Trade War: Trump says tariffs are working

Trade War: Trump says tariffs are working

Trade War: Trump says tariffs are working

Duties ranging from 5% to 25% will be levied on 5 207 kinds of American imports if the U.S. delivers its proposed taxes on another $200 billion of Chinese goods, the Ministry of Finance said in a statement on its website late Friday.

One of Mr Trump's top economic advisors said the USA leader has no intention of backing down.

China'a new tariffs would see 5,207 US-made products taxed at rates of 25, 20, 10 or five percent.

Noticeably absent from the latest list is polysilicon, the main ingredient in solar cells, which the US does export to China. "So, this unifies NAFTA and U.S. -Europe, Australia, Japan - China is increasingly isolated with a weak economy".

US President Donald Trump holds a signed memorandum on intellectual property tariffs on high-tech goods from China, at the White House in Washington, US March 22, 2018.

The US president has accused China and others of exploiting the United States in global trade, and has demanded Beijing make a host of concessions to avoid the new duties on US$200 billion of Chinese goods, which could be imposed in the weeks after a comment period closes on Sept 5.

Washington and Beijing are locked in a battle over American accusations that China's export economy benefits from unfair policies and subsidies, as well as theft of American technological know-how. Last year, China imported about US$130 billion in goods from the United States.

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

The trade deficit with China rose by nearly 1% to $33.5bn. Because US farmers are now experiencing the phenomenon of having a surplus of goods that they can not sell on the Chinese market due to the retaliatory tariffs already in place, the American federal government will now likely have to bail farmers out due to the losses of revenue they have incurred simply because they are being artificially isolated from the Chinese market that represents a lion's share of their profits.

Still, two senior diplomats did meet earlier on Friday, on the sidelines of a regional summit in Singapore. "The point at which both sides can sit down and talk will be reached when they are exhausted and need a break from the trade fight", he said.

Pompeo added that he had discussed trade issues with China's State Councillor Wang Yi on Friday.

According to He Maochun, an global relations professor at Tsinghua University, the USA president's latest tweets defending his use of tariffs were mainly aimed at persuading Americans.

However, speaking to reporters at the White House, Mr Kudlow said there had been some communication on trade "at the highest level" in recent days. The president has imposed tariffs on $85 billion worth of foreign goods so far, meaning that, at most, his tariffs would raise about $21 billion, a minuscule percentage (0.1 percent) of the debt.

Other US goods targeted by China in the latest list include semiconductors, some helicopters, small-to-mid-sized aircraft, condoms, iron ore, steel products, roasted coffee, sugar, foods containing chocolate, candies, and even vehicle windscreens.

'.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.

"We are Winning, but must be strong!"

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