Trump threatens further $100bn in tariffs against China

Trump threatens further $100bn in tariffs against China

Trump threatens further $100bn in tariffs against China

Trump spoke about the clash in an interview with the "Bernie and Sid" radio show on 77 WABC Radio that was taped Thursday and aired Friday. "The U.S. risks isolating itself from global trade in this process and we think the U.S., Dollars and U.S. asset markets have more to lose".

In light of China's "unfair retaliation" against earlier U.S. trade actions, Trump upped the ante on Thursday by ordering United States officials to identify extra tariffs, escalating a high stakes tit-for-tat confrontation with potentially damaging consequences for the world's two biggest economies.

Although hope remains for averting a full-blown trade war, analysts at Oxford Economics said failure to avoid a clash would trigger a "pronounced" slowdown for the world economy by knocking 0.5% off worldwide growth.

Russian Energy Minister Alexander Novak said that an arrangement under which Moscow cooperates with the OPEC oil group could become indefinite once a current deal to curb oil production expires at the end of the year.

The higher costs could cause businesses to find other areas where they can save money, including in worker pay.

On Wednesday, China unveiled a list of 106 United States goods including soybeans, whiskey, frozen beef and aircraft targeted for tariffs, just hours after the Trump administration proposed duties on some 1300 Chinese industrial, technology, transport and medical products.

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

Chinese President Xi Jinping is scheduled to give a major speech on Tuesday at the Bo'ao Forum on the Chinese island of Hainan, which may give more clues to China's response. Agriculture is one of the few sectors of the American economy that runs a trade surplus.

"The rising uncertainty and political risk accompanying these tit-for-tat measures will likely have economic and financial impact beyond that which is transmitted through direct trade channels", analysts with the credit bureau wrote in a report following the last US tariffs threat. "This is the dumbest possible way to do this", said the lawmaker from the farm-belt state of Nebraska.

Straying from the traditional party view for the Democrats was Elizabeth Warren.

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Mark Cliffe of ING Bank said: "The signal is clear: China will not be pushed into concessions, and is willing to accept some economic pain in what Beijing may ultimately see as a political dispute".

"The U.S. -China trade rhetoric fluctuates between escalation and negotiation", said Kerry Craig, global market strategist at JP Morgan Asset Management.

"The [US's] whole [China] policy was misdirected", Warren told reporters in Beijing. He warned that talks "could be complex and various factors such as [intellectual property] and technology will linger beyond a single trade dispute". Worry is intensifying among Republicans, who traditionally have favoured liberalized trade.

China said it would counter USA protectionism "to the end, and at any cost", as a war of words over President Donald Trump's proposed tariffs on Chinese imports escalated.

During a campaign event on Thursday in Sandy, Utah, Romney said Trump's policies will "wake up" Beijing and "they'll recognise that business as usual is going to have to change".

"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. A further $100 billion in tariffs on Chinese goods would likely expand the scope of Trump's attack to more consumer goods. "We don't have a trade war, we've lost the trade war", Mr Trump said in a radio interview with NY radio show early on Friday.

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

US drillers added 11 oil rigs in the week to April 6, bringing the total count up to 808, the highest level since March 2015, General Electric Co's (GE.N) Baker Hughes energy services firm said in its closely followed report on Friday. "But this isn't the way to do it".

These would be in addition to the $50bn worth of U.S. tariffs already proposed on hundreds of Chinese imports.

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