November 14, 2018

Chinese state media accuse US of mobster mentality, vow to fight tariffs

11 August 2018, 08:07 | Austin Hogan

Chinese state media accuse US of mobster mentality, vow to fight tariffs

Are Trumps Tariffs Actually Increasing The Trade Deficit

America's second largest steel manufacturer Nucor once spent one million US dollars to fund "Death by China", a documentary made by Peter Navarro, who's now the director of the White House National Trade Council.

When the additional tariffs go into effect on August 23, both sides will have taxes on about $50 billion worth of imports from the other.

However, it was absolutely not the case that China brought this upon itself, the People's Daily commentary said. Apple has a major assembly unit in mainland China.

China National Petroleum Corporation already has a commercial agreement with Cheniere Energy to buy LNG for 25 years and a few heads of agreements have been signed between United States suppliers and Chinese customers. The government could force Apple into a corner, helping Samsung and local Chinese companies pick up market share in the process. And US President Trump has made it clear that it could reach another $ 200 billion.

More assistance for China's tech sector would mark the latest in a series of growth-boosting measures being rolled out by Beijing as an escalating trade war with the United States puts more pressure on China's already slowing economy. "But it is all hard to predict on a day-to-day basis what's coming down the pike", says David Page, a senior economist for AXA Investment Management in London.

The latest trade data published by China's General Administration of Customs showed the Chinese crude oil imports rose slightly in July after falling for the previous two months, Reuters reports.

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Vacationing at his Bedminster, New Jersey golf club, the president on Tuesday promised a dinner gathering of chief executives that the United States and China would soon have a "fantastic trading relationship".

As the tariffs began in March starting with steel and aluminum, China retaliated with the same dollar amount.

USTR Robert Lighthizer says, "The increase in the possible rate of the additional duty is meant to provide the administration with additional options to encourage China to change its harmful policies and behavior and adopt policies that will lead to fairer markets and prosperity for all of our citizens". Beijing says it is ready to retaliate against $60 billion of American imports. The blowback from the trade war is becoming apparent in the American job market, with a USA -based television factory planning to shed staff. Element Electronics, a TV manufacturing plant in SC, will layoff at least 126 employees from its Winnsboro plant on October 5th.

But China has notched a pair of concrete victories in the trade showdown, according to Jeff Moon, a former USA trade negotiator in the Obama administration.

"In the short run some winners include Australian agriculture, Airbus and Mexican electronics", says Baptist, who also admits that those gains will be short-lived if the trade war dust starts to settle. Longer term contract negotiations could also be affected.

Numerous products are technology-related, reflecting Washington's continued desire for China to make concessions on its Made in China 2025 initiative.

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