Trump to wage trade war on all Chinese imports

Trump to wage trade war on all Chinese imports

The Trump administration has already slapped duties on US$50 billion of Chinese exports since July, which spurred immediate in-kind retaliation from Beijing. "[It] could take place very soon depending on them-to a certain extent it depends on China". China has said that it is ready to retaliate with "necessary countermeasures" if President Donald Trump goes ahead with the tariff hike. "That totally changes the equation".

"The hope is that this (NAFTA) puts a lot of pressure on the China's of the world to help us negotiate better reciprocal trade deals", Kevin Hassett, chair of the White House Council of Economic Advisers, told Reuters.

Stocks dipped after Trump's comments became public but recovered most of their losses.

Trump has repeatedly called for companies to move production to the United States, or to keep it there, while pushing aggressive trade actions aimed at narrowing the USA trade deficit, which he equates with theft from Americans.

The administration has a greater goal than just driving down the yawning trade deficit with China - to force Beijing to open up its market to American businesses, and curb its acquisition of American technology. But the potential of new tariffs on an additional $267 billion worth of Chinese imports could be less welcome.

The $200 billion list, which includes some consumer products such as cameras and recording devices, luggage, handbags, tires and vacuum cleaners, would be subject to tariffs of 10 percent to 25 percent. It makes many of its products for the USA market in China, and it also sells gadgets including the iPhone in China, making them a potential target for Chinese retaliation against the Trump tariffs.

But, they'd also be hit by the threatened 267 billion dollar list.

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But sellers of factory machinery and other more advanced exports express confidence they can keep their USA market share. The U.S. Trade Representative's office received almost 6,000 comments during the public comment period on the proposed levies, which ended Thursday night.

Apple said the proposed tariffs would lead to lower US growth and competitiveness and higher prices for USA consumers.

According to a report in The Verge, Apple asked that the USA revise its proposal and decline to place tariffs on the product categories that cover these devices.

The new duties will start to hit consumer products directly, including furniture, lighting products, tires, bicycles, and vehicle seats for babies. Trump has had Beijing in his crosshairs since he took office, and has applied increasing pressure to try to convince the country to change its policies, allow more imports and reduce the $335 billion United States trade deficit. The U.S. imported US$505 billion of Chinese products in 2017, Census Bureau figures show.

A part of Apple's letter, which was first reported on by Bloomberg, reads, "It is hard to see how tariffs that hurt US companies and USA consumers will advance the Government's objectives with respect to China's technology policies". Among the equipment hit were a number of components and devices used by U.S. tech firms, including chips and networking gear produced in Chinese factories.

What Apple actually announced in January was to contribute $350 billion to the U.S. economy over the next five years that includes an estimated $55 billion investment in 2018. Those talks will continue to go on. The president says he believes that narrowing the trade gap will bring jobs to the United States, even though it could spark higher inflation. "We want lower (trade) barriers across the board", Kudlow said.

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