President Donald Trump has once again done the impossible and secured a phase one trade agreement with China that leaves existing tariffs of 25 percent on $250 billion of goods and another 7.5 percent on the remaining $300 billion of goods.
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U.S. President Donald Trump warned China on Tuesday against delays in reaching a new trade agreement in hopes he is defeated for re-election in 2020, saying that if he wins he will be “MUCH TOUGHER” in setting the terms of a deal.
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President Donald Trump says the United States will impose new tariffs on more than $11 billion worth of exports from the European Union, after the World Trade Organization ruled last year the EU was illegally subsidizing aircraft maker Airbus. The WTO, in a decision last May, ruled the European countries had given $22 billion in state aid to Airbus to help build its A380 and A350 jets, damaging its U.S. rival, Boeing. Trump said Tuesday that since the WTO had ruled that the subsidies had “adversely impacted the United States,” it “will now put Tariffs on $11 Billion of EU products! The EU has taken advantage of the U.S. on trade for many years. It will soon stop!” Trump’s declaration aside, the new list of tariffs would not take effect until after a WTO arbiter rules on the allowable size of the tariff package, a decision not expected for several months. The European Union and the United States have for years disputed each other’s reciprocal subsidies to Airbus and Boeing, long predating Trump’s 27-month presidency. At various times, the WTO has ruled against both. In first announcing the proposed $11.2 billion in U.S. tariffs on European exports on Monday, U.S.…
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As China and the United States resume high-level talks in Washington Thursday, there are signs that the two may be closing in on a deal. Reuters news agency is reporting that top trade officials from both sides are trying to hammer out the details of six broad agreements aimed at resolving the most difficult issues from forced technology transfers, to state subsidies and cyber theft. Earlier this week, President Donald Trump said there is no “magical date” for reaching a trade deal, a comment some felt suggests that the March 1 deadline, which could trigger a steep hike in tariffs from both countries, could be postponed if progress is being made. Meanwhile, a senior Communist party adviser, speaking at a forum organized by the Hong Kong-based South China Morning Post, predicted Washington and Beijing would reach a trade deal in early March. He also said that Meng Wanzhou, chief financial officer of Chinese tech giant Huawei, is likely to be released by April or May. Speaking on the sidelines of a conference hosted by the newspaper, Xie Maosong, an adjunct professor at the Central Party School, said he was confident that is what would happen because of what he called…
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by Jason Hopkins U.S. President Donald Trump was able to extract a number of concessions from Chinese President Xi Jinping in exchange for not imposing any new tariffs on Chinese goods. Trump reached a major agreement while meeting with the world’s top leaders over the weekend. At the G-20 summit in Buenos Aires, Argentina, Trump and Xi spoke for two and a half hours Saturday night — an hour longer than previously scheduled. The meeting, which Trump called “amazing and productive,” has temporarily staved off an escalating trade battle between the world’s two biggest economies. Xi agreed to immediately begin buying more agricultural products from American farmers, along with a pledge to purchase more industrial and energy products. While the specifics of the trade agreements have not been announced, the White House says the deal will help correct the trade imbalance between China and the U.S. Xi has also agreed to a number of cybersecurity and property theft concessions Additionally, China has also agreed to label the opioid fentanyl as a controlled substance, making anyone who sells fentanyl to the U.S. subjected to harsher penalties under Chinese law. The labeling will help the federal government as it fights an…
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by Nick Givas Maryland University economics professor Peter Morici said President Donald Trump needs continue putting pressure on the Chinese government to limit their influence and control over American policy. “I don’t think China is under enough stress,” Morici said on “Fox & Friends” Wednesday. He specifically cited Treasury secretary Steve Mnuchin for being too soft on China and said Trump was right to criticize his performance. “Now we put on a 25 percent tariff. And then do some of the things that secretary Mnuchin has been nixing,” Morici continued. “You know, the president was quite correct to criticize him. He’s been leaning against this all along. When he spoke to me, he expressed great skepticism that the trade deficit mattered at all! At all! At All. That was very disappointing that conversation.” He also called for a ban on Huawei and ZTE cell phone exports in the interest of national security and recommended tougher sanctions on investment. “My feeling is that we need to not only put on the 25 percent tariff but we need to do some of the other things. For example ban Huawei and ZTE’s exports for 5G into the United States. It’s a national security threat,” he declared. “And start to…
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