Trump Threatens China With $100 Billion In Additional Trade Penalties

Specialists Robert Tuccillo left and Matthew Greiner work at their post on the floor of the New York Stock Exchange Friday

The US Department of Agriculture (USDA) is looking for ways to shield farmers from the growing trade conflict between the United States and China, a department official said on Thursday night, without providing details of options under review.

"The easiest thing for me to do would be just to close my eyes and forget it", he said during a Friday morning radio interview. But he added, "We're going to have a much stronger country when we're finished".

The Dow Jones Industrial Average fell 345.64 points, or 1.41 percent, to 24,159.58.

Trump announces via a prepared statement that he has instructed his officials to draft up an additional $100 billion in tariffs for Chinese goods.

The President has announced plans for another $100 billion in tariffs targeting goods imported from China yesterday.

Trump showed no sign of backing down after the USA on Tuesday threatened to impose tariffs on $50 billion in imports from the Asian country for alleged violations of intellectual-property rights.

A more direct example comes from Trump's recent tariffs on steel and aluminum imports. People are surprised, I'm not!

While footwear and apparel walked away mostly unscathed when the Trump administration this week released a list of China imports it would target with $50 billion in tariffs, the FDRA said the latest round of proposed levies means that footwear is back in contention for tariff increases.

When the European Union was trying earlier this year to avoid US tariffs, its leaders threatened to strike back by targeting American products including cranberries, orange juice, whiskey and tobacco.

The trade showdown between Washington and Beijing has rattled investors and fueled market fears that the dispute could soon spiral into a full-blown trade war.

Earlier, Trump had suggested to an audience in West Virginia that an all-out trade war might be avoided. "None of this supports growth and employment".

"Neither Trump nor Trade Representative Robert Lighthizer immediately ordered tariffs". The administration later stressed that any additional tariffs first would be subject to a 60-day public comment period.

Another increase in trade tensions has stocks reversing course and falling again Friday morning as the U.S. considers an eve
Trump Threatens China With $100 Billion In Additional Trade Penalties

Aluminum prices are down since the tariffs on steel and aluminum imports, announced last month, went into effect.

"If the U.S. side disregards opposition from China and the worldwide community and insists on carrying out unilateralism and trade protectionism, the Chinese side will take them on until the end at any cost", the commerce ministry said in a statement on its website.

In a separate development, China seeks consultations with the United States through the World Trade Organization's dispute settlement process - a mechanism in which Trump does so far not appear interested to engage. "This is business", Navarro said. So far this week the dollar is up 1 per cent versus the Japanese currency, hitting its best level since late February, despite growing US-China trade tensions.

Meanwhile, as Undercurrent News recently reported, the United States imported seafood from China worth $2.6bn in 2017.

China could also take another page out of the playbook it used on South Korea by making life hard for big USA companies operating in its territory.

"This is what a trade war looks like, and what we have warned against from the start".

Trump struck a defiant tone during a speech in West Virginia yesterday, saying it was time to stop China from "taking advantage" of America. But we have to get this straightened out. "We have to have some balance". Global financial markets had fallen sharply as the world's two biggest economies squared off over Beijing's aggressive trade tactics.

"President Trump is a very different kind of president".

Trump's moves are reverberating beyond US-China ties. We need to have worldwide cooperation wherever there is a problem.

US imposes anti-dumping and countervailing duties on aluminum foil from China after concluding that the country's producers are receiving unfair subsidies and dumping the product in the American market.

Both Trump and Xi have to weigh the political costs of a trade war.

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