Trump accuses China of vote meddling

Pauline Gross
September 23, 2018

"We are concerned about the impact on USA suppliers, consumers and manufacturers, " said Walmart spokesman Randy Hargrove in a statement.

The Global Times tabloid, which is affiliated to the People's Daily, said the trade war was a chance to pursue greater global recognition of its financial markets. The yuan is down about 8 percent since Trump ordered tariffs.

And he added that for months the US has urged China to change these unfair practices, and give fair and reciprocal treatment to American companies.

In brief: With the US/China trade war now in full swing, we're starting to see more repercussions.

Though it supports the imposition of tariffs on specific goods, Mema said the widespread approach of applying $200 billion worth of tariffs would hurt U.S. companies, put jobs at risk and negatively impact consumers.

"This has become a kind of USA routine", he said.

The US also accuses China of seeking global industrial dominance through industrial espionage and through forced transfers of technology from foreign companies; state-sponsored corporate acquisitions; illicit market interventions; subsidies and dumping. (It's the importer who pays the tariffs.) The same goes for USA exports to China, which are only one-sixth of total American exports.

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Moreover, owing to their strained relations with Trump, some US media outlets could turn Sino-US trade and economic ties into a US domestic political topic, further complicating Sino-US trade ties.

Trump officials perceived the offers from Beijing-largely involving more Chinese purchases of U.S. agricultural and other products-as inadequate in addressing the White House's demand for a fairer playing field for American businesses in China. In response, both the USA and China threatened to further increase tariffs on each other's key exports.

China still has a higher average tariff rate than many developed economies. In its negotiation with Mexico and Canada on the North American Free Trade Agreement, the Trump administration forced Mexico into submission and grant concessions to the U.S., but it failed to pressure Canada into making similar concessions. In the end, he calculates, some short-term pain will lead to new trade policies and accords that will prove more favorable to American companies and individuals.

Altogether, Arkansas exports to China support 8,600 U.S.jobs, the council said.

That means the USTR will start work on Mr. Trump's previous threats to impose tariffs on all of the remaining imported goods from China, the U.S.'s biggest trading partner past year.

China's leadership is in a hard position, said Eswar Prasad, professor of trade policy at Cornell University. Beijing has already unveiled measures to shield itself against the trade war, including infrastructure spending and looser bank capital requirements. The US also has begun a $12bn programme to bail out farmers hurt by China's and other countries' retaliatory tariffs on US exports of soybeans, corn and other crops.

Trump said the U.S. has become a "piggy bank" to the world "ripped off by everyone". Despite this, the mood among many manufacturers at the fair remained upbeat. In economic policy, a posture of cooperation with China is likely to be more productive for both sides than one of escalating confrontation. We have given them such wealth.

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