Published: Thu, June 21, 2018
Markets | By Noel Gibbs

China may have 'underestimated' Trump's resolve

China may have 'underestimated' Trump's resolve

The New York Times reported the deal Monday, citing a source familiar with the negotiations.

"China apparently has no intention of changing its unfair practices related to the acquisition of American intellectual property and technology", Trump said.

Baker says that if China were really determined to strike back at the United States, it would employ what he describes as the "nuclear option" of totally disregarding American companies' intellectual property rights.

"If the US side becomes irrational and issues the list, China will have to adopt comprehensive measures in quantity and quality in order to make strong countermeasures", said the statement.

Trump said that could result in another round of tariffs, which would all together threaten $450 billion worth of Chinese goods. Navarro explained it's just a trade conflict, . adding that President Trump has a close personal relationship with his Chinese counterpart. Those are set to take effect next month.

Although Mr. Trump's audience applauded his comments on tariffs at the annual National Federation of Independent Business conference, the renewed trade hostilities between Washington and Beijing are spooking many sectors of the USA economy, from Wall Street to the agricultural heartland.

"President Trump has a great relationship with President Xi" Jinping of China.

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The US president said the tariffs would be imposed if China "refuses to change its practices".

But Wall Street has viewed the escalating trade tensions with wariness, fearful they could strangle the economic growth achieved during Trump's watch.

Trump is moving forward with the trade measures after months of sometimes fraught shuttle diplomacy in which Chinese offers to purchase more American goods failed to assuage his grievances over a widening trade imbalance and China's aggressive industrial development policies.

Trump's latest comments came hours after US Secretary of State Mike Pompeo accused China of engaging in "predatory economics".

"Given the size of China's economy, the demonstrable extent of its market-distorting policies, and China's stated intent to dominate the industries of the future, China's acts, policies, and practices of economic aggression now targeting the technologies and [intellectual property] of the world threaten not only the US economy but also the global innovation system as a whole", the report concluded.

"Dairy", Trump said. "Dairy, 275 per cent tariff".

"A pending trade war and a sell-off in global equities is benefiting the yen and dollar", said John Doyle, vice president of dealing and trading at Tempus Washington.

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One of the most important reasons - China is united, it said. "It's an unprecedented level of larceny".

"These are the future of the world and of America and China can not have 70 per cent of production of these industries by 2025", he added, referring to a Chinese industrial development plan denounced by Washington.

The intensifying trade row is threatening to put more pressure on the already cooling Chinese economy, risking an end to a rare spell of synchronised global expansion.

But Beijing's mention of "comprehensive measures" suggests that it would go beyond tariffs, said Jake Parker of the U.S.

Following Trump's announcement, China rolled out retaliatory tariffs on $50 billion worth of USA goods and promised to stand firm against the US's actions.

"I reminded him that's not fair competition, " Pompeo said.

This move from President Trump could be counted as a countermeasure to China's decision to raise tariffs about $50 Billion on U.S products.

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Mr Trump also has slapped tariffs on steel and aluminium imports from Canada, Mexico and European allies.

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