Trump Hits China With More Tariffs On Sunday
- Author: Delia Davidson Sep 04, 2019,
Sep 04, 2019, 0:28
China, meanwhile, has put additional tariffs on some of the $75 billion in USA goods it listed last month for retaliatory measures, including a 5% on United States crude oil.
He urged Trump to postpone the new tariffs that went into effect to give both sides time to reach an agreement.
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Global stock prices fell on Monday after the United States and China imposed new tariffs on each other's goods, reinforcing investors' worries over slowing global growth, with no clear end in sight for the trade war. A group of footwear companies, including Nike and Converse, sent a letter to Trump on Wednesday asking him to cancel the tariffs, arguing they "will also mean these massive tax increases hit tens of millions of Americans when they purchase shoes during the holiday season". Consumer spending grew last quarter at its fastest pace in five years, but the overall economy expanded at a modest 2 percent annual rate, down from a 3.1 percent rate in the first three months of the year.
Charlene Barshefsky, the USA trade representative at the talks, was none too optimistic until Zhu intervened that morning to agree on three Chinese concessions. China's National Narcotics Laboratory has spent almost 6 million yuan (US$846,450) on research including fentanyl-related substance testing, and at least 616 million yuan will be invested to develop five subordinate narcotic laboratories across the country.
The latest tariff actions violated the consensus reached by leaders of China and the US in a gathering in Osaka, the Commerce Ministry stated in the statement.
"China has taken the unilateral decision to adopt aggressive industrial policy measures to steal or otherwise unfairly acquire the technology of its trading partners; the United States has adopted tariff measures to try to obtain the elimination of China's unfair and distortive technology-transfer policies", it said.
China's Ministry of Commerce said that the new round of US tariffs will not be conducive to beneficial trade talks.
"Under the current situation, we think the problem that should be discussed is the cancellation of tariffs on $550 billion worth of Chinese exports, to prevent further escalation of the trade war", spokesman for the Ministry of Commerce, Gao Feng, said during a press conference Thursday, according to a CNBC translation of his Mandarin-language remarks. Its target list strikes at the heart of Trump's political support - factories and farms across the Midwest and South at a time when the USA economy is showing signs of slowing down.Another issue that "Washington's trade hardliners need to stop denying is that their trade war is hurting the American people and businesses", according to the Xinhua commentary. Tariffs of 15% on cellphones, laptop computers, toys and clothing are to take effect on December 15. The AFL-CIO is the largest federation of unions in the US."It has to address currency rebalancing, it has to have a long-term slant to good jobs in this country".