Thursday, 20 September, 2018

Trump 'orders further China tariffs'

Trump has threatened to slap tariffs on nearly all goods the US buys from China US reached out to China for new trade talks, sources say
Ellis Copeland | 15 September, 2018, 11:16

Analysts have warned that a full-scale trade war between the two could cause setbacks for global markets. If the United States imposed new levies on Chinese imports then Beijing "will not hesitate to take countermeasures against U.S. tariffs to safeguard China's interests", it added.

The White House said on Friday that Trump "has been clear that he and his administration will continue to take action to address China's unfair trade practices". "And the question will be whether or not that leads to more negotiations".

USA business groups are escalating their fight against Trump's tariffs, with over 60 industry groups launching a coalition to put political pressure on the Trump administration to seek alternatives to tariffs.

"If nearly a half of American companies anticipate a strong negative impact from the next round of United States tariffs, then the U.S. administration will be hurting the companies it should be helping", he said. "If you have a big decline in the stock market just before the election, it could swing it in the way of the Democrats".

The Trump administration has invited Chinese officials to restart trade talks, the White House's top economic adviser said on Wednesday, as Washington prepares to further escalate the U.S.

In this July 5, 2018 photo, two dockworkers discuss the placement of a 40-foot shipping container onto a ship at the Port of Savannah in Savannah, Ga.

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China only buys $129 billion worth of goods from the US so they can't do a tit-for-tat tariff slug on $US200 million worth of goods, so how they retaliate remains an uncertainty for stock players. But it is unlikely Beijing would be willing to concede on its fundamental industrial policies, such as the controversial "Made in China 2025" plan to leapfrog from a manufacturing power to a hi-tech innovator.

"I'm being strong on China because I have to be, " he said last week. The multi-million dollar campaign, comprised of thousands of companies, farmers and manufacturers, is arguing the trade war will kill U.S.jobs and raise prices for American households.

Such a meeting could take place in Washington or Beijing, though the timing is unclear, according to informed sources.

"If China does not make concessions now, it will be bad", he said.

Roughly a third of firms are shifting supply chains out of China, or the USA, and an equal proportion are delaying or cancelling investment decisions, the survey showed. "Some people in China expect that after the midterm elections, Trump will concede, but this Chinese wishful thinking will definitely not be true". "And so, Secretary Mnuchin, who is the team leader with China, has apparently issued an invitation".

"Every sector of the US economy stands to lose in a trade war", Matthew Shay, who heads the National Retail Federation, said in the statement.

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