricultural waste and petrol. Energy companies have also warned that the storm could knock out power for the foreseeable future in some areas.

‘It looked like Armageddon:’ Deadly gas blasts destroy homes
Fitzgerald Billet walked a mile from a police blockade on the Andover-Lawrence line to reach his home on Crosby Street. Seth Moulton immediately demanded answers from Columbia Gas, the utility company responsible for the lines involved.

Russia All Set to Launch Biggest Military Drills in Its History
He said Moscow is interested in seeing how Beijing military has evolved through modern times given that the country has not fought since 1979.

Apple Watch announcements proved more exciting than new iPhones, again
Apple calls it the Liquid Retina display that measures 6.1-inches and renders at 1792 x 828-pixel resolution with 326ppi. A breakthrough 12MP camera system with Portrait mode, Portrait Lighting, enhanced bokeh, and all-new Depth Control.

Paul Pogba: Manchester United exit reports 'will always be just rumours'
Manchester United midfielder Paul Pogba has spoken about his relationship with Jose Mourinho . "I'm under contract in Manchester. Manchester United midfielder, Paul Pogba had a fantastic worldwide break, displaying his skills in the UEFA Nations League.

New iPhones and More: Here's Everything Apple Just Announced
The XS has the smallest physical footprint of the three, while the XS Max comes with an enormous screen of 6.5-inches. The 256GB version will be priced at Rs 1,24,900, while the 512GB version is priced at a staggering Rs 1,44,900.

UNC, NC State cancel football games due to Hurricane Florence
North and SC residents all along the eastern Atlantic coast are evacuating ahead of an intensifying Hurricane Florence . Tanner said the school district must first evaluate how many teachers and staff evacuated ahead of the order.

Bieber, Baldwin spark rumour they're married after visiting courthouse
Justin Bieber and Hailey Baldwin are getting married as early as next week - most likely out of the country - in a super small ceremony.

Turkey: International community must act to prevent Idlib crisis
USA officials have in recent days said additional action would follow if Assad were to use the banned weapons in rebel-held Idlib. But half the people here have already fled from other parts of Syria and they have nowhere left to go.

Chelsea vs Cardiff City
Neil Warnock's men have picked up two draws and two defeats from their opening four games, scoring just twice. The game kicks off at 3pm BST (10am ET) on Saturday and it will not be shown on TV in the United Kingdom.