Trump escalates trade war, again

Trump escalates China trade war with extra tariffs

ABP has claimed that, in 2017, US trade with China was worth $636 billion and nearly $720 billion with the European Union.

After threatening on Friday additional tariffs of 25 per cent on US$50 billion of American products, China can raise tariffs on more U.S. goods, such as aircraft.

The US President said the tariffs would be imposed if China "refuses to change its practices".

Trump said the tariffs were "essential to preventing further unfair transfers of American technology and intellectual property to China, which will protect American jobs". "Trump is betting that China understands they have more to lose in the tariff war because we import more from them than they do from us".

China has accused the United States of "extreme pressure and blackmailing" and vowed to retaliate, and financial markets have been hit hard by the escalating trade dispute. But the rhetoric is intensifying, with Trump lashing out at Beijing over its threat to retaliate against the administration's latest proposed tariffs.

China was not specific about the tariffs, but likely it will be as a means to raise alarm in the United States. "Rather than altering those practices, it is now threatening United States companies, workers, and farmers who have done nothing wrong", Trump said.

"China could target US firms through tax and regulatory policies", Citigroup said in a report. The Dow Jones industrial average is called to open more than 350 points lower. Boeing's stock shed 3.6 per cent, Caterpillar 3.7 per cent and GE 1.7 per cent.

China's Commerce Ministry criticised the latest threat of tariffs, saying it was an "act of extreme pressure and blackmail that deviates from the consensus reached by both parties after many negotiations, and is a disappointment to the worldwide community".

Pompeo on Monday described USA actions as "economic diplomacy", which, when done right, strengthens national security and worldwide alliances, he added.

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China's commerce ministry said Beijing will fight back firmly with "qualitative" and "quantitative" measures if the United States publishes an additional list of tariffs on Chinese goods, accusing Washington of launching a trade war.

"If China increases its tariffs yet again, we will meet that action by pursuing additional tariffs on another $200bn of goods".

The mention of "comprehensive measures" suggests Beijing might go beyond tariffs, said Jake Parker, vice president for China operations of the U.S.

Sixty-two percent of companies in all industries said they had less favorable market access in China than their Chinese competitors had in Europe.

Restrict tourism to the U.S. One reason for China to act quickly to bring USA trade negotiators to the table is the damage to its own stock markets.

The initial list of 1,102 Chinese products facing tariffs, covering 28 closely printed pages, was issued June 15.

The Motor & Equipment Manufacturers Association, which also expressed grave concerns over the tariffs against Mexico, Canada and the European Union, said retaliatory tariffs against China could negate the benefits of tax reform and other measures the Trump administration has made to help USA business.

The Department of Commerce said it would impose new import duties on a common alloy aluminium sheet after finding that Chinese firms were selling it in the USA more than 167 per cent below cost. Beijing quickly retaliated with duties on $34 billion worth of American goods that will also go into effect July 6. They include electric cars, whiskey and soybeans - a politically and economically vital export of America's heartland, where Trump enjoys support.

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