Trump planning new tariff crackdown on China

Trump planning new tariff crackdown on China

Trump planning new tariff crackdown on China

German Chancellor Angela Merkel says she's counting on talks to resolve the trade dispute, but "can't predict whether we will succeed or not succeed". "Right at the time we need to work together as the liberal democracies of this world to curb unfair trade practices of China and others, we are divided".

Trump has said that the tariffs are necessary on national security grounds, but Malmstrom insisted this is a ruse: "We suspect that the USA move is effectively not based on security considerations but an economic safeguard measure in disguise".

Last Wednesday, Trump tweeted that China had been asked to develop a plan to reduce its trade imbalance with the United States by $1 billion, but the spokeswoman said Trump had meant to say $100 billion.

US Trade Representative Robert Lighthizer proposed a package of $30 billion in tariffs but Trump instructed Lighthizer to go higher, Politico reported. It was evident in the European Union legislature in Strasbourg, France, where parties of just about all persuasions lined up to criticize the USA plans.

The euro slipped 0.2% against the dollar, inching off an overnight one-month high after European Central Bank (ECB) president Mario Draghi said the ECB needed more evidence that inflation was rising towards its target.

The tariffs announced by the Trump administration last week on steel and aluminum are viewed as relatively insignificant in terms of imports and exports.

The heightened possibility of a trade war and Tillerson's departure reduced investor risk appetite, even as US inflation data released on Tuesday showed an annual core inflation of 1.8 percent, which met expectations and would have likely increased risk appetite under a different political climate.

"He's serious about calling their hand on this, and my understanding is they are looking at a broad array of options to do that", Brady said.

Shortly after Trump took office, the Information Technology & Innovation Foundation, a United States technology think tank whose board includes representatives from top companies such as Apple, Amazon, Cisco, Google, and Intel, called for coordinated worldwide pressure on Beijing.

"China's biggest worry has always been joint push-back from its major Western trading partners", the diplomat said.

His departure brings to 35 the number of senior Trump administration officials who have left, Citi estimates.

A European Commission source told the News that no formal meetings have been scheduled, but contact with the multiple levels is expected this week to get more information on exclusions.