Trump defends China tariffs and claims 'great patriot farmers' will reap benefits

Trump defends China tariffs and claims 'great patriot farmers' will reap benefits

The U.S. and other trading partners say such efforts violate Beijing's free-trade commitments.

Beijing's retaliation will infuriate the US President, who had warned his Chinese counterpart against raising tariffs.

"We take in billions of dollars, it's a very positive step, I love the position we're in".

President Trump on Tuesday said that a deal with China will happen "when the time is right", and only after the U.S.is allowed to "make up" ground he says was lost after the formation of the World Trade Organization.

Portman also said he believes it's unlikely that an agreement will be reached until Trump sits down with China's President Xi Jinping at the upcoming G20 meeting.

Trump last week also ordered US Trade Representative Robert Lighthizer to begin imposing tariffs on all remaining imports from China, a move that would affect an additional $300 billion worth of goods.

China announced on Monday it would raise tariffs on US$60 billion (S$82 billion) in U.S. exports by next month, responding in kind to President Donald Trump's decision last week to hike duties on hundreds of billions of dollars in Chinese merchandise.

By comparison, China only imported $120 billion of United States goods into the country, imposing $110 billion in tariffs for that period according to BBC Research.

Trump's advice that American customers can buy alternatives in domestic market or from non-tariffed countries is thus unrealistic in the era of global integration.

In other words, our dynamic, growing, low-inflation economy can handle a trade war with China. The Dow Jones industrial average was down more than 600 points, or close to 2.5 per cent, in midafternoon trading, while the Standard & Poor's 500 also sank almost 2.5 per cent.

That move underscored worries about the economic impact of a trade war - a sustained inversion of that part of the yield curve has preceded every US recession in the past 50 years.

The release followed Beijing's announcement Monday of tariffs of up to 25% on $60 billion of American imports in their spiraling dispute over Chinese technology ambitions and other irritants.

China on Monday announced tariff increases on US$60b of United States imports.

If China stops buying American farm products because of tariffs, Trump said, farmers will be compensated.

The ruling Communist Party's official People's Daily said in a commentary that the United States needed to "give it a rest" with the complaints that it was losing out to China in the trade relationship because China was a hugely profitable market for USA companies. A large number of them are chemicals, food (including live eels), and industrial parts.

"This is only too belatedly they've accepted the fact that it is a trade war", he said.

The next US election is 18 months away.

"Investors are increasingly anxious an anticipated second-half profit rebound may now evaporate as President (Donald) Trump's threat to tariff the remaining US$325 billion in Chinese imports would disproportionately target consumer products like iPhones, thereby posing a greater threat to the consumption-driven U.S. economy", said Alec Young, managing director of global markets research at FTSE Russell.

"China should not retaliate-will only get worse", he said on Twitter.

So it has been with President Donald Trump's trade war.

-Kansas City Fed President Esther George and Richmond Fed President Thomas Barkin make appearances. That would raise the cost of an iPhone XS from $1,000 to $1,142, potentially slowing sales if consumers decide to hold off on upgrading to a new phone due to the higher costs.

Related Articles

  • Samsung brings Apple TV app to compatible Smart TVs

    Support for Vizio, LG, and Sony TVs is coming later this year, and support for Roku and Fire TV devices is in the works as well. Apple today announced the release of iOS 12.3 and tvOS 12.3, which bring the new TV app to over 100 countries.
    US Supreme Court rules against Apple in App Store antitrust dispute

    US Supreme Court rules against Apple in App Store antitrust dispute

    The suit, which was first filed in 2011, was supported by 30 state attorneys general, including from Texas, California and NY . But it does open the door for both consumers and app developers to sue the company over its alleged monopolistic iOS practices.
    Chinese envoy says trade talks with U.S. have not broken down

    Chinese envoy says trade talks with U.S. have not broken down

    That includes the Senate Democratic leader, New York's Chuck Schumer, who has urged Trump to not to cave in the trade talks. China's Commerce Ministry has threatened to retaliate to the tariff increase but has not announced how it plans to do so.
  • Lenovo's Folding ThinkPad: What You Need To Know

    Lenovo's Folding ThinkPad: What You Need To Know

    According to the company, the new foldable PC is targeted at highly mobile, tech-savvy professionals who demand the best tools. A Wacom stylus is also supported (it clips on the side of the device) and you can use it with a Bluetooth keyboard as well.
    Zinedine Zidane plays down Paul Pogba, Gareth Bale Real Madrid speculation

    Zinedine Zidane plays down Paul Pogba, Gareth Bale Real Madrid speculation

    Bale became the most expensive player in the history of the game when he moved to Real Madrid for £90 million in 2013. Bale is contracted at the Santiago Bernabeu until 2022 and had meant to stay put this summer.
    Fortnite Fortbyte guide - here's how you get them

    Fortnite Fortbyte guide - here's how you get them

    Just like with Neo Tilted, there's sure to be secret areas to uncover and a ton of great floor spawns to start your match. Perhaps the most immediately noticeable addition are Slipstreams , which can are new transportation system.
  • The Case For An Annual Major League Baseball Game In Nebraska

    The Case For An Annual Major League Baseball Game In Nebraska

    Naturally the sellout crowd was impressive - per ESPN, 12 MLB teams currently average fewer than 25,454 fans per game. The game attracted a sellout crowd of 25,454 to TD Ameritrade Park, even though Gordon was sidelined due to injury.
    Joe Flacco weighs in on dynamic with Drew Lock

    Joe Flacco weighs in on dynamic with Drew Lock

    Lock certainly will learn from Flacco, but he's not going to get one-on-one instruction from the veteran - and that's OK. Pressed if Lock's presence served as any sort of motivator, Flacco said, "I think I've talked about that before, too".
    John Wick Hex Turns You Into A Killer

    John Wick Hex Turns You Into A Killer

    Keanu Reeves ( just like Halle Berry ) is doing the press rounds for his upcoming John Wick 3 film that hits theaters May 17th. Are you looking forward to playing the game as well as going out to see the third installment? No release date was announced.
  • Jos Buttler blasts century as England edge Pakistan in run-fest

    Jos Buttler blasts century as England edge Pakistan in run-fest

    He also swept and drove Adil Rashid for two fours in the leg-spinner's first over. Imam was soon dismissed for 35 as Moeen Ali had him caught and bowled, though.
    Tiger Woods responds to drunk-driving suit amid allegations tapes were 'destroyed'

    Tiger Woods responds to drunk-driving suit amid allegations tapes were 'destroyed'

    Immesberger died at approximately 6pm local time on December 10, around three hours after finishing his shift. The family is also saying that the restaurant destroyed the surveillance footage of Immesberger at the bar.
    House panel subpoenas Treasury, IRS for Trump's tax returns

    House panel subpoenas Treasury, IRS for Trump's tax returns

    Neal has claimed that the legislative goal of getting the Trump tax returns is to examine how the IRS audits presidents. Harding's administration almost a century ago.