Economy

Trump touts effectiveness of tariffs in string of tweets

Trump touts effectiveness of tariffs in string of tweets”

"But one thing is sure: if the USA imposes tariffs on Chinese imports following an order of $60 billion, $200 billion, or even $500 billion, many Chinese companies will go bankrupt", he said.

Last Friday, China's Finance Ministry introduced new sets of additional tariffs on 5,207 goods imported from the United States worth $60 billion.

After months of economic tensions, United States President Donald Trump on Saturday said the trade tariff imposed on China is working 'far better than ever anticipated'. Data for May was revised slightly to show the trade deficit falling to $43.2 billion, instead of the previously reported $43.1 billion.

In early July, the United States imposed 25 percent tariffs on US$34 billion of Chinese goods, with another $16 billion to be targeted in coming weeks, sparking retaliatory measures from China.

The threat comes as the USA has increased rhetoric about the dispute.

China's latest restrained tariff measure against the United States is rational, and aims to safeguard the multilateral trading system, experts said. Research later conducted on those tariffs found they negatively impacted employment and the USA economy.

More evidence of the inaccuracy of US tariff policy, according to Wang, is that the Office of the US Trade Representative announced in July how companies could apply for exclusion from the newly imposed tariffs on Chinese imports.

Why is China threatening more tariffs?

The State Council outlined the plan just days after the USA said it was considering higher tariffs on $200bn of Chinese goods than initially planned.

The US President, further highlighting the effectiveness of "America First Tariffs", said that move had a positive impact on the Steel Industry.

"The magnitude, we don't know yet", Kassis said. Over time, US companies are likely to switch suppliers or change their products to use less of the higher-costing goods, but that doesn't happen right away.

China has said it will levy new tariffs on more than 5,200 U.S. products, if the White House moves forward with its latest tariff threat. He also added that Beijing was now talking to the U.S. about trade.

The White House has imposed a 25 percent tariff on $50 billion worth of Chinese goods containing "industrially significant technologies" in an escalating, tit-for-tat conflict between the world's two largest economies.

The state-run Global Times, responded to White House economic adviser Larry Kudlow's remarks that China should not underestimate Trump's resolve, saying that China was not afraid of "sacrificing short-term interests". I say, as they come, Tax them.

The Trump administration has issued temporary emergency financial support of $12 billion to help farmers hard-hit by China's retaliatory tariffs such as soybean farmers.

Lu Xiang, an expert on U.S. "Time will prove that the US eventually makes a fool of itself", the paper said.



Like this

loading...
loading...

Latest


08 August 2018
Balderson-O’Connor OH-12 Race Headlines Contests in Five States
In Kansas' 3rd District , Bernie Sanders-backed labor lawyer Brent Welder is running in a six-way primary to take on Yoder. And in suburban Seattle, three Democrats vied in a jungle primary for the seat held by another retiring Republican , Rep.

08 August 2018
Parkland shooter bought AR-15 for $560 because it was 'cool-looking'
One voice he refers to as "the demon". "I, personally, think you're using the demon as an excuse", the detective said. The document is heavily redacted for statements that could be considered a confession in keeping with Florida law.

07 August 2018
German couple convicted over rape, online sale of young son
Lais, 39, had a previous conviction for child abuse, raising questions why he was allowed to live in a home with a child present. A 33-year-old Spanish man who was offered the boy for sex by his mother was found guilty of repeatedly raping him.

07 August 2018
California wildfires can now be seen from space
RUSH FIRE (Lassen County), August 2012 Acres burned: 271,911 in California (43,666 in Nevada) Structures destroyed: 0 Deaths: 0 5. The fire has razed more than 1,600 buildings, including some 1,000 homes, state officials say.

07 August 2018
Manchester United face 'difficult' year if no more signings - Jose Mourinho
There has even been speculation of a swap deal involving wantaway United forward Anthony Martial and Boateng ahead of the 2018/19 campaign.

07 August 2018
SpaceX launches Indonesian satellite and kicks off new round for rocket reusability
SpaceX hopes to continue to reduce the cost of space travel by reusing key parts of the rocket's design. With "moderate scheduled maintenance", Block 5 first stages could be capable of 100 missions, Musk said.

07 August 2018
Rick Gates Testifies That He Committed Crimes With Paul Manafort
Prosecutors allege he dodged taxes on millions of dollars he made from his work for a Russia-friendly Ukrainian political party. Gates and Manafort have known each other for two decades and ran a multimillion-dollar political consulting business.

07 August 2018
Two Arrested For Brooklyn Nail Salon Fight Sparked By Botched Eyebrow Job
Ms Maduka told Yahoo Lifestyle the shouting woman who was being restrained was the customer who complained about her brow wax. Zhing was hospitalized with visible injuries to her face and body, and Thomas refused medical attention, according to police.

07 August 2018
Israel seizes Swedish activist ship en route to Gaza
On Friday, Israel said 8,000 Palestinians took part in five separate "March of Return" protests along the Gaza border. Over 150 Palestinians have been martyred and more than 17,000 injured since the protests began in late March.

07 August 2018
YouTube deletes the Alex Jones channel
Facebook , YouTube , Apple , and Spotify all removed Jones's incendiary podcasts and videos for hate speech and harassment. At least, that's what his lawyer told a judge when Jones was embroiled in a custody battle with his ex-wife previous year .