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Trump threatens tariffs on all $500 billion of Chinese imports

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Trump threatens tariffs on all $500 billion of Chinese imports

By Lisa Lambert

 

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FILE PHOTO: U.S. President Donald Trump participates in a cabinet meeting at the White House in Washington, U.S., July 18, 2018. REUTERS/Leah Millis

 

WASHINGTON (Reuters) - U.S. President Donald Trump on Friday said he was ready to impose tariffs on all $500 billion of imported goods from China, threatening to escalate a clash over trade policy that has unnerved financial markets.

 

"We're down a tremendous amount," Trump said in an interview about trade imbalances with China on CNBC television broadcast on Friday. "I'm ready to go to 500."

 

His comments worried investors already grappling with the impact of a strengthening U.S. dollar on corporate results, and key stock indexes on Wall Street dropped at the open on Friday.

 

The U.S. dollar fell against major currencies on Friday on Trumps threat to impose more import tariffs and his repetition of complaints about rising interest rates and the strength of the U.S. dollar.

 

The dollar index <.DXY>, a measure of its value against a basket of six major currencies, was on track to post its largest one-day loss in three weeks. Against the yen, the dollar was on pace for its worst daily fall in two months.

 

A top Federal Reserve official, meanwhile, warned the trade war could hurt the U.S. economy.

 

Around $505 billion of Chinese goods were imported to the U.S. in 2017, leading to a trade deficit of nearly $376 billion, U.S. government data shows. Chinese imports from the U.S. totaled $205 billion in the first five months of 2018, with the deficit reaching $152 billion.

 

Trump is taking a more aggressive, protectionist posture on trade than his recent predecessors, sparking retaliatory measures from other countries. Earlier this month, the United States imposed tariffs on $34 billion of Chinese imports. China promptly levied taxes on the same value of U.S. products.

 

When asked about the stock market possibly falling if the United States imposes duties on such a large amount of goods, Trump told CNBC: "If it does, it does. Look, I’m not doing this for politics."

 

Still, new tariffs could help Trump's Republican party going into November's congressional elections. More than 70 percent of Republican and Republican-leaning U.S. adults believe increased tariffs between the United States and its trading partners will be good for the country, according to a Pew Research Center survey released late Thursday.

 

However, most economists warn that the imposition of import tariffs could disrupt global manufacturing supply chains, raise input costs and raise prices for consumers, leading to slower economic growth.

 

After the interview, Trump reiterated criticism of the Federal Reserve's planned interest-rate hikes, posting on Twitter that the tightening policy would diminish any U.S. trade advantage and exacerbate losses from "BAD trade deals."

 

St. Louis Federal Reserve Bank James Bullard said on Friday the Fed would remain unaffected by Trump's comments on monetary policy and expressed concerns about rising tariffs.

 

"The escalating trade war, if it goes badly, could be a risk for the U.S. economy," Bullard said, adding he understands the policy's objective. "But it could be that all we end up with is a lot of tariffs globally and a lot of other types of protectionism globally.”

 

 
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-- © Copyright Reuters 2018-07-21

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The  floating of the Yuan has to happen to be fair in trade,

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If you believe that China has been artificially depressing the value of the renminbi, actually the opposite is the case. The Yuan has been floating for a while. Lately it's been sinking. The Chinese government is not happy about it. If anything, it will intervene to prop up the yuan.

China Is Expected to Defend Yuan If It Weakens About 1% Further

 

https://www.bloomberg.com/news/articles/2018-06-29/china-is-expected-to-defend-yuan-if-it-weakens-about-1-further

 

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Somehow I think Ivanka's clothing made in China will still be exempt.

 

And I'm sure an exemption will be made for ZTE right?

 

"Trade wars are easy to win."

 

Who's tired of all the winning"?

 

I'd call him a buffoon, but that's insulting to buffoons everywhere.

 

 

 

 

 

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Time to start dumping US treasuries!! The Chinese will unload in a big way!

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I really can't see the problem

Take Auss for example ( I'm no expert )

 

I walk in the shop here & (lets say mainly Asian countries ) see Auss products ( certainly would not buy them ) - Tariffs

Then in Auss come across products Made/Processed in  ******** country (cheaper /but quality ? ) - No Tariffs 

 

So why are Asian countries in an uproar if Tariffs are imposed ( they have them on everything )

 

Auss has 30 % or so on beef exports & thought a 3% decrease with Japan was the best deal in the world

 

If these counties stuck to applying Tariffs to what they actually made, then all may be ok 

 

 

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4 hours ago, bristolboy said:

If you believe that China has been artificially depressing the value of the renminbi, actually the opposite is the case. The Yuan has been floating for a while. Lately it's been sinking. The Chinese government is not happy about it. If anything, it will intervene to prop up the yuan.

China Is Expected to Defend Yuan If It Weakens About 1% Further

 

https://www.bloomberg.com/news/articles/2018-06-29/china-is-expected-to-defend-yuan-if-it-weakens-about-1-further

 

Depends on which news you believe .

china-weaponizes-yuan-weakens-fix-most-2016

us-monitoring-china-currency-manipulation-mnuchin-confirms-trumps-concerns

No doubt I trust ZH much , much more than bloomberg.

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26 minutes ago, BEVUP said:

I really can't see the problem

Take Auss for example ( I'm no expert )

 

I walk in the shop here & (lets say mainly Asian countries ) see Auss products ( certainly would not buy them ) - Tariffs

Then in Auss come across products Made/Processed in  ******** country (cheaper /but quality ? ) - No Tariffs 

 

So why are Asian countries in an uproar if Tariffs are imposed ( they have them on everything )

 

Auss has 30 % or so on beef exports & thought a 3% decrease with Japan was the best deal in the world

 

If these counties stuck to applying Tariffs to what they actually made, then all may be ok 

 

 

" I'm no expert ". Agreed, your post makes that clear.

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Atta boy Donald piss off the guy that you need for the n Korea fiasco cost all of us 20% more for everything art of the deal????I don’t know I’m just an old diver ,boat operator but doesent look artfull to me kinda looks crude heavy handed not well thought out perhaps stupid?

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More than 70 percent of Republican and Republican-leaning U.S. adults believe increased tariffs between the United States and its trading partners will be good for the country, according to a Pew Research Center survey released late Thursday.


They only believe, but most have thought the least. They trust their "Führer", the insulting Clown Trump.


However, most economists warn that the imposition of import tariffs could disrupt global manufacturing supply chains, raise input costs and raise prices for consumers, leading to slower economic growth.

This logic chain is already more correct.
 

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5 hours ago, rooster59 said:

More than 70 percent of Republican and Republican-leaning U.S. adults believe increased tariffs between the United States and its trading partners will be good for the country, according to a Pew Research Center survey released late Thursday.

 

However, most economists warn that the imposition of import tariffs could disrupt global manufacturing supply chains, raise input costs and raise prices for consumers, leading to slower economic growth.

 

Let's see... who should I believe....   head in the sand Republicans, or the world's economists??

 

Tough choice, but in this case, I think the head in the sanders are NOT going to get my vote!

 

This is not a game Trump and Co. are going to win, at least the confrontational way they're playing now. And in the end, I'm afraid it's average Americans (and others elsewhere) who will end up really losing.

 

 

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2 minutes ago, tomacht8 said:

More than 70 percent of Republican and Republican-leaning U.S. adults believe increased tariffs between the United States and its trading partners will be good for the countr

 

This is truly shocking, and relatively recent swing away from the traditional Republican/conservative positions on free trade.

 

 

 

 

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