Trump Trade Adviser Doesn't Know About iPhone Trade Exemption

Trump Trade Adviser Doesn't Know About iPhone Trade Exemption

Trump Trade Adviser Doesn't Know About iPhone Trade Exemption

"These actions cause the U.S. to lose credibility in the world's eyes, and harm the interests of USA and Chinese people and companies".

Trump's proposed new tariffs would amount to the latest round of punitive steps in an escalating rift between the world's two largest economies. "We can no longer be the stupid country", Trump said.

Navarro also indicated that no trade talks with China were planned but said the administration was willing to hold discussions.

Trump today announced tariffs of 25 percent targeting Dollars 50 billion (43 billion euros) in Chinese imports from "industrially significant" technologies, making good on a pledge to punish the alleged theft of American intellectual property.

Steel stocks turned in some of the market's worst performances on the day, as traders anxious about the potential impact of a trade war between the US and China.

On Tuesday, U.S. President Donald Trump expanded his plan to impose tariffs on Chinese goods, increasing the stakes in an emerging trade war with Beijing.

The Trump administration on June 15 said that it will impose a 25 per cent tariff on $50 billion of Chinese exports.

Combined, the potential tariffs on Beijing could reach $450 billion - an amount equal to 89 percent of Chinese goods imported to the United States a year ago. Meant in part to ease the effects of the Depression by protecting American industry and agriculture from foreign competition, the act instead helped prolong the downturn.

Initially, 545 U.S. products valued at $34 billion will be targeted by China, mimicking the Trump administration's tariff rollout.

The president asserted in a statement Monday night that China is determined "to keep the United States at a permanent and unfair disadvantage". "Rather than altering those practices, it is now threatening United States companies, workers, and farmers who have done nothing wrong", he said. In pre-market trading on Tuesday, the Dow tanked over 350 points after Chinese stocks experienced a similar plunge. With concerns growing on Wall Street, the Dow Jones industrial average closed down almost 300 points - more than 1 percent - on its sixth straight losing day.

House of Lords rejects UK PM May's Brexit plan on 'meaningful vote'
The amendment drawn by the United Kingdom government speaks of merely an advisory rather than a meaningful vote. Pro-EU Tories were quick to voice their anger.

"When you get in a fight with your biggest buyer of agriculture, and the world's largest soybean buyer (China), even if (it) were to buy 20 percent less, it's a big deal", said Dan Basse, president of Chicago-based consultancy AgResource Co. Boeing's stock shed 3.6 percent, Caterpillar 3.7 percent and GE 1.7 percent.

The Chinese Commerce Ministry reacted quickly to Trump's announcement, calling it "blackmail" and accused the USA of "extreme pressure and extortionist behaviour".

"If the U.S. acts irrationally and issues a list, China will have no choice but to take comprehensive measures of a corresponding number and quality and take strong, powerful countermeasures", the ministry said.

In addition, he warned, he would seek tariffs on yet another $200 billion in Chinese goods if Beijing increased its tariffs again.

Analysts say the direct impact of the tariffs may be limited, especially for the US economy, which is in strong shape.

Washington rescinded a ban on sales of USA technology to ZTE after the company agreed to pay a $1 billion fine and hire American-picked compliance managers.

The tariffs would start to slow USA growth, economists warn.

US crude fell 1.15 percent to $65.09 per barrel and Brent was last at $75.10, down 0.32 percent.

It was not immediately clear when the new tariffs could be put in place, as the trade office has yet to identify the Chinese goods to be penalised or conduct a legal review.

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