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Trump plans to hit China with $60 bn in annual tariffs

22 March 2018

Now, I can't vouch for the veracity of that tale, but I like it as an allegory for trade wars anyway. However, while talking to reporters at the Oval Office on the same day, Trump said that during a "very good call" with Putin, he had congratulated the Russian President on his re-election. Trump's tariff orders affect semifinished steel, such as ingots and slabs, and many kinds of finished steel products, including pipe and tubes, cold and flat rolls, bars and rods. To make the tariffs useful in the long run, they must be taken together with a wholesale effort to boost American manufacturing.

Concern about the tariffs have already caused market jitters in Germany and other third countries. Late Sunday night, Commerce Secretary Wilbur Ross announced procedures on how USA -based importers or users of foreign steel and aluminum could apply for tariff waivers on specific products that may not be available domestically.

The tariffs may have been a notable beginning, but they can't be the end.

The decision comes after his longstanding threat of penalizing China over intellectual property theft and also to further impose his "America First" policy to create more jobs for USA citizens. The U.S. Solar Energy Industries Association predicts the tariff will cost around 50,000 or 60,000 jobs this year.

25 percent on steel and 10 percent on aluminum - he exempted Mexico and Canada, at least temporarily, and said other nations could negotiate with the White House to get out of paying duties on tens of billions of dollars' worth of imports.

They warned that a broadly applied tariff remedy on imports from China will hurt American households with higher prices and exacerbate a U.S. tariff system that is already stacked against working families. What did it do?

Some of the people who warned against protectionism have left the White House
CAROLYN KASTER AP Some of the people who warned against protectionism have left the White House

Those tariffs, however, are absolutely necessary; emergency room triage on domestic industries that have been injured by a massively distorted steel market, warped by state-led competitors from China that have spurred on beggar-thy-neighbor behavior around the globe.

Anyway, now we're getting closer to head-chopping time.

Senior aides had provided the President with a $30 billion tariff package but Trump ordered them to double it. Lighthizer said that South Korea is in a similar circumstance, as the two countries work to "refurbish" their own bilateral trade pact.

America's top trade diplomat is readying a mix of tariffs on Chinese imports and investment restrictions to punish Beijing for its alleged theft of US intellectual property if President Donald Trump gives the go-ahead, a move that could come by Friday.

Surely, in Trump's view of the world, that aggression can not stand. The US imports about 1.7 billion pairs of shoes each year, representing more than 70% of shoes on US store shelves, according to the FDRA.

Meanwhile, China appears to be playing a different game. Who knows whether those pledges will be followed by action, but the rhetorical departure from the stark, as China sets its sights on extending its global influence through commerce. "That's a step forward for American workers".

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He has also been in the view of the National Investigative Agency's probe into terror financing cases in Kashmir. Geelani's two sons Nayeem and Naseem Khan were recently called by NIA regarding the Kashmir terror funding.

Trump plans to hit China with $60 bn in annual tariffs