Economy

China 'underestimated' Trump, a key adviser says

China 'underestimated' Trump, a key adviser says

US President Donald Trump said late on Monday he had directed US Trade Representative Robert Lighthizer to target $ 200 billion worth of Chinese imports for a 10 per cent levy, citing China's "unacceptable" move to raise its own tariffs.

These tariffs are not set to come into effect until July 1, as consultation on the final list ended late last week. Meant in part to ease the effects of the Depression by protecting American industry and agriculture from foreign competition, the act instead helped prolong the downturn.

The president says, "We have to change our ways".

ENERGY: Benchmark U.S. crude lost 88 cents to $64.97 per barrel in electronic trading on the New York Mercantile Exchange.

"Trump's view that bullying and threats will advance United States long-term economic interests seems set to encounter a harsh dose of realism", said Eswar Prasad, professor of trade policy at Cornell University.

Tariffs on other U.S. goods will be announced at a later date, the Xinhua news agency reported.

In a meeting at the White House last month with the president and his top economic advisor Lawrence Kudlow, Cook told the pair that tariffs placed on Chinese imports were like a tax on US consumers. "Again and again the US has been provoking a trade war".

Being tough with China plays well with many of President Trump's supporters, actual and potential, at a time when he is looking ahead to the Congressional elections in November.

And U.S. companies have an increasingly sizable stake in the fast-growing Chinese market.

But it is Intel's $12.5 billion revenue from the United States that is at risk.

More news: ICC Releases New FTP; Includes Test Championship and ODI League

"We will be using that feedback to modify the list", she said.

Asked whether the trade war has begun, Geng said, "China will not ignite a trade war, yet we are not afraid of it".

Lee acknowledged the outpouring of support for the federal government's approach, but he said Canada is "absolutely dependent" on cross-border trade. Manufacturing iPhones involves nine companies, located across South Korea, Japan, Germany and the USA, and these companies ship the iPhone components to a company located in China, for assembly into final products and then exported to the United States and the rest of the world. Cresset's Ablin said Trump may be willing to suffer near-term pain in commodities in a spat that is "less about soybeans and more about intellectual property".

"You see what's happening with China".

So it's no surprise that the massive tariffs President Donald Trump has threatened and China's response could lead to a trade war that would cripple the iPhone company, and Apple CEO Tim Cook has been working behind the scenes with both governments to make sure it stays out of the crossfire.

In total, Trump has now threatened up to $450 billion United States in Chinese imports with tariffs, including another $200 billion U.S. in Chinese goods if Beijing retaliates after the step Trump announced on Monday. Earlier this month the Trump administration announced a deal with ZTE, but Senate leaders have sought to reverse it.

"I think this is really a geopolitical struggle for dominance for the next quarter century".

The US, the world's largest economy, has a trade deficit of $376 billion with China, the world's second largest economy.

As for Trump's shoe smuggling accusation, the Footwear Distributors and Retailers of America tweeted directly to Prime Minister Justin Trudeau Tuesday saying Canadians are welcome to keep buying shoes across the border. They scuff them up.


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