Published: Ср, Июля 04, 2018
Markets | By Noel Gibbs

China tariffs: What's behind them, who stands to be hurt?

China tariffs: What's behind them, who stands to be hurt?

After receiving public feedback, the administration cut 515 imports from the blacklist and added 284 others. It calculated that a 25% tariff would slash an initial $13-14 billion off U.S. gross domestic product, with no predicted improvements to its own incomes.

Trump has taken particular umbrage with the trading practices of the European Union, Canada, Mexico, and China during his months-long trade battles. Traders are reacting to retaliatory events and the imposition of fresh tariffs at the end of the week.

Trump's trade policies are unpopular among US voters as well, according to a Quinnipiac University poll released Monday.

The new campaign, detailed first to Reuters, is an aggressive effort by the business lobbying giant.

Along with the tariff threats, the European Commission is also believed to have warned Trump that his behaviour could "result in yet another disregard of global law" by the U.S. and said that any auto tariffs would "damage further the reputation" of the country. Trump's 25 percent tariff on steel will hurt all American manufacturing dependent on economical steel.

Today's price action suggests bullish traders were not too shaken by the impromptu agreement between President Trump and Saudi Arabia to raise production.

Trump's views on tariffs have been a sore subject, even among fellow Republicans who have criticized Trump's imposition of steep tariffs against US allies. The EU had calculated that a 25% tariff would have an initial US$13-14 billion negative impact on U.S. gross domestic product with no improvement to its current account balance.

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European auto manufacturers in the United States export 60% of their cars, which helps the USA trade balance - a number Trump has been focused on.

By brawling with America's friends, critics say, Trump has squandered an opportunity to build a united front against China.

"We'll spare no effort, be it at the technical or political level, to prevent this from happening", a spokesman for the Commission told reporters, adding that Commission President Jean-Claude Juncker's trip to Washington later this month would seek to stop any new United States tariffs.

Trump went on to say "we also love the European Union" and point out that his parents were born within the area now encompassed by the European Union, before those countries were a part of the European Union. In May, Treasury Secretary Steven Mnuchin declared the trade war "on hold".

In 1993, the US's average tariff was 5.6%. Yet the cease-fire was short-lived.

The top White House economic adviser, Larry Kudlow, has said the two countries are "in communication" - although there's been no word of any formal negotiations. "[Jordan is] a great guy ... so it's sad for me to hear that he's denying knowing about" the allegations against Dr. Richard Strauss, said Dunyasha Yetts, who wrestled at the school between 1993 and 1994 and claims he personally told Jordan about the alleged abuse.

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