Trump touts effectiveness of tariffs in string of tweets

Trump touts effectiveness of tariffs in string of tweets

Trump touts effectiveness of tariffs in string of tweets

Beijing has announced plans to slap import taxes targeting 5,207 American products worth $60 billion in retaliation to trade tariffs on Chinese goods imposed by the US.

The announcement comes after US President Donald Trump threatened to raise the proposed tariffs on $200 billion of Chinese exports from 10 percent to 25 percent.

"The US side has repeatedly escalated the situation against the interests of both enterprises and consumers", the Chinese Commerce Ministry said in its statement.

A dip in auto exports and rising oil prices in June drove the biggest increase in the USA trade deficit in 19 months, reversing much of May's export bonanza, the government reported Friday. That covers more than two-thirds of the value of China's imports from the US, but it excludes products such as big aeroplanes and some computer chips, which China struggles to produce domestically.

Based on rational and thorough research and consultation, China's latest move takes into full consideration the interests of Chinese people and companies, and is expected to defend the multilateral trading system and global industrial chain, according to Chinese authorities and analysts.

'.Because of Tariffs we will be able to start paying down large amounts of the $21 Trillion in debt that has been accumulated, much by the Obama Administration, while at the same time reducing taxes for our people.

Trump has threatened tariffs on over $500 billion in Chinese goods, covering virtually all US imports from China.

China then retaliated with a threat on Friday to hit $60 billion worth of U.S. exports to China, with tariffs ranging from 5% to 25%.

Days later, Washington unveiled a list of another $200 billion in Chinese goods, from areas as varied as electrical machinery, leather goods and seafood, that would be hit with 10 percent import duties.

His comments came a day after Beijing threatened retaliatory tariffs on more imports from the USA, in response to news at the end of last week that Trump is considering more than doubling the proposed new tariffs on $200bn of goods imported from China.

Up to 20 feared dead in Swiss Alps plane crash
The plane, which was built in Germany in 1939, crashed into the Piz Segnas mountain around 2,450 metres (8,000ft) above sea level. There are now no details on casualties but the Ju-52 can carry up to 17 passengers, two passengers and a flght attendant.

One of the biggest targets of the China tariffs has been farmers; Beijing is the biggest buyer of USA soybeans, importing more than $12.4 billion worth of the oil seed in 2017, according to the Peterson Institute for International Economics.

His tweet Sunday comes after recent reports that China will impose tariffs on $60 billion of USA products, escalating a potential trade war.

President Trump vowed Saturday to continue imposing tariffs as a central part of his economic agenda and called his critics "fools", pivoting sharply away from the free-trade message that senior advisers had tried to erect in recent weeks. The move was meant to bring China back to the negotiating table for talks over USA demands for structural changes to the Chinese economy and a cut in the bilateral trade deficit, but China's response suggests the move had failed. In thinking that China will be "broken" by United States tariffs, Donald Trump's nation is rapidly learning that a mutually disadvantageous trade war is far more disadvantageous to USA businesses than to Chinese industries. China's market declines weaken that nation's bargaining power in the escalating trade war, he added.

The president repeatedly mentions the U.S. trade deficit when talking about trade fights with China, the European Union, and Canada.

Beijing says the United States is deliberately creating the trade conflict, using bullying tactics, and ignoring worldwide negotiating norms so that it can stop the rise of China as a competitor on the world stage.

Noticeably absent from the latest list is polysilicon, the main ingredient in solar cells, which the USA does export to China.

Trump's measure of success at his OH speech appeared to be how much tariffs are hurting China.

Its response is to threaten retaliatory duties on 5,207 items originating in the United States, with tariffs ranging from 5% to 25%.

Trump has said he is determined to reduce the large United States trade deficit with China.

Related news