Published: Sun, August 25, 2019
Global News | By Blake Casey

International Emergency Economic Powers Act fuels Donald Trump China trade 'order'

International Emergency Economic Powers Act fuels Donald Trump China trade 'order'

The Office of the U.S. Trade Representative also said existing tariffs on another $250 billion in Chinese imports would go from 25% to 30% on October 1 after receiving feedback from the public.

Even without the emergency threat, Trump's retaliatory action Friday - further raising tariffs on Chinese exports to the USA - had already sparked widespread outrage from the business community. The new tariffs are set to be imposed in two stages on 1 September and 15 December.

He acknowledged he has no concerns about the market's reactions to his tariffs on China, and that he's been getting praise and compliments from other leaders about the American economy. While Mr. Powell said on Friday that the Fed could push through another cut if the economy weakened further, he suggested that the central bank's ability to limit economic damage from the president's trade war was constrained.

Washington accuses China of using predatory tactics - including outright theft of US trade secrets - in an aggressive drive to turn itself into a world leader in cutting-edge technologies such as artificial intelligence and electric cars. "We put a lot of tariffs on China today, as you know. And if they do that. we'll be taxing their wine like they've never seen before". "We're not going to lose close to a trillion dollars a year to China". "So we want that stopped". The G7 membership includes the United States, Germany, France, Japan, Italy, Canada and the United Kingdom. And $300 billion in goods being hit with a 10 per cent tariff staring September 1 will now be hit with a 15 per cent tariff, Trump Tweeted.

Trump fired off on Twitter, declaring American companies "are hereby ordered to immediately start looking for an alternative to China".

President Donald Trump signaled regret Sunday for an escalating trade war with China, as he faces a tense reception from world leaders meeting amid mounting anxiety of a global economic slowdown at the Group of Seven summit in France. "It's time to get back to the table and complete an agreement that deals with the thorny issues of tech transfer, intellectual property enforcement, market access, and the damaging global impact of subsidies". In advance of their meeting, Johnson warned Trump that his trade war was "not the way to proceed", and risked pushing the global economy into a downturn.

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The president's responses were unusual because he has been largely resolute in his demands that China change its trade practices and that tariffs were a successful tool to encourage Beijing to do so.

"President Trump is right to fight back against China's well-documented rule-breaking and intellectual property theft", he said in a statement to 1040 World Health Organization radio.

"He needs no advice, he is the right man for the job", Trump said.

Only hours before his arrival in Biarritz Saturday, Trump threatened anew to place tariffs on French wine imports to the United States in a spat over France's digital services tax; the European Union promised to retaliate.

He additionally mentioned he would maintain off for now on declaring a nationwide emergency which might permit him to invoke an obscure regulation that he says provides him the facility to order U.S. corporations out of China. But the need to win the China dispute is no joke for a president struggling to poll anywhere near 50 percent ahead of next year's election.

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