Trump seeking stiffer tariffs on China

Featured Image

Featured Image

Automakers and other businesses that want to win exclusions from President Trump's planned tariffs on imported steel and aluminum will face a high bar set by the U.S. Commerce Department, The Wall Street Journal reported on Thursday.

Beyond industrial products, the draft from the European Commission also lists close to 60 agricultural products that would be tariffed, including more than $160 million in corn and more than $100 million in cranberries and cranberry juice, which would affect farmers throughout the country that Trump said he was working to protect. Despite many phones and tablets using components from all over the world, if the final manufacturing steps take place in China, they count as Chinese exports.

Automakers and other companies using imported metal at USA operations could face the tariffs this month even if they have applied for exclusions, sources told the newspaper.

The Trump administration's decision to impose tariffs on aluminum and steel imports has drawn warnings from businesses and USA trading partners that the measure could backfire, provoking a trade war without resolving the problems it's meant to address.

The EU has been talking with partners about a legal challenge at the World Trade Organization to Trump's plan.

Volume on USA exchanges was 6.53 billion shares, compared to the 7.14 billion average over the last 20 trading days.

Ireland beat India 3-2 in Sultan Azlan Shah Cup
Ireland claimed a shock victory over India in the Azlan Shah Cup in Malaysia to claim their first victory of the tournament. India denied Ireland their first PC of the match with a decision for video referral that was ruled in India's favour.

The original US$30 billion figure was based on an estimation from the Office of the U.S. Trade Representative of market value of technology U.S. technology companies are forced to fork over to the Chinese government every year.

A second person, who is an industry lobbyist in Washington familiar with the administration's thinking, said the process was being led by Peter Navarro, an avowed protectionist, and by U.S. Trade Representative Robert Lighthizer, who also favours tariffs as a tool to rebalance trade.

"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.

European Council President Donald Tusk appealed to U.S. President Donald Trump on Wednesday that the U.S. should not launch a trade war. He literally sees it as zero-sum, as Reuters reports that his administration is continuing its strategy of "pressing China to cut its trade surplus with the United States by $100 billion", without specifying how the country should achieve the herculean feat (i.e., all Trump cares about is the number going to - you guessed it - zero).

These tariffs would be on products ranging from electronics to telecom equipment to furniture and toys, and would be in addition to steel and aluminum duties announced last week.

Recommended News

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.