Trump regrets not raising tariffs on China higher: White House

Marco Green
August 25, 2019

Trump on Friday increased existing and planned tariffs on a total of $ 550 billion in Chinese goods, in response to new tit-for-tat levy hikes announced earlier that day by Beijing on $ 75 billion of U.S. imports.

However, trading conditions changed abruptly when China announced it will impose new tariffs on $75 billion worth of USA goods and resume duties on American autos.

Stock markets in the United States fell following news of China's tariffs but then recovered, only to fall again in response to Trump's tweets.

The moves were the latest round in a tit-for-tat trade war between the world's two largest economies that has damaged global growth, upset allies, and raised market fears that the world economy will tip into a recession.

China will fight back against the latest U.S. step to increase tariffs on Chinese goods, the ruling Communist Party's People's Daily said today amid an escalating trade war between the world's two largest economies.

He also said he'll increase tariffs on another 300 billion dollars in Chinese imports from 10 percent to 15 percent.

On Saturday, Vladeck again weighed in, tweeting: "One of the enduring phenomena of the Trump era is going to be the list of statutes that give far too much power to the President, but that many didn't used to worry about-assuming there'd be political safeguards".

The president turned into joined by National Security Adviser John Bolton, U.S. Trade Representative Robert Lighthizer, performing White House Chief of Crew Mick Mulvaney, his top economic adviser Larry Kudlow, his son-in-regulations and adviser Jared Kushner, White House social media director Dan Scavino, and U.S. Ambassador to France Jamie McCourt.

China will impose tariffs on $75 billion worth of US goods, including cars, soybeans and oil.

The president, who criticized the extinct high minister's going via of Brexit, acknowledged that he had no advice for Johnson. Like Trump's, the Chinese tariffs will be imposed in two batches - first on September 1 and then on December 15. In advance of their meeting, Johnson warned Trump that his trade war was "not the way to proceed", and risked pushing the global economy into a downturn.

"I want to see a dialling down of tensions and I want to see tariffs come off", he said.

Late Friday night, Trump told reporters at the White House: "I have no choice".

Trump made no further mention of his order when he announced new tariffs Friday afternoon.

"When these tariffs were initially imposed by China in 2017, American exports of finished vehicles dropped by 50 per cent", said John Bozzella, who represents auto manufacturers.

The president questioned whether Federal Reserve chairman Jerome Powell was a greater "enemy" than China's leader Xi Jinping.

"In response to the measures by the U.S., China was forced to take countermeasures", the state council said in a statement.

He acknowledged he has no concerns about the market's reactions to his tariffs on China, and that he's been getting praise and compliments from other leaders about the American economy.

Trump's initial tweets on the topic were fired off Friday morning; he railed, as he often does, against China for taking advantage of America's trade policies.

China was the largest goods supplier to the United States in 2018, with good imports totaling $539.5 billion previous year, according to the Office of the United States Trade Representative.

Other reports by Click Lancashire

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