Trump’s $50 billion China threat only signals worse to come

Nest Egg       China has a persistently higher savings rate than any other major economy              Source World Bank

Wang said that for trade, there were two choices.

On March 1, the Trump administration announced a global 25 percent tariff on all steel imports and a 10 percent global tariff on all aluminum imports. The spokesman added that this "undermines the world trade order".

In a Friday morning interview with Fox & Friends, Trump brushed off China's comments on a potential trade war.

Renegotiating America's trade deals to reduce deficits was a major promise of Trump's presidential campaign.

Trump has already slapped tariffs on steel and aluminum imports from Canada, Mexico, Europe and Japan, drawing a rebuke from US allies.

The tariffs, which Trump set in motion in March, are a response to China's practice of compulsory technology licensing for foreign companies and its efforts to steal USA trade secrets via cybertheft, administration officials have said.

Yesterday, China said it would not honor its pledge to increase purchases of United States goods if tariffs were imposed. "We will immediately introduce tax measures of equal scale and equal strength, and all economic and trade achievements reached by the two sides will be invalidated".

"I stressed how important it is for President Trump to rectify that situation so that trade becomes more balanced, more reciprocal and more fair, with the opportunity to have American workers be treated fairly", Pompeo said.

"In this day and age, launching a trade war is not in the interest of the world", China's Commerce Ministry said in a statement.

"We urge President Trump to reassess the approach, engage in real negotiations with China, and work with allies to change Chinese policies".




Trump warned China of more tariffs if Beijing retaliated on today's announcement.

The tariffs target mainly Chinese industrial machinery, aerospace parts and communications technology, while sparing such consumer goods as smartphones, TVs, toys and clothes that Americans purchase by the truckload from China.

In a statement Friday, Trump pledged additional tariffs if China follows through on the threat to fight back.

"China is our real trade enemy, and their theft of intellectual property and their refusal to let our companies compete fairly threatens millions of future American jobs", Schumer said.

China has also compiled a list of $50 billion in USA products that would face retaliatory tariffs, including agricultural products that could potentially harm Trump's large voter base in rural areas.

The ministry announced Friday that it will immediately add tariffs of "equal scale and equal strength" on US products.

Beijing has threatened to impose tit-for-tat charges on USA goods if Trump goes ahead, with cars, planes and soybeans believed to be on its list. "We call on all countries to act together to firmly stop such an outdated and backward move, and to firmly safeguard the common interest of all mankind". Economists expect the direct impact on the US economy to be modest.

Trump frequently cites the imbalance as the justification for a punitive trade policy toward China, Canada, Mexico, the European Union and other trading partners.

After news of the American tariffs broke on Friday, National Association of Manufacturers President and CEO Jay Timmons released a statement calling for a bilateral trade agreement. Beijing, meanwhile, has issued its own list of possible tariffs on $50 billion in American goods, including aircraft, soybeans and automobiles.

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