Published: Wed, August 08, 2018
Markets | By Otis Pena

Trump says tariffs 'working far better' than anticipated

Trump says tariffs 'working far better' than anticipated

In a series of Twitter posts over the weekend, he said he was using tariffs, and the threat of tariffs, to try to force other countries to renegotiate trade deals with the United States.

China, which purchased nearly 14 percent of all U.S. LNG shipped between February 2016 and May 2018, has taken delivery from just one vessel that left the United States in June and none so far in July, compared with 17 in the first five months of the year.

Recall that President Hassan Rouhani of Iran had earlier warned the United States against any attempt to stop Tehran's oil trade.

"But one thing is sure: if the US imposes tariffs on Chinese imports following an order of $60 billion, $200 billion, or even $500 billion, many Chinese companies will go bankrupt", he said.

Washington imposed 25 percent duties on $34 billion of Chinese goods on July 6 in response to complaints Beijing steals or pressures companies to hand over technology.

The move was in response to the U.S. threat of increasing the proposed additional duty on $200 billion worth of Chinese products from 10 percent to 25 percent.

Gao added that China's tariff move remains very restrained, which signals that the nation has always opened its door to negotiations with the United States under the framework of the World Trade Organization, while reserving the right to deploy countermeasures.

Mr Trump continued his focus on tariffs yesterday morning, tweeting that the duties are working "big time" and that imported goods should be taxed or made in the US.

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"As to whether China's economy is doing well or not, I think it is all too clear to the whole worldwide community", Wang said, adding that China contributed a huge amount to global economic growth.

The dispute is part of broader USA complaints about global trading conditions that have prompted Trump to raise duties on steel, aluminum, washing machines or solar panels from Canada, Europe, Japan and South Korea.

Likewise, another of Trump's tweets claimed that foreign countries are paying the tariffs he has imposed on steel, aluminum and a variety of products being shipped from China.

Pompeo added that he had discussed trade issues with Chinese State Councillor Wang Yi on Friday.

Calling the Chinese economy weak from the lawn of the White House in an interview with Bloomberg TV, Kudlow said: "The president has said time and again, that targeted tariffs are going to be part of the gameplan with China - unless, and until, they begin to meet our requests, and so far they have not". "China has time to fight to the end". The U.S. can buy more because the economy is strong. "Market participants foresee a relatively stable Chinese currency in the near term, without fear of impacts from the U.S".

Liu said China's move is aiming to offset potential negative influences on domestic economic growth and stabilize market sentiment. "China market has dropped 27% in 4months [sic], and they are talking to us". China's market declines weaken the country's bargaining power in the escalating trade war, he said.

Timing will depend on the actions of the United States, the Chinese Commerce Ministry said in a separate statement. "They are really hurting their economy".

"He [Pompeo] also does not want the current frictions to continue", Wang said. Last Wednesday that figure rose to 25%.

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