Why Trump Thinks 'Tariffs Are a Beautiful Thing'

Nellie Chapman
June 13, 2019

Donald Trump has approved tariffs as high as 25% on $200 billion worth of Chinese exports to the United States citing that the balance to trade is tilted in favor of China. "My deadline is what's up here?"

"I have no deadline".

President Trump is expected to discuss the trade dispute with Xi when they meet in Japan at the end of the month.

Wall Street ended its six-day winning streak as investors chose to take a breather - with no fresh catalyst to spur the market, but plenty of risks from the US-China trade war still ahead. If they want to come back to the table and complete the deal on the terms that we were continuing to negotiate, that will be great.

Chinese Foreign Ministry spokesman Geng Shuang said on Tuesday that China is "not afraid of fighting a trade war". "And we're either going to do a great deal with China or we're not doing a deal at all". "We think we'll meet with him at the G20". He said yesterday that China would "fight to the end" if Washington escalates trade fictions.

Almost a year after Trump began imposing the higher tariffs to ramp up pressure on Beijing, hopes are focused on a possible top-level compromise to break a stalemate in talks that were suspended last month.

Those collapsed last month after Trump accused China of reneging on parts of the agreement, leading to an increase in tariffs and stronger actions against Huawei.

"And China will, in my opinion, based on a lot of facts and a lot of knowledge, China is going to make a deal because they're going to have to make a deal", he said.

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Trump wants China to commit to curbing its longstanding, huge trade surplus with the U.S. The conflict also reflects deeper concerns over China's ambitions to help its own industries gain a lead in key technologies such as robotics and artificial intelligence.

If Trump decides to put tariffs on Mexican imports, he said the USA would benefit. Now, China is a serious threat-and it's President Donald Trump's fault.

White House economic adviser Larry Kudlow told CNBC on yesterday that Trump is hoping to "pick up where we left off" in the talks with Xi.

Trump made clear in an interview with CNBC his frustration with a system that provides political independence for America's central bank - something most economists see as vital to its credibility.

Last week, Commerce Secretary Wilbur Ross boasted figures that show the trade deficit with China dropped by $22.9 billion in the first quarter of 2019.

Chinese authorities say the United States is exaggerating security concerns to block a potential competitor.

The US-China tension has gone beyond tariffs.

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