tinyfav.com April 26, 2018

Trump Says World Trade Organization 'Unfair' to United States

07 April 2018, 02:44 | Gina Pena

Trump Says World Trade Organization 'Unfair' to United States

Trump Says World Trade Organization 'Unfair' to United States

The senior official said: "We've had a type of negotiation in different forums where China has made lots of different commitments that they haven't followed through on".

"I'm not saying there won't be a little pain", Trump reminded U.S. investors during an interview with NY radio station WABC. He said the USA stock market has gone up significantly, adding: "so we might lose a little bit of it".

Trump told advisers Thursday he was unhappy with China's decision to tax $50 billion in American products, including soybeans and small aircraft, in response to a USA move this week to impose tariffs on $50 billion in Chinese goods.

Trump's proposal intensified what was already shaping up to be the biggest trade battle since World War II.

US and Chinese officials have been expressing optimism that a full-blown trade war can be averted through negotiations.

Under these circumstances, Lighthizer said, the president was right to ask for additional appropriate action to obtain the elimination of the problems identified in USTR's report. So they pay 2.5; we pay 25.

Trump's surprise directive Thursday came a day after Beijing announced plans to tax $50 billion in American products, including soybeans and small aircraft, in response to a US move this week to slap tariffs on $50 billion in Chinese imports.

Were China to want to match Trump's latest threat, it wouldn't have enough American goods imports to target.

"Hopefully the President is just blowing off steam again but, if he's even half-serious, this is nuts".

"I have great respect for the President of China, President Xi". The Beer Institute - a trade group that represents beer manufacturers - said the 10% aluminum tariff would add $347.7 million in costs for American brewers.

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While Beijing's claims that USA is the aggressor and is spurring global protectionism, China's trading partners have complained for years that it abuses WTO rules and propagates unfair policies at home that lock foreign firms out of some sectors as domestic champions are being nurtured. "This is the dumbest possible way to do this", said the lawmaker from the farm-belt state of Nebraska. "So nothing's happened. Nothing's been executed", Kudlow said.

Fears of a trade war between the United States and China have had a negative effect on the stock market, contributing to a 458.92-point dip in the Dow Jones industrial average on Monday.

Mnuchin tells CNBC, "We're absolutely willing to negotiate".

"This is what a trade war looks like, and what we have warned against from the start".

Hewing closer to the traditional party narrative was former Republican presidential nominee Mitt Romney, who is running for a US Senate seat in Utah.

Using language that bordered on militaristic, China's government said it would "immediately fight back with force and without hesitation" if the USA moves forward with the tariffs. They calmed down Wednesday and Thursday on hopes the USA and China would find a diplomatic solution but slid Friday after Beijing said it would fight the Trump administration's latest threats.

"U.S. oil inventories remain a volatile gauge, but they still provide a good litmus test for the short-term", said Stephen Innes, head of trading for the Asia-Pacific region at futures brokerage OANDA in Singapore. That was in response to Trump's proposed tariffs targeting industries including aerospace, robotics and machinery.

"Sixty per cent of North Dakota's exports to China are agricultural products".

Meanwhile, the nationalist Global Times said in an editorial published late on Thursday that the "Chinese are aware that the only option now is to hit the USA hard enough so that it will remember the pain". "But this isn't the way to do it".

The Trump administration announced on Thursday that it is considering imposing tariffs on Chinese goods amounting to 150 billion dollars' worth in total.

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