Wednesday, 26 September, 2018

U.S. trade deficit posts biggest increase in 19 months in June

U.S. trade deficit posts biggest increase in 19 months in June U.S. trade deficit posts biggest increase in 19 months in June
Lindsey Cook | 06 August, 2018, 06:30

August 1: Trump ordered his trade representative to consider raising the planned tariff of $200 billion worth of Chinese products from 10 percent to 25 percent. The timing of Friday's announcement hinted at that conflict.

Full lists of US products subject to different levels of additional tariffs are available on the website of the Ministry of Finance. China responded with a 178.6 percent tariff on the roughly $1 billion in sorghum that the US imports to China each year.

The result is that both China and the U.S. are now using government funds to stimulate areas of the economy.

China's finance ministry unveiled new sets of additional tariffs on 5,207 goods imported from the United States, ranging from 5 to 25 per cent.

China has already filed a complaint with the World Trade Organization about the US proposal for tariffs on $200 billion worth of goods. Likewise, another of Mr Trump's tweets claimed that foreign countries are paying the tariffs he has imposed on steel, aluminium and a variety of products being shipped from China. China said at the time blackmail would not work and that it would hit back. "They are really hurting their economy".

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".

Toymaker Hasbro is moving more production out of China, US conglomerate Honeywell wants to use more supply chain sources from countries outside China and home furnishing company RH expects to cut the amount of goods sourced from China, according to Reuters.

China says the United States is deliberately creating the trade conflict, using bullying tactics, and ignoring worldwide negotiating norms so that it can stop the rise of China as an competitor on the world stage. Last year, China imported about $130 billion in goods from the United States.

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The White House says its tariffs are a response to China's "unfair" trade policies, including subsidies and rules that require foreign companies in some sectors to bring on local partners.

Friday's retaliation from China suggests that tactic hasn't worked.

The dispute is part of broader US 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.

The move was meant to bring China back to the negotiating table for talks over US demands for structural changes to the Chinese economy and a cut in the bilateral trade deficit.

China sells goods each year to the United States worth almost four times as much as it buys.

Should Trump follow through with threats of $200-$500 billion more tariffs on China imports, the USA and China will likely slip into a currency war as China allows its currency, the Yuan, to devalue further. The deficit in goods trade with China also rose.

The US trade deficit - the gap between exports and imports - widened by 7.3% to $46.3bn in June.

He added, however, that the United States had been sending "massive strategic weaponry" into the South China Sea and the region as a show of military might that puts pressure on China and other regional countries.

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