China Plans Tariffs on $60 Billion of Imports to Counter Trump

Here's Why Trump Is Hiking Chinese Tariffs To 25%

China threatens tariffs on $60 billion in US goods

The president repeatedly mentions the U.S. trade deficit when talking about trade fights with China, the European Union, and Canada. U.S. business and farm groups, which do extensive business with China, have complained for months about Mr Trump's strategy, but there are no signs that the Chinese government is paying for a campaign in the US.

The U.S. trade gap is now on track to hit a ten-year high, despite a series of tariffs imposed on products and raw materials around the world by the Trump administration.

The White House issued a statement Friday, condemning the proposal.

In a nod to the OH economy, Trump said yesterday on Twitter that tariffs "have had a tremendous impact on our Steel Industry".

"China will not rush to compete with US numbers", it said, echoing comments made by state television.

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He also identified agriculture as another Valley industry that will be among those most significantly impacted.

"Because of Tariffs we will be able to start paying down large amounts of the $21 Trillion in debt that has been accumulated, much by the Obama Administration, while at the same time reducing taxes for our people". "It is very early in the game, but definitely a negative effect". The timing of Friday's announcement hinted at that conflict. "It's the more far-reaching, unintended consequences, which you don't always know at the beginning". Mnuchin is more in favour of coming to an agreement that would bring about a reduction in the USA deficit.

This is false, and not how tariffs work.

While Trump has taken credit for new steel jobs created with the help of tariffs, retaliatory measures by Beijing and others have rattled U.S. soybean farmers and the many companies reliant on increasingly expensive steel as a raw material. Taken in totality, the new Chinese proposals will cover $60 billion in U.S. imports. "They are really hurting their economy". China continues to move forward while for United States farmers, the trade war has represented a major step backwards. But they have rejected changing technology development plans they see as a path to prosperity and global influence. Trump has ultimately threatened tariffs on over $500 billion in Chinese goods, covering virtually all US imports from China. Last year, China imported about $130 billion in goods from the United States. The new list included more machinery and aerospace products. It has also slapped 25 percent tariffs on $34 billion worth of Chinese imports. The U.S. can buy more because the economy is strong.

Chinese authorities warned earlier that if the dispute escalated, they would adopt unspecified "comprehensive measures".

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White House press secretary Sarah Huckabee Sanders countered by telling reporters today that "instead of retaliating, China should address longstanding concerns about its unfair trading practices".

Liu said China's move is aiming to offset potential negative influences on domestic economic growth and stabilize market sentiment.

The answer was actually first given by Trump first, when in a candid CNBC interview the president said that he was not only watching the USA trade deficit with China, but also its currency, which had dropped "like a rock" recently, suggesting that trade war was morphing into currency war after he berated the Fed for hiking rates and pushing the dollar higher.

The foreign ministry spokesman appealed to Washington to negotiate but could not confirm reports the two sides were setting up talks. "China knows what we are asking, they just have not made satisfactory responses". While census data shows that the...

He also accused China of financing advertisements to convince Americans to stop his trade agenda.

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The Commerce Department said on Friday the trade gap surged 7.3 per cent to $46.3 billion.

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