Trump's trade tariffs impact stocks, steel and manufacturing

Marco Green
December 6, 2019

"Discussions are going very well and we'll see what happens", Trump told reporters said at a meeting of North Atlantic Treaty Organisation leaders near London.

"In some ways, I like the idea of waiting until after the election for the China deal".

The president has previously suggested that China wanted to wait until after the election to negotiate a deal.

Meanwhile, China said Friday that it would exempt some United States soybeans and pork from tariffs - an attempt to inject some momentum into their ongoing trade talks, the South China Morning Post reported.

China's Commerce Ministry said on Thursday (Dec 5) that tariffs must be lowered for there to be a phase one trade agreement with the United States.

U.S. China trade talks appear to be at a standstill.

These comments, on the heels of France's threatened retaliation over potential new USA duties on French products, itself a retaliation against a proposed French "digital tax", suggested that America's hydra-headed tariff war against its major trading partners would continue to dominate markets for the foreseeable future. They have been counting on a deal to scuttle new import levies Trump is set to impose on $160 billion of Chinese goods on December 15 - and they have been betting the president would see it through in part to put the market on sounder footing heading into his re-election campaign.

The trade negotiations were further complicated after Trump signed the bill in support of Hong Kong protesters just before Thanksgiving. "I don't think it's up to if they want to make it, it's if I want to make it".

Trump has also threatened Argentina, Brazil and France with tariffs.

CBS News says, according to a U.S. Steel quarterly earnings call, selling prices for U.S. Steel were already expected to rise. Brazil, he said, is not "the only one where there are currency issues".

"There's no arbitrary deadline here ... but that fact remains December 15 is a very important date with respect to a no-go or go on tariffs", he told CNBC.

Ross added that the president is "perfectly happy" to continue with the current tariffs on Chinese goods if the right deal is not reached. Later on, France's finance minister said the European Union was ready to retaliate.

Other reports by Click Lancashire

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