Published: Tue, April 10, 2018
Global News | By Stacy Ballard

Trump complains of "STUPID TRADE" with China

Trump complains of

"That requires a real strategy and positive trade agenda, which is why the U.S. should rejoin the TPP", he said.

"China will take down its Trade Barriers because it is the right thing to do", he tweeted to his 50 million followers on Sunday.

"The recent Cabinet re-shuffle indicates a circle of presidential advisors who closely adhere to Trump's world view, raising the risks of an all-out trade war", the note added.

Oil prices fell about 2 percent on Friday after U.S. President Donald Trump threatened new tariffs on China, reigniting fears of a trade war between the world's two largest economies.

Administration officials defended the president's approach on Sunday, presenting the tariffs as part of a long-term strategy for growth and reiterating that a trade war can be averted. "We have a common objective to make sure that we reduce the trade deficit and President Trump is prepared to defend USA interests".

Trump hasn't explained why, amid a week of economic saber-rattling between the two countries that shook global markets, he feels confident a deal can be made.

The latest escalation comes after the US on Tuesday said it would impose 25 percent duties on $50 billion of imports from China, and China quickly retaliated by listing $50 billion of products that it could hit with its own 25 percent tariffs.

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"The argument can be: 'How do we not respond, if America is placing tariffs on us?"'

The Trump administration also is pushing for a crackdown on what it says is China's theft of USA intellectual property.

China has pledged to "counterattack with great strength" if Trump decides to follow through on his latest threat to impose tariffs on an additional $100 billion in Chinese goods - after an earlier announcement that targeted $50 billion.

The US bought more than $500 billion in goods from China previous year and now is planning or considering penalties on some $150 billion of those imports.

Trump's top economic adviser, Larry Kudlow, said Friday, "Blame China, don't blame Trump", for any trade fight.

"This is a just a proposed idea which will be vetted by" the US Trade Representative, Kudlow told reporters at the White House.

In China, some observers held out hope that the two countries were headed toward negotiations and noted that despite Beijing's tough talk, it likely does not want the country's export-driven economy to be hit by punishing tariffs.

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So far, only the tariffs on steel and aluminum have taken effect. "We're moving forward in a measured way", he said on NBC's "Meet the Press".

China retaliated by unveiling planned levies on $50 billion worth of major United States exports including soybeans, cars and small aircraft.

Congressman Don Bacon accused China of stealing the intellectual property and trade secrets of U.S. companies, while dumping cheap products into the American market for too long. "China's behavior, it's 20 years now, it's more than unfair trade practices".

Further escalation could be in the offing.

"We can't allow China, which is a first-world country now and has to play by the rules, to steal our technology".

On Sunday, the state People's Daily newspaper sought to tap into concern among some U.S. business leaders over the impact of Washington's planned tariffs.

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