Published: Wed, August 08, 2018
Finance | By Jaime Brady

United States trade deficit posts biggest increase in 19 months in June

United States trade deficit posts biggest increase in 19 months in June

The U.S. and European Union are working to form a "united front" against China that could soon expand, President Donald Trump's top economic aide said Friday.

China threatened Friday to tax an additional $60 billion a year worth of USA imports if the Trump administration imposes its own new levies on Chinese goods.

China's finance ministry unveiled new sets of additional tariffs on 5,207 goods imported from the United States, with the extra levies ranging from 5 to 25 percent.

As many as 5,207 USA products, including meat, coffee, nuts, alcoholic drinks, minerals, chemicals, leather products, wood products, machinery, furniture and auto parts were listed by China to be targeted for the "safeguard its own legitimate interests".

"If the United States act willfully and puts its additional tariff measures into effect, China will instantly implement such tariff measures", the commission said.

China's proposal to add a new round of tariffs on $60 billion worth of goods it imports from the USA - retaliation for expanding planned tariffs by the Trump administration - is only hitting one commodities sector hard: liquefied natural gas shipments. That's probably because there's already an existing 57% Chinese duty on United States polysilicon due to an earlier solar trade dispute now in its fourth year.

Beijing has insisted its measures are "rational" and warned the U.S. its tactics would not work.

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Chinese state media launched a blistering personal attack at President Trump, claiming his trade policies amounted to "extortion", according to a report on Monday. Another $16 billion in levies will likely follow in the coming days or weeks.

If China carries through on its latest threat, it will be imposing some form of tariffs on almost all of the $130 billion in goods it imports from the U.S. The Chinese side seem to be seeking to match that ratio with the new proposals.

Speaking on the sidelines of a security forum in Singapore, he hit back at Mr Kudlow's remarks: "As to whether China's economy is doing well or not, I think it is all too clear to the whole worldwide community", Mr Wang said, adding that China contributed a huge amount to global economic growth.

Trump campaigned on a promise to bring down America's massive trade deficits by renegotiating trade agreements and getting tough on countries like China that sell the US far more than they buy from it.

Because US farmers are now experiencing the phenomenon of having a surplus of goods that they can not sell on the Chinese market due to the retaliatory tariffs already in place, the American federal government will now likely have to bail farmers out due to the losses of revenue they have incurred simply because they are being artificially isolated from the Chinese market that represents a lion's share of their profits. China's Foreign Minister Wang Yi said China has contributed a huge amount to global economic growth. "Any talks in the future, should they happen, should be conducted on an equal and faithful basis", the analyst said. He said his administration would continue to employ tariffs if other nations were unwilling to come to the table on trade. China market has dropped 27% in the last 4 months, and they are talking to us. The tariff increase would cover a wide selection of Chinese imports, including fruits, vegetables, garlic, and more.

The spokesperson pointed out that, because the United States had repeatedly escalated the situation in disregard of the interests of enterprises and consumers of both countries, China was forced to take the countermeasures to protect national dignity and its people's interests, defend free trade and multilateral mechanisms, and safeguard the common interests of all countries in the world.

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