Tag: Trump trade war

Trump’s Trade War Spooks Markets as White House Waits for China to Blink Image

The following article by Ana Swanson was posted on the New York Times website June 19, 2018:

Pres.Trump is threatening to impose tariffs on $450 billion of Chinese goods in order to force Beijing to change what he has called “unacceptable” trade practices. Markets fell Tuesday in response. Credit: Visual China Group, Getty Images</em

WASHINGTON — President Trump’s threat to impose tariffs on almost every Chinese product that comes into the United States intensified the possibility of a damaging trade war, sending stock markets tumbling on Tuesday and drawing a rebuke from retailers, tech companies and manufacturers.

The Trump administration remained unmoved by those concerns, with a top trade adviser, Peter Navarro, insisting that China has more to lose from a trade fight than the United States. He also declared that Mr. Trump would not allow Beijing to simply buy its way out of an economic dispute by promising to import more American goods.

“President Trump has given China every chance to change its aggressive behavior,” Mr. Navarro said in a call with reporters on Tuesday. “China does have much more to lose than we do.” Continue reading “Trump’s Trade War Spooks Markets as White House Waits for China to Blink Image”

With tariffs, Trump starts unraveling a quarter-century of U.S.-China economic ties

The following article by David J. Lynch and Emily Rauhala was posted on the Washington Post website June 15, 2018:

President Trump imposed tariffs Friday on $50 billion in ­Chinese products, signaling his willingness to unwind nearly a ­quarter-century of growing commercial links between the world’s two largest economies unless Beijing agrees to transform the way it conducts business.

The decision marked the president’s boldest step so far to implement his “America First” strategy, which he promises will shrink the $811 billion merchandise trade deficit and return lost manufacturing jobs to the United States. Continue reading “With tariffs, Trump starts unraveling a quarter-century of U.S.-China economic ties”

White House Hits China With New Tariffs, Ramping up Trade War

The following article by John T. Bennett was posted on the Roll Call website June 15, 2018:

‘This situation is no longer sustainable,’ Trump says

The White House on Friday announced it is slapping tariffs on $50 billion of Chinese goods in response to alleged intellectual property theft, another escalation in President Donald Trump’s trade-related acts against allies and rivals alike.

“This situation is no longer sustainable. China has, for example, long been engaging in several unfair practices related to the acquisition of American intellectual property and technology,” President Donald Trump said in a statement released Friday morning that formally announced 25 percent import penalties on some Chinese-made products.

Since taking office, Trump has publicly touted his relationship with Chinese President Xi Jinping in a reflection of his apparent belief that foreign policy is in large part dependent on the personal relationships between heads of state. He did the same Friday, saying his “friendship with Xi” and U.S.-China relations “are both very important to me.”

“Trade between our nations, however, has been very unfair, for a very long time,” Trump said Friday. “China has, for example, long been engaging in several unfair practices related to the acquisition of American intellectual property and technology.” Continue reading “White House Hits China With New Tariffs, Ramping up Trade War”

Trade war could wipe out gains of GOP tax law, former top Trump economic adviser say

The following article by Jeff Stein was posted on the Washington Post website June 14, 2018:

“It may be revenue positive, it may be revenue negative,” former National Economic Council Director Gary Cohn said of the tax reform law. (Washington Post Live)

An escalating trade war could wipe out the benefits of the Republican tax law passed last fall, President Trump’s former top economic adviser said Thursday.

Gary Cohn, who served as Trump’s director of the National Economic Council but left amid a rift over the president’s trade policies, said that retaliatory tariffs between countries could drive up inflation and prompt American consumers to take on more debt, possibly pushing the country into another economic downturn. Continue reading “Trade war could wipe out gains of GOP tax law, former top Trump economic adviser say”

The Trump administration’s bad defense of a trade war: At least people won’t actually die!

The following article by Aaron Blake was posted on the Washington Post website April 4, 2018:

When it comes to selling your policies, it’s best to set expectations low and hope people give you credit for exceeding them. That seems to be Commerce Secretary Wilbur Ross’s role in selling President Trump’s apparent trade war with China.

But his expectation-lowering isn’t exactly confidence-inspiring. Continue reading “The Trump administration’s bad defense of a trade war: At least people won’t actually die!”

If Trump would launch a trade war because he’s angry, what about a real war?

The following article by Aaron Blake was posted on the Washington Post website March 2, 2018:

NBC just came out with the story you knew was coming: a detailed accounting of how President Trump launched a trade war Thursday. It happened about as you might have expected, with a healthy mix of anger, improvisation and a decided lack of preparation.

The story is shocking, and it confirms basically everything we thought we knew about Trump. Nothing in it is out of character for him, but it does suggest that his tendency to fly off the handle is pretty boundless. It leads to the unmistakable question: If Trump would do this with a trade war, would he also do it with an actual war? That question is not so speculative anymore. Questions about what Trump’s temperament could portend in times of crisis are becoming increasingly real. Continue reading “If Trump would launch a trade war because he’s angry, what about a real war?”