Trump's tariffs "counterproductive" to American economy, says expert — Interview

Trump's tariffs

"We are competing, and winning, with our exports to China growing nicely from zero to about 2.5 million boxes per year", said Jim Bair, CEO of the U.S. Apple Association, a trade group.

Citing the example of Europe, a potential target of the impending US tariffs and which has already announced it will respond by slapping import duties on a greater number of USA products, Kennedy believed that it could make the situation "infinitely complicated".

USA stocks ended a turbulent week with a late-day sell-off that knocked the Dow down more than 400 points and pushed it officially back into "correction" territory as fears of a looming trade war prompted nervous investors to sell.

"China doesn't hope to be in a trade war, but is not afraid of engaging in one", the Chinese commerce ministry said in a statement on Friday. It plans a 25% tariff on US pork imports and 15% tariffs on American steel pipes, fruit and wine, the statement said.

Trump also directed Treasury Secretary Steven Mnuchin to propose new investment restrictions on Chinese companies within 60 days to safeguard technologies the United States views as strategic, said senior White House economic adviser Everett Eissenstat.

Donald Trump has paved the way for a possible trade war with Economic rivals China by ratifying a decision to impose tariffs on Chinese products.

Amid concerns that cheap Chinese steel will enter the US from exempted countries, Navarro says those countries must agree to quotas on exports into the U.S. Next came steel and aluminum tariffs, prompting an outcry from trading partners and criticism that those tariffs will have only a small impact on China.

"An worldwide trade war is in no one's interest".

In a ramping up of his America First ethos, Trump Thursday said he had ordered tariffs on $50 billion of Chinese imports as recompense for alleged intellectual property abuses.

By contrast, investors are signaling a bad outcome: Stock markets tanked after Mr. Trump outlined the trade measures.

Trump's actions fulfil his campaign pledge to demand fairer trade deals with countries and to retaliate against trading partners if the U.S. does not secure better agreements.

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According to a statement from the government, the tariffs would apply to about $3 billion of goods annually.

In the interview, Cui reiterated the Chinese position that the nation doesn't want a trade war but is prepared to respond if the situation escalates.

Over all, United States farmers shipped almost $20 billion of goods to China in 2017.

Senior White House economic advisor Everett Eissenstat said the new duties would target sectors where "China has sought to acquire an advantage through the unfair acquisition or forced technology transfer from U.S. companies".

Many U.S. politicians have been pushing for the United States to take a harder line in its dealings with China, particularly President Donald Trump and his fellow Republicans, but also many Democrats.

Those numbers are likely to go up, as China doubles down on policies that could lead to the acquisition of foreign technology and information - like the controversial new cybersecurity law that went into effect a year ago.

"The larger part of China's strategy, though, is to position itself as the good guy in the global economy, protecting the rules of the game from Trump's lawless attacks", he said.

The proposed tariffs include a 15 percent levy on fresh fruit, nuts and wine valued at $1 billion.

In the past, the Chinese government has succeeded in blunting American complaints about its trade policies - and over the giant trade imbalance between the two countries - by enlisting the support of big business in the USA to head off calls for punitive measures while making relatively small concessions and dangling the prospect of further action.

The list announced today was linked to Trump's steel and aluminum tariffs, but companies already were looking ahead to a battle over complaints Beijing steals or forces companies to hand over technology. "It also demonstrated that the worldwide community is concerned about the recklessness and danger of US policies and actions". "China should first take measures to deal a blow to the industries in US states that helped Trump win the 2016 presidential election and those states whose political leaders are still backing him in this year's midterm election".

In announcing exemptions for the European Union, Argentina, Australia, South Korea and Brazil, the Trump administration has effectively narrowed the countries that it is targeting with its protectionist trade policies.

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