The American Products China is Targetting With New Tariffs

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  • #21716
    TradersCom
    Keymaster

    China roiled markets Friday as it retaliated with…

    [article]1696[/article]

    #21721
    Truman
    Participant

    President Donald Trump wishes he had raised tariffs on Chinese goods even higher last week

    The White House said on Sunday even as Trump signaled he did not plan to follow through with a demand that U.S. firms find ways to close operations in China.

    Trump raised eyebrows on the sidelines of a G7 summit when he responded in the affirmative to questions from reporters on whether he had any second thoughts about raising tariffs on Chinese goods by 5%.

    “President Trump responded in the affirmative – because he regrets not raising the tariffs higher,” White House spokeswoman Stephanie Grisham said in a statement afterward that sought to clarify the president’s remarks.

    It came just hours after Trump said he was ordering U.S. companies to find “alternatives” to China, including closing operations there and moving production to the United States.

    U.S. Treasury Secretary Steven Mnuchin said Trump could order companies out of China under the International Emergency Economic Powers Act if he declared a national emergency.

    Trump indicated on Sunday that he was not planning such a step at this time, however.

    “I could declare a national emergency. I think when they steal and take out, and — intellectual property theft, anywhere from $300 billion to $500 billion a year, and where we have a total loss of almost a trillion dollars a year … in many ways, that’s an emergency,” he said.

    “I have no plan right now. Actually, we’re getting along very well with China right now. We’re talking,” Trump said.

    Mnuchin said the president did want U.S. businesses to start looking to shift investments away from China, saying they would be better off in the event the U.S.-China trade war lasted for a long time.

    “We want them to be in places where they’re trading partners that respect us and trade with us fairly,” he said on the “Fox News Sunday” program.

    During his meeting with Johnson on Sunday in France, Trump was asked if he had second thoughts about his latest escalation.

    “Yeah, sure. Why not?” he said.

    The reporter repeated the question and Trump replied: “Might as well. Might as well.”

    A second reporter followed up again, asking if he had second thoughts about escalating the trade war with China.

    “I have second thoughts about everything,” Trump responded.

    Asked to clarify Trump’s remarks, Mnuchin, who is one of the lead U.S. negotiators in trade talks with Beijing, said Trump remained resolute in trying to force concessions from China.

    Another top official said he did not think Beijing would retaliate for the latest increase in tariffs.

    “I think his was an action to respond to their action. So I doubt whether they’re going to take another step,” White House economic adviser Larry Kudlow said on CBS’ “Face the Nation” program. “We’ll have to wait and see.”

    Mnuchin said Trump and Chinese President Xi Jinping were now “enemies” on trade, despite an otherwise good relationship.

    “President Xi is still his friend,” he said. “But as it relates to financial issues and trade, we have become enemies. We’re not making progress.”

    #21763
    ThePitBoss
    Participant

    We are back to the level markets sold off from after on Thursday after China overnight said it wished to resolve its protracted trade dispute with the world’s largest economy with a “calm ” attitude.

    Dow Jones Industrial Average 342 points higher, or 1.3%. The S&P 500 gained 1.4% while the Nasdaq Composite advanced 1.6%.

    China’s commerce ministry said Thursday that it was opposed to escalating trade tensions, hinting Chinese authorities will not retaliate against the latest round of U.S. tariffs.

    Trade bellwethers Boeing and Caterpillar rose at least 0.7% each while Deere traded 3% higher. Micron Technology gained 4.2%.
    But Jeffrey Blanchard, director of research at BOS, thinks investors should not get their hopes up about the trade conflict easing anytime soon.

    “It doesn’t make me any more optimistic or pessimistic. We’re in a situation where the president of the United States can dictate policy instantaneously via tweet, and he’s up against a centrally planned economy,” said Blanchard. “With centralized decision-making, you can also move quickly.”

    MIndless reactions best way I can put it

    #21796
    Helmholtz Watson
    Participant

    China, US struggling to set September trade talks meeting

    Earlier China Commerce Ministry lodged a formal complaint at WTO over US tariffs
    – reiterate strongly oppose US tariffs
    – Say US tariffs actions seriously violate consensus reached by leaders of China and the US and Osaka

    #21800
    Truman
    Participant

    Taking the lead of POTUS?

    China Vice Premiere Liu: Firmly opposes trade war

    On the wires saying:

    China firmly opposes trade war, not good for China, the US or the world
    He hopes two sides seek common ground while setting aside differences
    Hopes to appropriately resolve the issues on basis of equality and mutual respect

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