Published: Sat, April 07, 2018
Global Media | By Jackie Banks

Trump Wants New Tariffs On $100 Billion In Chinese Goods

Trump Wants New Tariffs On $100 Billion In Chinese Goods

The EU is caught in its own trade drama with the USA, under a threat of crippling steel and aluminium tariffs by Washington. "We don't have a trade war, we've lost the trade war", Trump said in a radio interview with NY radio show, 77 WABC's "Bernie & Sid" early yesterday.

Trump remained defiant and said the pain of the dispute will pay off in the end, while China said that his administration would only "shoot itself in the foot" if it didn't back down from the "extremely wrong" threats.

Larry Kudlow said President Donald Trump means "enough is enough" and is demanding that China stop "stealing" American intellectual property.

Peter Navarro, White House trade adviser, said "talk hasn't been cheap with China", during a Fox News appearance today.

The spokesman complained that after Beijing issued a "resolute response" to Trump's $50 billion list of Chinese goods for higher duties issued this week, the American president responded by threatening still more increases.

On March 23, the United States launched a challenge at the World Trade Organization against China over intellectual property breaches. The U.S says China treats American companies unfairly by restricting access to its markets and stealing proprietary technology.

The White House said in a statement on Thursday that Trump looking to add an additional $100 billion in tariffs targeting Chinese goods. That follows the Office of the US Trade Representative's announcement earlier this week of plans for tariffs on $50 billion in Chinese products. "Despite the Aluminum Tariffs, Aluminum prices are DOWN 4%". People are surprised, I'm not!

A weak report helped push U.S. Treasury prices higher as the economy created the fewest jobs in six months in March, but the market's main focus was on mounting U.S.

"International Trade 101 analyses the partial equilibrium effects of a tariff as driving a wedge between demand and supply curves, whereby the price goes up and the quantity down", he said in a note to clients.

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The dollar, which has tended to fall in recent weeks when trade tensions have risen, rose 0.1 per cent against a basket of major currencies in early European trading, bringing week-to-date gains to 0.6 per cent.

"The easiest thing for me to do would be just to close my eyes and forget it", he said during a Friday morning radio interview.

"Think of it as a game of poker and (Trump's) raising the stakes a little bit", he said.

"I'm not saying there's not going to be any pain", he told WABC radio in NY, but "we're going to be much stronger for it".

"We Chinese won't pick fights, but if someone picks a fight, we'll resolutely meet them head on", Chinese Ministry of Commerce spokesperson Gao Feng said at a press conference late on Friday in Beijing.

The Chinese statement came after American President Donald Trump instructed the U.S. trade representative to consider slapping an additional $100 billion in tariffs on Chinese goods on Thursday in a dramatic escalation of the trade dispute between the two countries.

Trump's comments came as China threatened to retaliate against Trump's latest gambit, a proposal late Thursday to impose $100 billion in additional tariffs, on top of the $50 billion proposed on Tuesday.

The move comes a day after China issued a $50 billion list of US goods including soybeans and small aircraft for possible tariff hikes in an escalating and potentially damaging dispute. I have also instructed the Secretary of Agriculture, with the support of other members of my Cabinet, to use his broad authority to implement a plan to protect our farmers and agricultural interests. China's illicit trade practices - ignored for years by Washington - have destroyed thousands of American factories and millions of American jobs.

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