Trump ratchets up tariff talk as key week looms for trade

18 September, 2018, 10:44 | Author: Corey Lynch
  • The Donald Trump administration is for the first time publicly planning for a trade spat that drags into 2019 and possibly beyond

The Trump administration is imposing tariffs on $200 billion more of Chinese goods starting next week, escalating a trade war between the world's two biggest economies and raising prices on a range of consumer goods.

Collection of tariffs on the long-anticipated list will start 24 September but the rate will increase to 25% by the end of 2018, allowing United States companies some time to adjust their supply chains to alternate countries, a senior administration official said.

But Trump warned that "if China takes retaliatory action against our farmers or other industries, we will immediately pursue phase three, which is tariffs on approximately $267 billion of additional imports".

"We stand ready to negotiate with China any time if they are willing to move towards serious talks to remedy trade problems", White House National Economic Council Director Larry Kudlow said Monday in NY.

In a pair of tweets, Trump continued to make the case that tariffs largely harm the countries that are taxed, saying the impact on the USA economy has been "almost unnoticeable".

The trade war between America and China has escalated, fuelling fears that the global economy could be dragged down.

An official Chinese newspaper called for more aggressive measures to "make American pain worse" following tariff hikes by both sides on $50billion of each other's goods.

So far in an ongoing trade war, China has matched new U.S. tariffs on goods.

That would mean imposing new taxes on all of the goods the United States imports from China.

Boats, TV sets, and cooper are among the list of imports covered by $200 billion in new tariffs against China that the Trump administration announced Monday. "I think it's going to work out very well with China", he said.

China has promised to retaliate against the move by adding tariffs ranging from 5 to 25 per cent on US$60 billion of U.S. products.

However, this latest round is the biggest to date, and unlike the earlier rounds this latest list targets consumer goods, such as luggage and furniture. In July, 25 percent tariffs on bearings and some Global Positioning System units took effect, and in August, Chinese-made e-bikes and e-bike motors were hit with a 25 percent tariff.

"It appears that the administration responded to some industry concerns, but for many American businesses and consumers this still represents a rapid acceleration of costs and much higher uncertainty", said Rufus Yerxa, president of the National Foreign Trade Council.

Now the State Department has warned that European companies are "on the railroad tracks" if they defy USA sanctions and firms that deal with the "enemy" will be barred from access to the U.S. financial system.

- China threatens retaliation, to cancel talks, if $200 bn tariffs imposed.

This will cut demand for these products (hurting the Chinese economy), and also probably drive up prices in U.S. shops (hurting Americans).

The tough talk follows reports China is deliberately reducing exports to the U.S. by slowing down customs approvals and stepping up environmental and other inspections. "The unilateral and hegemonic moves by the United States will meet firm countermeasures from China.China will not just play defense", the Global Times says.

The benchmark USA 10-year note US10YT=RR last fell 1/32 in price to yield 2.9977 percent.

However, senior administration officials told reporters the initial list announced in July was reduced by 300 product lines after the administration received 6,000 written comments from consumers and businesses.

In theory, the tariffs will make US-made products cheaper than imported ones, and so encourage consumers to buy American. Japan has informed the WTO that it plans to impose retaliatory measures on United States goods to the tune of 50 billion yen (US$455 million).

The tariffs also highlighted the importance of regional trade agreements such as the CPTTP (trans-Pacific trade) agreement and New Zealand's arrangements with Europe "because they of course give New Zealand protection against this sort of thing happening to us", Parker said.

Such a move, the official said, is not an effort to constrain China.


  • Russians accused in spy poisoning say they are victims of coincidence

    Russians accused in spy poisoning say they are victims of coincidence

    Britain has said the attack received approval "at a senior level of the Russian state", an accusation Moscow has fiercely denied. They spoke to Russia Today in an interview slammed by the British government as "an insult to the public's intelligence ".
    Gunners make it three wins on the spin

    Gunners make it three wins on the spin

    It was Xhaka's first free-kick goal for the Gunners, from a distance where Ozil is normally the one in charge of set pieces. We are happy to win away and we need to continue that, because we need to improve and be more competitive.
    Samsung teases surprise event for October 11

    Samsung teases surprise event for October 11

    Samsung has announced a surprise event for October 11, where the company will announce a new device in its Galaxy range. By doing so, you will get early access to pre-orders and Samsung promises a guaranteed delivery the day it goes on sale.
  • Paul Manafort signals he intends to plead guilty before new trial

    Paul Manafort signals he intends to plead guilty before new trial

    During the convention, the party's platform on Ukraine was altered in a way that made it more in line with Russian interests. Manafort had proffered information to the government already, Weissmann said in a federal court in a Washington, DC.
    Djokovic crushes Del Potro in one-sided final

    Djokovic crushes Del Potro in one-sided final

    He said "Of course, it is a big challenge to take these kinds of tournaments to them. It will be in the heart for the rest of the life".
    Democrats fail in bid for U.S. Supreme Court nominee documents

