Tuesday, 20 November, 2018

Donald Trump readies $200 billion in China tariffs, citing 'unacceptable' policies

U.S. President Donald Trump is threatening to slap more tariffs on China U.S. President Donald Trump is threatening to slap more tariffs on China
Steven Clarke | 19 June, 2018, 05:31

US President Donald Trump has threatened to escalate the trade fight with China into an all-out trade war, promising to impose massive tariffs on Chinese goods unless Beijing reverses course on its own trade actions.

China is the main perpetrator. Trump said the new tariffs will go into effect "if China refuses to change its practices, and also if it insists on going forward with the new tariffs that it has recently announced".

China has hiked its list of US goods on which it said it would slap tariffs six-fold from a version released in April, but the value was kept at $50 billion, as some high-value items such as commercial aircraft were deleted.

"Rather than altering those practices, it is now threatening United States companies, workers, and farmers who have done nothing wrong".

"China apparently has no intention of changing its unfair practices related to the acquisition of American intellectual property and technology", Mr. Trump said. Some of those tariffs-which would add 25% to the price of the goods affected at the border- are set to be implemented on July 6. "China trade remains a lingering theme, at least until the US tariffs take effect early in July", said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui Asset Management in Tokyo.

"It's not hard to imagine a scenario in which China encourages Saudi Arabia and Russian Federation, the world's top oil exporters and partners in the agreement to restrict output, to pump more crude", said Russell yesterday. "It's an unprecedented level of larceny".

He said China's recent claims of "openness and globalisation" are "a joke".

"The Chinese may just replace some of the American oil with Iranian crude", said John Driscoll, director of consultancy JTD Energy Services. "Let's be clear: It's the most predatory economic government that operates against the rest of the world today".

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A cut in Chinese purchases of United States oil may also benefit Iran's sales, which Washington is trying to curb with new sanctions it announced in May.

"I have an excellent relationship with President Xi (Jinping), and we will continue working together on many issues. But it's a joke", Pompeo said.

"If China increases its tariffs yet again, we will meet that action by pursuing additional tariffs on another $200 billion of goods".

"The US could could have been an alternative supplier but of course that won't be the case if a 25 percent import tariff comes into effect", Fritsch told Arab News.

Trump had already warned last week of "additional tariffs" should Beijing hit back with tit-for-tat duties on American goods.

Pompeo on Monday described U.S. actions as "economic diplomacy", which, when done right, strengthens national security and worldwide alliances, he added.

And the China trade offensive is only one side of Trump's multi-front battle with all major USA economic partners.

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