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07 Abril 2018, 03:27 | Crisanna Felipe
China takes US to WTO over trade tariff plan
While officials from the world's two largest economies had sought to calm markets by showing a willingness to negotiate, U.S. President Donald Trump on Thursday ordered his administration to consider tariffs on an additional $100 billion in Chinese imports. US Treasury Secretary Steven Mnuchin said in January that he welcomed a weaker currency, Trump said he wanted to see a strong dollar, and then Kudlow in March said he would like the greenback a "wee bit stronger than it is now".
The tit-for-tat tariffs raise the possibility of the two countries spiralling into a trade war that could undermine global growth.
"You have to go after the people who aren't treating you right", Trump said. "A further escalation in trade tensions will weigh on investor sentiment and likely lead to more financial market volatility in the coming months".
Trump labelled the response from Beijing as an "unfair retaliation" at a time when the U.S. has had problems with China allegedly stealing the intellectual property of American companies looking to do business there.
The Taiwan-based scholar pointed out that attitude in the worldwide community is also very different on the US-China trade dispute, compared to the overwhelming support Trump received in isolating North Korea. "President Trump is the solution", said Kudlow.
On Thursday evening, Trump requested tariffs on another $100 billion worth of Chinese goods, further fuelling the trade war. It could meddle with USA supply chains by disrupting shipments from Chinese factories to American companies.
Earlier this month, China announced tariffs on $3bn of USA goods such as pork and wine in retaliation for the steel and aluminium tariffs imposed last month by Trump. The Dow Jones Industrial Average was down 572 points at the close - a drop of 2.3% - in NY, as investors reacted to renewed hostilities and disappointing United States jobs figures.
President Donald Trump has instructed the US trade representative to consider slapping $100 billion in additional tariffs on Chinese goods.
China retaliated by imposing additional tariffs worth about United States dollars three billion on 128 USA products. White House press secretary Sarah Huckabee Sanders said the two sides remained in "routine contact". "We don't want a trade war but we aren't afraid of fighting one", the Chinese Ministry of Commerce said in a statement.
China has proposed tariffs of $50 billion on US products that will squeeze apple growers in Washington, soybean farmers in IN and winemakers in California. "We can't afford to give up our technology", Kudlow said Friday.
In his statement, Mr Trump said the US Trade Representative had determined that China "has repeatedly engaged in practices to unfairly obtain America's intellectual property".
But, he said, "at the end of the day, China's unfair and illegal trading actions are damaging to economic growth, for the USA, for China and for the rest of the world". He said the USA could still hammer out a deal with Beijing, in part by persuading other major economies to call out the Asian nation for unfair trading practices.
Still, economists say many companies might try to pass their extra costs from the tariffs onto consumers. John Thune, the Senate's No. 3 Republican, in an interview with KDLT-TV in Sioux Falls.
A surge in USA crude exports has helped drain inventories and prop up oil prices, which are still recovering from the biggest crash in a generation after a global glut wreaked havoc on the market.
Thursday night, Trump fired back against China's announcement of $50 billion in tariffs, calling them "unfair retaliation".
The spokesman complained that after Beijing issued a "resolute response" to Trump's $50 billion list of Chinese goods for higher duties issued this week, the American president responded by threatening still more increases.
"The United States thought that it would be cheaper to engage in protectionism and it was a miscalculation", he said, according to comments posted on the Chinese foreign ministry's website.
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