    Democrats fail in bid for U.S. Supreme Court nominee documents

    The 28 new " committee confidential" documents are from Kavanaugh's time in the White House counsel's office during the George W. After a meeting with him in August that she described as "excellent, " she said that he told her he agreed that Roe v.
  • Emmys go to North Shore’s Rachel Brosnahan, Alex Borstein for ‘Mrs. Maisel’

    Bledel won the guest drama actress award in 2017, while Dowd won supporting then. So if you haven't already registered, do it on your cell phone right now.
    London's Arsenal to play with Azerbaijani

    London's Arsenal to play with Azerbaijani "Karabakh" in UEFA Champions League

    RB Leipzig's reward for Thursday's last-gasp victory over Zorya Luhansk is a Europa League group including sister club Salzburg. Going to Azerbaijan to play Qarabag on October 4 could be problematic for Arsenal forward Henrikh Mkhitaryan, who is Armenian.
    Meghan Markle freezing out friends she feels she can't 'trust'

    Meghan Markle freezing out friends she feels she can't 'trust'

    "He's a smart guy", Thomas Markle said on Good Morning in Britain in June about his son-in-law, calling Harry a "very nice man". However, like Markle with her messy buns and cross-body bags, the rule didn't stop Diana from loving non-neutral polishes.
  • Watch Hurricane Florence Make Landfall in This Incredible Space Station Video

    Watch Hurricane Florence Make Landfall in This Incredible Space Station Video

    Water kills more people in hurricanes than wind, and he said it will still be an extremely risky storm for rain and storm surge. Governor Cooper said there have been "several hundred" rescue operations and "there are still some people they need to get to".
    Idlib assault would lead to risks for Europe - Erdogan

    Idlib assault would lead to risks for Europe - Erdogan

    He said that the today's meeting of the guarantor nations' representatives also focused on the situation in the Idlib governorate. A second rebel commander said: "They are getting new shipments of munitions - they don't need more than munitions".
    SpaceX signs up mystery passenger for first trip around moon

    SpaceX signs up mystery passenger for first trip around moon

    Billionaire Elon Musk's SpaceX has signed the world's first private passenger to fly around the Moon aboard. Details on who is flying - and why - will be revealed during a live webcast on September 17 at 6:00 p.m.


Koreas open joint liaison office
The two will hold weekly meetings, the inter-Korean agreement said, with additional talks possible if needed. It did not specify which other parts of the event would be broadcast live.

Kenyan Eliud Kipchoge shatters marathon world record in Berlin
Kipchoge's nearest competitor, fellow Kenyan Amos Kipruto , finished almost five minutes behind him, with a time of 2:06.23. Berlin has been the stage for the past six men's world records over the distance.

Six berry brands linked to needle sabotage
The Queensland Strawberry Growers Association suspects a former staff member is behind the contamination. She said the punnets were both Delightful Strawberries branded products.

Ex-Chelsea defender John Terry confirms long-term ambition to become a manager
"Here he is a point of reference, here it is John Terry's home so he will be very important for everybody, only the presence". Emerson Palmieri, Davide Zappacosta (both illness) and Ruben Loftus-Cheek (shin) are doubts and could miss out.

Arsenal Boss Opens Up About Relationship With Ozil
Chief executive Ivan Gazidis' future looks less certain, though, with AC Milan having re-opened negotiations with him . Ozil's retirement from global football came after he made claims of racism from the German football association.

Jurgen Klopp blasts Man Utd boss Jose Mourinho for Dominic Solanke claim
We lost [Philippe] Coutinho [to Barcelona], but signed three or four top players. "We have seen that we can do it", Klopp said. The Reds have picked an impressive 43 points from 28 games against Spurs , Manchester United , Man City, Chelsea and Arsenal.

Trump, Trudeau upbeat over new NAFTA deal
And he has framed NAFTA as a disaster and an agreement that has brought "the USA ... decades of abuse" at the hands of Canada. Prime Minister Justin Trudeau has said the mechanism is crucial to a new NAFTA, but Mexico already has agreed to drop it.

Manafort Expected to Plead Guilty Before New Trial
On Twitter on August 22, Trump wrote: "Unlike Michael Cohen, he refused to "break" - make up stories in order to get a 'deal". Earlier Friday, special counsel Robert Mueller filed a superseding criminal information document, which presages a plea deal.

Trump stance on Puerto Rico death toll draws criticism on Capitol Hill
Sober as the New York Times is in reporting Trump's latest big lie, it still represents in characterizing him how low we've sunk. I love Puerto Rico! ", he added. "Mr Trump you can try and bully us with your tweets BUT WE KNOW OUR LIVES MATTER", she tweeted.

Nintendo Direct Rescheduled for Tomorrow, Details Revealed
The premium service was originally slated to arrive in late 2017, but was eventually pushed back by nearly a year. Nintendo Switch Online will also give subscribers the ability to back up their save data in the cloud .