Trump escalates trade war with China

Financial Markets Wall Street Download Comp Tag as... Cancel Apply Back to search results1of50,610 results FINANCIAL MARKETS WALL STREET Overview Download now Market maker Thomas Brown follows stock prices at the New York Stock Exchange Monday May 13

China retaliated on Monday with higher tariffs on a revised list of US$60 billion worth of United States products.

Goods that will be affected by the 25% rate include liquefied natural gas (LNG), soy and peanut oil, petrochemicals and frozen vegetables, as well as cosmetic products.

President Xi Jinping faces failure to meet the Communist Party's long-term growth target of doubling 2010 gross domestic product by next year on the back of the hit from Trump's new tariffs, according to a survey of economists. "Hopefully, these tactics will lead us to that day".

"What I think China wants is to be able to say that they'll agree to all sorts of structural equality, but since all of this started actually no laws or documentation have been done-none at all". The energy and utilities sector saw 9.5% growth.

"Hopefully China will do us the honor of continuing to buy our great farm product, the best, but if not your Country will be making up the difference", he wrote in post addressing USA farmers directly.

"Trump embarrasses the Chinese publicly", Bremmer said.

U.S. Trade Representative Robert Lighthizer met with Canadian Foreign Minister Chrystia Freeland in Washington on Wednesday to discuss the tariffs and other issues related to the U.S. -Mexico Canada Agreement (USMCA), which replaced NAFTA. "You can also buy from a non-Tariffed country instead of China", he continued.

"It's more than a little squabble, Kennedy".

"The United States has legitimate grounds to be upset with the Chinese", said Mark Zandi, chief economist at Moody's Analytics.

Securing long-term contracts in Asian markets has been a longtime goal of supporters of a proposed gas pipeline that would connect the North Slope to planned LNG export facilities across the state.

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"We made the case as we have been doing for some time that the best outcome for both Canadians and Americans would be to lift those tariffs and to have free trade between our two countries who have this fantastic trading relationship in place", Freeland said.

While Alaska has struggled for years to get the massive gas project underway, Murkowski said the administration's tariffs on steel and aluminum would only add to construction costs. Trump wrote that Beijing "had a great deal, nearly completed, & you backed out!" "It's tough to make it pencil out".

"Let's be blunt: it's a tax on the American consumer and the American manufacturer. who's paying about $1.4 billion a month in new tariffs", Democratic Senator Chris Coons said in an interview with MSNBC on Tuesday.

"They'll be planting", he said. When Chuck Schumer is tweeting support for Donald Trump, it's time to cut a deal. "But I do believe Trump is onto something in renegotiating trade agreements with people who have been eating our lunch".

The Pennsylvania Republican added that "the jury is still out" on whether an acceptable trade deal with China will materialize, and said that he has spoken directly to the president about his objections to no avail.

The White House raised tariffs on $200 billion in Chinese imports from 10 to 25 percent on Friday, after accusing the world's second-largest economy of reneging on the terms of a trade deal they had previously agreed to.

Sen. Debbie Stabenow (D-Mich.) said farmers and manufacturers in her state are already feeling the effects of Trump's trade policies.

"If you back away from this fight right now, the concessions that will be extracted from us will be painful and then we're going to be having months and months of talking about why the Chinese are still eating our lunch", Kinzinger said. "I think the recent developments with China are illustrating this. It is creating a situation where there's a lot of unintended consequences".

Barring a collapse of world trade, the worst impact of Trump's economic nationalism may be political.

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