China plans tariffs on $60 billion of US products

China plans tariffs on $60 billion of US products

President Donald Trump pauses during remarks at a campaign rally at Florida State Fairgrounds Expo Hall in Tampa, Florida.

"Now that we have the best economy in the history of our country, this is the time to straighten out the worst trade deals ever made by any country on earth at any time", Trump said. (Short answer: That's not what will happen).

June 19: Trump threatened to put 10 percent tariffs on an additional $200 billion of 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.

Shipping containers, including one labelled "China Shipping", are stacked at the Paul W. Conley Container Terminal in Boston, Massachusetts, U.S., May 9, 2018.

Thus Marc Thiessen writes in The Washington Post that "contrary to what his critics allege, Trump is not a protectionist; rather, he is using tariffs as a tool to advance a radical free-trade agenda".

"We remain extremely concerned about the potential volatility between now and a breakthrough, especially as both sides are more inclined to elevate tension than blink", Mills said. Winnebago, maker of RVs, also has raised some of its prices, blaming higher steel and aluminum costs.

According to He Maochun, an global relations professor at Tsinghua University, the USA president's latest tweets defending his use of tariffs were mainly aimed at persuading Americans.

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Trump has repeatedly used the threat of tariffs to try to force concessions from a range of USA trading partners around the globe, and this approach has had mixed success.

China responded with tariffs on $3 billion worth of US items, largely agricultural products and metal.

Negotiations with Europe to bring trade barriers down were further along before Trump took office than they are now. The money raised from the tariffs does little to counterbalance all the money Trump has added to the debt.

To counter the effect of the tariff battle, the Trump administration is rolling out $12 billion in aid for the agricultural sector. That is additional spending that further reduces the money raised from his tariffs by almost half. According to the outlet, there is no indication that Trump tariffs will provide a long-term benefit for the United States.

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. "They found they were hurt by rising costs, as a large number of products imported from China were hit by additional tariffs", Wang added.

Sometime Trump adviser Stephen Moore took the same line in the Washington Times, but with more enthusiasm, after Trump and the European Union called a kind of trade-war truce: "Well done, Mr. President. If they don't want to be taxed, let them make or build the product in the U.S. In either event, it means jobs and great wealth", the president tweeted Sunday.

The bottom line: The tariffs do raise money for the US government, but it's a small amount - and it's mostly being paid for by Americans.

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