Trump determined to hit China as tit-for-tat tariff war erupts

Trump determined to hit China as tit-for-tat tariff war erupts

President Donald Trump announced Monday that he was considering a 10 percent tariff on $200 billion in additional imports from China.

"The United States will no longer be taken advantage of on trade by China and other countries in the world", Trump said. Since US products-like the iPhone X that has parts from China-are sold globally, consumers around the world will be affected.

Despite the Chinese government's repeated pledges to further open its economy, 46 percent of respondents in the European Union Chamber of Commerce in China's annual business survey said they thought the number of regulatory obstacles they face in China would increase over the next five years.

Analysts warned that the risks are growing of an increasingly damaging clash that will ripple around the globe.

The standoff, mostly over China's sharp-elbowed drive to supplant USA technological dominance, threatens to tip "the USA and China into a downward spiral like the world hasn't seen since the trade war that plunged us deeper in in the Great Depression and into the Second World War", warned Matt Gold, professor of worldwide trade law at the Fordham Law School and a former USA trade official. "While there is in principle still room for negotiation, attitudes seem to be hardening".

"But I felt that tariffs were not the right approach there", Cook said in an interview with the financier David Rubenstein published earlier this month, adding that he showed Trump "some more analytical kinds of things to demonstrate why".

Peter Navarro, Trump's most protectionist trade adviser, blasted China during a briefing with reporters on Tuesday.

Last week, the American Soybean Association said it was disappointed and for weeks had implored the Trump administration to "find non-tariff solutions to address Chinese intellectual property theft and not place American farmers in harm's way". It said Beijing also was scrapping agreements to narrow its multibillion-dollar trade surplus with the United States by purchasing more American farm goods, natural gas and other products.

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Trump said he hoped the US could work out a trade agreement with Canada, saying the two countries had a good relationship but that Americans were being taken advantage of. Both nations started putting trade tariffs in motion that are set to take effect July 6.

Global stock markets fell Tuesday after U.S. President Donald Trump escalated a dispute with China over technology policy by threatening a tariff hike on an additional $200 billion of Chinese goods. Last week, the US levied tariffs on $34 billion of Chinese goods.

Beijing also drew up a second list of $16 billion in chemical and energy products to hit with new tariffs, though it did not announce a date for imposing them.

"We absolutely understand the centrality of the automotive sector to our economy, to our relationship with the USA and to NAFTA", Freeland said.

Biotechnology firm China Biologic rose 23.3 percent after Chinese investment giant CITIC Capital Holdings offered to buy it in a deal valuing the company at $3.65 billion. It showed a willingness to do that to South Korean businesses past year during a period of tension between the two Asian countries.

He said China's recent claims of "openness and globalisation" are "a joke". "Let's be clear: It's the most predatory economic government that operates against the rest of the world today".

"There are some positive signs in the economy, which prevent us from being overly pessimistic about the economic outlook", Wang said.

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