Thursday, 15 November, 2018

US plans tariff on remaining Chinese imports if Trump-Xi talks fail

A trader works on the floor of the New York Stock Exchange in New York U.S. on Monday Oct. 29 A trader works on the floor of the New York Stock Exchange in New York U.S. on Monday Oct. 29
Elsie Buchanan | 01 November, 2018, 20:16

The cause of the conflict was the desire of Donald trump to reduce the USA negative trade balance with China.

Mr. Trump said during an interview with Fox News he thought there could be an agreement with China on trade, but said he had billions of dollars worth of new tariffs ready to be imposed if a deal was not possible.

"This is more aggressive than the markets were likely expecting, given that many felt the next step would be an escalation of tariffs to 25 percent, up from 10 percent, on the $250 billion already announced", Mona Mahajan, US investment strategist at Allianz Global Investors, told The Post.

The US levied tariffs of 10 percent on Dollars 200 billion of Chinese products in September, with the rate set to increase to 25 percent by the end of the year barring a breakthrough in the trade talks. An estimated $257 billion of Chinese imports remain tariff-free for now.

The final list of goods would largely hit consumer products and capital goods, which the Trump administration has so far spared, and likely would push up prices for many United States businesses and consumers.

Bloomberg reported on Monday that the U.S. is preparing tariffs on all remaining Chinese imports if the talks fail. Some early gains for tech and Internet stocks also faded.

It's fair to wonder whether Trump even wants to make a deal.

Lampard proud but aggrieved after Chelsea return
Derby: Carson 6, Bogle 6, Keogh 5, Tomori 5, Malone 6, Huddlestone 8, Mount 7, Wilson 7, Waghorn 6, Marriott 7. It was a great opportunity to see them play in front of us and we took the opportunity.


A currency trader works at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Tuesday, Oct. 30, 2018.

The slowdown in the second largest economy in the world occurs on the background of a trade war between the USA and China. But Chinese officials are unwilling to engage in a one-sided negotiation, and they worry that Trump could undermine any potential deal with as little as a single tweet, according to the Journal. "The volume of the Chinese-US trade depends on the US side", he pointed out. So China probably has good reason to feel wary.

Leaders of the world's two largest economies are due to meet on the sidelines of the Group of 20 leaders' summit in Argentina at the end of November. Indeed, that's exactly what Trump would do if the shoe were on the other foot.

For most of this year investors have remained hopeful that the US and China would work out there disagreements on trade, but in recent weeks they've lost some of their confidence.

"They do not seem to want to talk", Chinese Foreign Minister Wang Yi told a group of American businessmen at a private meeting in NY last month, according to the Post. "You know why? 'Cause we always win".

It could well be both.

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