Trump threatens 'economic retaliation' if China goes after United States workers

Posted September 19, 2018

Trump also accused China of actively targeting the United States election on Tuesday, but offered no evidence to back up his allegation.

This comes just after Mr. Trump order additional tariffs on $200 billion of Chinese imports on Monday that will take effect on Sept 24.

Trump doubled down on that threat Tuesday, vowing punitive measures against China if it targets politically potent US agricultural products for retaliation.

China will levy tariffs on about $US60 billion ($A83 billion) worth of U.S. goods in retaliation for the latest round of U.S. tariffs on Chinese products, as previously planned, but has reduced the level of tariffs that it will collect on the products.

After the administration announced the additional tariffs on Monday, Trump took to Twitter early Tuesday to say that China is trying to influence USA elections by going after us industry.

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Economists at UBS Group AG say even a 10 percent tariff would slow the USA economy in the fourth quarter by enough to stop the Federal Reserve hiking interest rates again in December.

"President Trump is a hard-hitting businessman, and he tries to put pressure on China so he can get concessions from our negotiations".

He said that what the United States is doing now is "economic madness" that risks creating a vicious cycle for business that could have an impact in China and elsewhere.

United States industries have generally opposed tariffs, arguing they increase prices for consumers and could hurt economic growth. What is more, it is conceivable that China will also slap a punitive tariff on USA crude oil.

The group said in a comment to trade regulators on September 6 that "by raising the cost of networking products, the proposed duties would impede the development and adoption of cloud-based services and infrastructure". And China has retaliated in kind, hitting American soybeans, among other goods, in a shot at the president's supporters in the USA farm belt.

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"This is not an effort to constrain China, but this is an effort to work with China and say, 'It's time you address these unfair trade practices that we've identified that others have identified and that have harmed the entire trading system, '" the official said.

After the USA said earlier this week that it would impose 10% levy on $200 billion (₹14.5 trillion) on Chinese imports, China has hit back.

"Contrary to views in Washington, China can - and will - dig its heels in and we are not optimistic about the prospect for a resolution in the short term", said Zarit of the American Chamber of Commerce.

"The President really hates the bilateral trade deficit with China", Mr Scissors said.

"This measure by USA side added more uncertainties to the talks between the two sides", he said.

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His accusation that China has manipulated the yuan raised concerns that the currency market could become the next front in the economic battle between the two countries. With Tuesday's hike, it covers $136 billion worth of USA goods when they take effect. While consumer electronic products were generally removed, network and router items will be covered by the tariffs, senior administration officials said on a call with reporters Monday.

Chinese leaders are struggling to figure out how to respond to the threat, with reports this morning that China will decline to attend bilateral trade talks with the United States later this month. Those goods will now be taxed 10 per cent. As prices rise, consumers in those foreign markets shift to competing products, in some cases shutting US producers out completely.

Officials said they wanted to shield consumer goods from the taxes as much as possible.

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