Chinese paper says Trump administration has 'blood lust' over trade

Jun 20, 2018, 18:36
Chinese paper says Trump administration has 'blood lust' over trade

United States stocks started Tuesday's session in a sea of red after President Donald Trump threatened to place tariffs on an additional US$200bn worth of Chinese imports.

The two appear to be edging toward a trade fight that analysts say would undermine both their economies and likely slow global growth. If Trump carries through on all his trade threats, the result would be higher costs on virtually all the goods that the U.S. imports from China.

Two decades ago, China's economy was largely fuelled by exports, but it has made progress in rebalancing towards domestic investment and consumption since the global financial crisis erupted last decade - limiting the damage trade tariffs could inflict on Beijing.

"Rather than altering those practices, it is now threatening United States companies, workers, and farmers who have done nothing wrong", Trump said.

"The more confrontational approach of the Trump administration toward economic relations with China has cast some doubt, in these companies' minds, about their position here", said Thilo Hanemann, a director at Rhodium Group, as quoted by CNN Money.

We have no choice.

Beijing immediately retaliated by matching the USA levy, but Mr Trump asked officials on Monday to identify $200bn of Chinese goods to be subject to a 10% tariff.

Mr Trump has threatened to put tariffs on an extra $200bn (£141bn) of Chinese goods, sparking fears of a trade war. The first round of penalties announced by both nations is set to take effect on July 6.

The Trump administration has announced plans to target products from China including machinery, electrical goods and vehicles.

Trump said he has taken steps to provide level-playing field to American businesses.

China's Commerce Ministry fired back in a statement, "The United States has kept changing its mind and now launched a trade war". "This is a predictable response to a very public effort by the United States to reconcile what it perceives to be trade differences".

Dr Oliver said the first round of tariffs hit just 2 per cent of USA imports. He added that China is a "predatory economic government" that is "long overdue in being tackled", matters that include IP theft and Chinese steel and aluminium flooding the U.S. market.

The "consumer pays more, not just more for imported cars, but domestic cars", said Michelle Casario, an assistant professor of economics at Villanova University. Apple and the White House were not immediately available for comment.

Trump and Chinese President Xi Jinping held a summit previous year at Trump's Mar-a-Lago resort.

"I reminded him that's not fair competition", Mr Pompeo said.

China responded by saying it would hit 659 United States products worth Dollars 50 billion.

Reuters reported on Monday evening that the US Senate passed a defence spending bill that contained clauses to kill Trump's ZTE deal.

U.S. tariffs on imported steel and aluminum have already drawn a response from a range of countries including Canada, Mexico and the European Union.

Sixty-one percent of respondents said domestic Chinese firms were already equally or more innovative than European enterprises for various reasons, including increased R&D spending and targeted acquisitions of foreign high tech firms.