Daily Trends Now
Daily Trends Now


U.S.'s Kudlow Trash Talks China Calling It ‘Lousy Investment’

Following his decision this week to raise that rate to 25%, and in anticipation of China's threat of retaliatory tariffs on US$60 billion worth of United States goods, American industry groups and lawmakers voiced their discontent.

The announcement comes after US President Donald Trump threatened to raise the proposed tariffs on $200 billion of Chinese exports from 10 percent to 25 percent.

Top White House economic adviser Larry Kudlow on Friday ridiculed China's threat of US$60 billion of retaliatory tariffs as "weak" and said the world's second-largest economy was in significant "trouble".

The Trump administration last month enacted a 25% tariff on roughly $34 billion worth of Chinese goods, prompting Beijing to retaliate in kind, and then threatened to slap additional duties on almost all Chinese goods sent to the US.

According to Reuters, the Chinese commerce minister said in a statement after the latest round of tariff threats that the U.S. had "repeatedly escalated the situation against the interests of both enterprises and consumers".

But Trump raised the stakes this week by asking the US Trade Representative to consider increasing the proposed tariffs on the US$200 billion worth of goods to 25 per cent.

"Let me just say this, the Chinese have better not underestimate the determination of President Trump to follow through and seek zero tariffs and nontariff barriers and subsidies and a level playing field and major reforms in IP (intellectual property) theft and forced transfer of technologies", he said. On Friday Kudlow issued a stark warning to China.

The two countries have not had formal trade talks since early June.




The Bank of England said on Thursday protectionist trade policies were beginning to have an adverse impact, most notably on indicators of global goods trade.

A statement said: "Any unilateral threat or blackmail will only lead to intensification of conflicts and damage to the interests of all parties".

In a statement, the Commerce Ministry said the tariffs would be at rates of 5, 10, 20 and 25 percent.

Foreign Minister Wang Yi also urged the U.S. to remain "cool-headed" at a press conference in Singapore after an Asean-China meeting. Trump has imposed tariffs on Chinese steel and aluminum imports and another $34 billion in goods, mostly industrial equipment.

China received 103.4 million cubic feet of LNG from the USA last year, the Energy Information Administration says. The country exported about $500bn in goods to the United States and imported about $130bn.

Officials with the Alaska Gasline Development Corp. - the leading powerhouse behind the state's liquefied natural gas project - haven't said much about the immediate consequences of such tariffs, but continued to defend the forward movement of the project despite current tensions.

Beijing can not match those measures dollar for dollar, as its exports far exceed imports.

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