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Trump ready to ratchet up China trade war with more tariffs - report


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Trump ready to ratchet up China trade war with more tariffs - report

By Roberta Rampton

 

2018-08-30T184256Z_1_LYNXNPEE7T1E9_RTROPTP_4_USA-TRADE-CHINA.JPG

FILE PHOTO: Containers are seen at the Yangshan Deep Water Port in Shanghai, China April 24, 2018. REUTERS/Aly Song/File Photo

 

WASHINGTON (Reuters) - U.S. President Donald Trump is prepared to quickly ramp up a trade war with China and has told aides he is ready to impose tariffs on $200 billion more in Chinese imports as soon as a public comment period on the plan ends next week, Bloomberg News reported on Thursday.

 

The White House declined comment on the Bloomberg report, which cited six unidentified sources, and deflated markets. The S&P hit session lows, and the U.S. dollar, Chinese yuan and U.S. Treasury yields also fell.

 

Trump has credited his electoral success to his hard line on trade, which he has argued hurts U.S. workers and favours foreign competitors. Washington is demanding Beijing improve market access and intellectual property protections for U.S. companies, cut industrial subsidies and slash a $375 billion trade gap.

 

The world's two largest economies have already applied tariffs to $50 billion of each other's goods in a tit-for-tat trade war. Talks aimed at easing tensions ended last week without major breakthroughs.

 

The new proposed 25 percent tariffs would affect consumer products including home building supplies, technology products, bicycles and apparel.

 

A public comment period on the proposal is set to end on Sept. 6, and Trump plans to impose the tariffs after that deadline, Bloomberg said.

 

Some sources said Trump had not made his final decision, the Bloomberg report said. Trump administration officials have been divided over how hard to push Beijing.

 

Trump, who has threatened to impose duties on virtually all of the more than $500 billion of Chinese goods exported to the United States each year, told Reuters in an interview earlier this month that resolving the trade war with China would "take time" and that he had "no time frame" for ending it.

 

The report on Trump's China stance coincides with U.S. negotiators pushing to hammer out a deal with Canadian counterparts to overhaul the North American Free Trade Agreement.

 

(Reporting by Roberta Rampton; Additional reporting by Makini Brice, Jeff Mason and David Lawder; Editing by Tim Ahmann and Grant McCool)

 
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-- © Copyright Reuters 2018-08-31
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Maybe China should ban all imports from the US and seek suppliers from other countries until Trump is no longer in office which could be sooner rather than later .

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1 hour ago, webfact said:

Trump has credited his electoral success to his hard line on trade, which he has argued hurts U.S. workers and favours foreign competitors.

 

Talk about being hard on U.S. workers...How about cancelling a pay raise for U.S. federal employees?

 

I thought the economy was "on fire" and the country has plenty of wealth? I guess the money can only go to corporations and the top 1%. 

 

Trump cancels pay raises for federal employees

 

Quote

President Donald Trump told lawmakers on Thursday he wants to scrap a pay raise for civilian federal workers, saying the nation's budget couldn't support it.

 

Winning!!!   Well until the November mid-term election when these jilted federal workers will cast their ballots.

 

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Tim Cook smartly met with tRUmp for dinner, got him to avoid putting tariffs on iPhones manufactured in Chiner.

 

 

"Trade wars are good, and easy to win."

 

So sez our stable economic genius.

 

 

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I am no economist but it seems to me to be inefficient and unnecessarily costly for Donald Duck to deal with so many countries at once on a piecemeal basis. The obvious solution to keeping jobs in America would be to impose a blanket tariff of 100% or more on any imports into the US from anywhere. Problem solved. 

Another solution might be to make US products more cheaply and threaten American producers to become internationally competitive, or go to jail.

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That’s our Donald wants help with n Korea so pick a fight with China bonus all Americans can now pay 20 % more for everything but wait that’s not all now he wants to screw the civil service out of ther pay raise to finance his fiasco tired of winning yet?i am

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