Daily Trends Now
Daily Trends Now

Trump planning new tariff crackdown on China

Trump planning new tariff crackdown on China

European Union leader Donald Tusk urged U.S. President Donald Trump on Wednesday not to undermine the sides' longstanding trans-Atlantic ties by seeking economic gains through punishing trade tariffs.

China accounts for almost half of the U.S. trade deficit and Trump has been strongly urging China to correct its trade imbalance with the US.

The Trump administration is gearing the broad spectrum of tariffs and other punitive measures at countering Beijing's Made in China 2025 industrial policy, which is created to accelerate the funneling of Western technology into China's state-run corporations.

For Singapore, the impact from the tariffs is very marginal, a local economist said.

"If the U.S. wants to reduce its trade deficit, it has to make Americans more hard-working and conduct reforms in accordance with worldwide market demand, instead of asking the rest of the world to change", it wrote.

Trump, however, has continued to defy protests both from overseas and within his own Republican Party, tweeting Wednesday, "We can not keep a blind eye to the rampant unfair trade practices against our Country!" Many companies that buy from USA wholesalers may think they're purchasing domestic steel or aluminum when in fact that inventory is sourced overseas and just cut, shaped and delivered by a US distributor.

"We believe that China and the United States can use friendly consultations to resolve our disputes".

"We're in a wallowing period where there's not as much good news coming out".

Trump is looking to levy tariffs on up to United States dollars 60 billion of Chinese imports, targeting the technology, telecom and apparel sectors, sources told Reuters on Tuesday.

The costs to the world economy could grow further if countries impose their own tariffs on US products, raising prices for goods globally and undermining economic confidence.

In addition, Brussels is considering lodging a complaint with the World Trade Organization (WTO) over Trump's recent move.

A source said the tariffs are associated with an investigation into intellectual property theft, which is a big issue with China.

Under U.S. trade law, Lighthizer isn't due to deliver the results of his probe until August.

Trump's tariffs are expected to raise US prices for steel and aluminum. "So we're blessed with having Ambassador Robert Lighthizer and Secretary of Commerce Wilbur Ross", he told CNBC when asked about the rollout of the tariffs and any exclusions. As manufacturing these products in the USA becomes more expensive, imports may have a competitive advantage on price, which would counteract the president's intention with the tariffs.

The largest sources for the material are Japan and Brazil, she said, adding that United States tire producers will lose business to foreign competitors if their steel costs rise. "Right at the time we need to work together as the liberal democracies of this world to curb unfair trade practices of China and others, we are divided".


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