Trump accuses China of using trade to target election, threatens retaliation

Trump accuses China of using trade to target election, threatens retaliation

Trump accuses China of using trade to target election, threatens retaliation

If the Chinese economy slows under the weight of USA import taxes, the global economy might also stumble, according to Stephanie Segal, deputy director of the Center for Strategic and worldwide and Studies, a Washington think tank. He added that China will crack down on bad actors who abuse the opportunities of global commerce by swiping trade secrets from brands and business partners.

The US imported over $500 billion in goods from China a year ago but exported just $130 billion.

Trump's tariffs, with their uncertain duration, make it hard for companies to plan for the future.

However, Beijing's previous tariffs did target major U.S. agricultural products like pork and soybeans.

Trump's latest escalation of tariffs on China comes after several rounds of talks yielded no progress. It has also accused China of stealing U.S. technological know how from American companies in exchange for allowing access to the vast Chinese market.

Some administration hard-liners would be content to see the trade and investment restrictions lead to a decoupling of the US and Chinese economies, Hirson said. The Chinese may not be able to match American tariffs dollar-for-dollar, but they have other ways to cause pain.

Its $50 billion retaliation to Trump's original tariffs definitely targeted Trump country.

Currently, significant changes are taking place in China's economic structure and growth pattern, while new growth drivers have contributed more than one-third to China's economic growth as well as to more than two-thirds of new jobs in Chinese cities and townships. But it's not clear the new $60 billion round is similarly structured.

A worker inspects imported cars at a port in Qingdao, Shandong province, China, May 23, 2018. The 25 percent tariffs that Trump imposed on imported washing machines in January quickly translated into sticker shock for shoppers.

Chinese officials know what they do not want to do.

That brings us to the second problem the Chinese face: Trump himself.

"China is not going to fundamentally change its industrial policy just because another country says: 'Do this, '" said Jia Wang, deputy director of the China Institute at the University of Alberta.

Mr Trump isn't done punishing China and has threatened to tax another US$267 billion worth of goods if China retaliates against the United States - which would mean America taxes almost everything that enters from China. Once the Chinese proved their willingness to go tit-for-tat, would Trump retaliate or rethink his strategy?

If the Chinese government follows through with its threat to retaliate Sep. As a result, China may decline Treasury Secretary Steven Mnuchin's invitation and not send a delegation, the South China Morning Post reported on September 18.

Mr Trump warned on Monday that if China takes retaliatory action against United States farmers or industries, "we will immediately pursue phase three, which is tariffs on approximately US$267 billion of additional imports". But that doesn't mean winning it would be pleasant. "Their objective is to stop this trade war". And the Chinese have a vested interest in normalizing economic activity between the two countries as fast as possible.

Beijing has tried to appear restrained by doing no more than matching Trump's penalties. America's midterm elections are less than two months away.

The new taxes will hit a broad swath of products, including billions in Chinese-made voice data receivers, computer memory modules, data processors, and accessories for office equipment such as copiers and banknote dispensers - instantly making widely used goods more expensive. If that occurs, Trump has said he will "immediately" begin the process of applying tariffs to all Chinese items entering the United States.

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