Trade War: Trump says tariffs are working

FSMNews

FSMNews

"China is not delivering, OK?"

"They better not underestimate the President", Mr Kudlow said in an interview on Fox Business Network.

It is targeted at helping the American industry according to President Trump.

The United States and China have the world's biggest trading relationship but official ties are increasingly strained over complaints Beijing's technology development tactics hurt American companies.

In a statement, the Commerce Ministry said China could add duties of 5, 10, 20 or 25 percent on 5,207 types of USA imports.

The retaliation stands to further inflame tensions between the world's two biggest economies.

In an interview last month on business-news channel CNBC, Trump threatened to impose punitive tariffs on nearly all imported goods from China. The US imported US$506 billion in goods from China previous year, and Trump has threatened to slap duties on effectively all imports from the Asian nation.

Saying it was "forced to act", Beijing cast the move as a response to a US threat, reported last week in The Washington Post, to raise the proposed tariff rate on $200 billion worth of Chinese goods from 10 percent to 25 percent.

The move was meant to bring China back to the negotiating table for talks over USA demands for structural changes to the Chinese economy and a cut in the bilateral trade deficit. China vowed to retaliate while also urging Washington to act rationally and return to talks to resolve the dispute.

The highest penalties in Friday's list would hit honey, vegetables, mushrooms and other farm goods, targeting areas that supported Trump in the 2016 election.

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Beijing's earlier round of tariffs appeared created to minimize the effect on the Chinese economy by targeting soybeans, whiskey and other goods available from Brazil, Australia and other suppliers.

That could cast a shadow over U.S. President Donald Trump's energy dominance ambitions.

However, a flurry of articles from the Chinese state media stressed the resilience of China's economy, essentially downplaying concerns regarding the impact of the US-China trade war.

An editorial of People's Daily, the mouthpiece of the Communist Party of China, said that the US President was starring in his own "street fighter-style deceitful drama of extortion and intimidation".

China proposed a 25% tariff on imports of copper ore and concentrate from the United States, which shipped about 70 000 tons to the country previous year. Washington is expected to soon implement tariffs on an additional $16 billion of Chinese goods, which China has already announced it will match immediately.

"But one thing is sure: if the US imposes tariffs on Chinese imports following an order of $60 billion, $200 billion, or even $500 billion, many Chinese companies will go bankrupt", he said.

Beijing then threatened to impose an additional USD60 billion in tariffs on a variety of American goods - which White House economic advisor Larry Kudlow dismissed as "a weak response". Over time, USA companies are likely to switch suppliers or change their products to use less of the higher-costing goods, but that doesn't happen right away.

Trump's measure of success at his OH speech appeared to be how much tariffs are hurting China. China has denied violating worldwide trade norms.

The US, the world's largest economy, has a trade deficit of nearly United States dollars 500 billion with China, the world's second largest economy. "Any talks in the future, should they happen, should be conducted on an equal and faithful basis".

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