Trump accuses China of using 'vicious' trade tactics

Saul Bowman
July 26, 2018

He warned that those who pursue "economic hegemony" will "only end up hurting themselves".

President Trump welcomes Jean-Claude Juncker, president of the European Commission to the White House to discuss trade.

All this comes after President Trump's administrator slapped tariffs on $34 billion in Chinese goods.

Trump's threat to impose tariffs on auto imports on national security grounds would hit European carmakers BMW (BMWG.DE) Daimler (DAIGn.DE) and Volkswagen (VOWG_p.DE) as well as Japanese and South Korean vehicle companies.

Trump had offered a similar sentiment Tuesday evening, when he suggested on Twitter the European Union and us drop all tariffs, barriers and subsidies - although he predicted that the bloc would not be ready for such a proposal.

Jeff Flake of Arizona and Bob Corker of Tennessee said their legislation to tie the president's hands on tariffs should pick up new steam now that the Trump administration is distorting the market. But, they are expecting us to offset the cost of the (50 percent) tariff. That was my main intention to propose to come down to zero tariffs on industrial goods.

In addition, the European Union has made a commitment to buy USA soybeans and natural gas.

Trump has threatened to place penalty taxes on up to $500 billion in products imported from China, a move that would dramatically ratchet up the stakes in the trade dispute involving the globe's biggest economies.

"If tariffs punish farmers, the answer is not welfare for farmers - the answer is remove the tariffs", Sen.

GM is only the latest company to blame lower-than-expected profits on either the Trump administration's tariffs or on tariffs that other nations have imposed in response to the Trump administration's tariffs. Trump has been bashing the World Trade Organization for months sparking concerns that his actions would undermine the global trade.

Agriculture Secretary Sonny Perdue said he was acting at President Trump's direction to provide a "short-term solution" to farmers and give the administration time to negotiate a longer term trade deal to help agriculture and other sectors hurt by unfair trading practices by China and others.

"We're starting the negotiation right now, but we know very much where it's going", Trump said after talks with European counterparts. "You've got to treat everybody the same".

Details of the plan were not clear.The administration's proposal will rely on commodity support programs as well as the Agriculture Department's authority to stabilize farmers during times of turmoil, according to Politico.

On a more macro level, Kenny feels like the bailout is just bad economic policy. "Negotiations are going really well, be cool". The program is expected to start taking effect around Labor Day in the U.S. on September 3.

Those affected economies have in turn targeted USA agricultural products, including soybeans, dairy, meat, produce and liquor. "I don't think there is enough money in the government to make anybody whole", Ebert said.

The officials said payments couldn't be calculated until after harvests come in.

U.S. Treasury prices also eased and the 10-year note's yield US10YT=RR ended the day at a one-month high near 2.98 percent.

"I don't think 12 billion dollars will get them very far in an environment where United States agricultural exports to the rest of the world are being targeted in this way".

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