April 21, 2018

Trump sure China will drop 'unfair' tariffs

09 April 2018, 04:38 | Rufus Hill

Oil pumping facilities are seen at Venezuela's western Maracaibo lake in Venezuela

Oil pumping facilities are seen at Venezuela's western Maracaibo lake

"The suffering from a trade war will stimulate China to ... innovate, which may offer a chance for China to more quickly narrow the gap in national power with the United States", it said. "Great future for both countries!"

"For example, the Boston lobsters are popular in China with the price now nearly three times what it was 2012", he said.

The two countries have threatened each other with tens of billions of dollars' worth of tariffs in recent days and Chinese officials have said this is not the time for negotiations.

Talks of a trade war started doing the rounds when earlier this month, US President Donald Trump declared that he will impose tariffs on steel and aluminum imports, dramatically raising the possibility of a trade showdown with China and other key trading partners, including European Union (EU) and India. "But we need to do so in a way that we do not spark a trade war".

Officials tried to downplay the threat of a trade war, but sent a mixed message on when tariffs against China would be implemented.


China expresses "strong dissatisfaction" over the decision, adding that it "aggravates the global trade environment". China in recent days has pledged retaliatory tariffs that would hit politically sensitive USA regions and vowed to fight "to the end, and at any cost".

Gains in USA equities prices since Trump was inaugurated - which Trump, along with his family and members of his administration have regularly claimed credit for - have eroded since late January, and trade tensions have been behind some of the reversal.

"China will take down its Trade Barriers because it is the right thing to do", Trump said.

The ministry said it had plans for a 25 percent tariff on USA pork imports and recycled aluminium, and a 15 percent tariff on United States steel pipes, fruit and wine.

China's state media has sharply criticized the United States, saying its trade protectionism actions will end in defeat.

The U.S. bought more than $500 billion in goods from China a year ago and now is planning or considering penalties on some $150 billion of those imports. "China's behavior, it's 20 years now, it's more than unfair trade practices". "Unfortunately, previous presidents, Democrat and Republican, just stood by as China did what it did to us". Virginia-based Smithfield Foods, the world's biggest pork producer, will likely be hit hard.

Trump's message came as United States and China are teetering on the brink of trade war and the Chinese side is putting a tough face.

U.S. Rep. Joe Crowley, D-N.Y., told Fox News Sunday he doesn't oppose tariffs on China, but Trump's approach looks like "chaos", and has "left a lot of Americans with uncertainty". He declined to comment on the progress of any back-channel talks with Beijing.

Trump upped the ante last Thursday by threatening to put $100 billion duty on more Chinese imports.

The comments follow a week of rising tensions on trade, punctuated by the president's surprise order late on Thursday that the USA identify additional Chinese goods to target and Beijing's immediate vow that it won't back down.

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