China will take down trade barrier, says US President Donald Trump

09 April, 2018, 04:40 | Author: Roderick Gutierrez
  • US President Donald Trump and China's President Xi Jinping

Following Trump's announcement, the US Trade Representative's office will present a list of products that could be targeted, primarily from the high-tech sector.

China has said it is considering imposing tariffs on $US3 billion worth of USA products in retaliation to new tariffs announced by President Donald Trump.

After Trump's latest announcement, China said it is not afraid of a trade war with the United States and announced plans for reciprocal tariffs on $3 billion of imports from the US. Taxes will become Reciprocal & a deal will be made on Intellectual Property. As the AP notes, Trump did not explain why, amid a week of economic saber-rattling between the two countries that shook global markets, he felt confident a deal could be made.

Larry Kudlow, the new director of the National Economic Council, said the tariff threats are part of a negotiating tactic created to pressure China to end unfair trade practices. He reiterated that in an interview on CNN's State of the Union show on Sunday, saying, "This process might turn out to be very benign".

On Friday, Kudlow said that the U.S. and China are holding "back-channel discussions" to resolve the escalating trade dispute.

The US bought more than $500bn in goods from China a year ago and is planning or considering penalties on $150bn of those imports.

The tweet comes just a few days after Trump asked American officials to identify tariffs on another $100bn (£71.3bn) worth of Chinese imports "in light of China's unfair retaliation", escalating the ongoing trade battle between the world's two largest economies.


He said this was "in light of China's unfair retaliation" against the earlier US trade action. The trade spat has put new pressure on Xi to counter the United States narrative during the speech, which will be attended by Philippine President Rodrigo Duterte, Singaporean Prime Minister Lee Hsien Loong, and the International Monetary Fund Managing Director Christine Lagarde.

The 25 percent tariffs imposed by Beijing in response to Trump have hit USA agriculture hard, especially as they include items like pork and soybeans.

As the term might suggest, a trade war is a situation where countries try to hamper each other's commerce. "We're moving forward on a measured way with tariffs, with investment restrictions", Peter Navarro, director of the White House National Trade Council, told NBC's Meet the Press.

Trump upped the ante last Thursday by threatening to put $100 billion duty on more Chinese imports. And he sought to head off concerns that protectionist trade policies would disrupt the growth of the USA economy.

In another tweet on Saturday, Trump again claimed unfair Chinese trade practices.

About 10 days later, Trump blocked Singapore-based Broadcom's takeover of United States chipmaker.

The advance in the Dow Jones Industrial Average since Trump's inauguration is now 20.7 percent, placing the former NY real estate developer in eighth position at this point in his tenure among presidents since 1900, according to data compiled by Bloomberg.

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