President Trump escalated his war of words with the Chinese government this week, threatening to impose one of America’s largest trading partners with $200 billion in new tariffs should they continue to put the US at an “unfair disadvantage.”
According to the New York Times, the President slammed Beijing’s unfair trade policies and currency manipulation in a written statement, saying China has “no intentions” of changing their practices that continue to “threaten” American workers and businesses.
“China apparently has no intention of changing its unfair practices related to the acquisition of American intellectual property and technology,” said the President. “Rather than altering those practices, it is now threatening United States companies, workers, and farmers who have done nothing wrong.”
“The administration is essentially saying it is willing to bring a substantial amount of commercial activity in the Asia-Pacific to a screeching halt,” said a senior analyst of Pacific Trade.
Read the full report at the New York Times.
CHINA CAVES: Beijing GIVES IN to Trump’s Demands, LOWERS Tariffs
Chinese President Xi Jinping pledged Tuesday to cut China’s hefty tariff’s on foreign cars and improve his nation’s “intellectual property” protections. The announcement is a positive sign that Beijing is willing to comply with President Trump’s tough talk on international trade deals.
President Xi was speaking at a business and industry conference when he commented on Trump’s decision to slam China with billions of dollars in new taxes.
“China’s door of opening up will not be closed and will only open wider,” said Xi.
He went on to say he was willing to negotiate on key topics most important to the Trump administration and White House; including reducing Chinese tariffs on American goods.
“President Xi’s speech could create a very good platform to launch U.S.-China dialogue at the WTO to find a deal on intellectual property rights,” one economist told the Associated Press and other journalists. “This would be a victory for the world trading system and an important step away from the abyss of rising global protectionism.”
The announcement comes days after China threatened the United States with stiff tariffs and taxes -some exceeding 25%- on American products and goods; including meat, vegetables, and cars.
AMERICA FIRST: Trump SLAMS China with $60 Billion in Trade Tariffs
The Trump administration announced crippling new trade tariffs against China this week, targeting one of America’s major trading partners with over $60 billion on foreign-produced goods.
According to CNBC, President Trump signed the executive order in the White House Thursday afternoon, saying the new tariffs were “the first of many” as America struggles to shrink its massive trade deficit.
US Trade Representative Robert Lighthizer is set to publish a highly-anticipated report in two weeks; detailing over 1,300 product lines impacted by the new import tax.
“The challenge for every president is how to do it in a way that doesn’t punish Americans for China’s misbehavior,” said Chairman of the House Ways and Means Committee. “So, you’ve really got to narrow these and target these.”
The new tariff’s come as the Trump administration announced a massive tariff on steel and aluminum; charging foreign-producers a 25% import fee for access to American markets.