Donald Trump warns China that he will not back down on commercial rates | Business

Donald Trump has raised the stakes of escalating the global trade dispute between the United States, China and some of the traditional allies of the United States, in anticipation of a big rally of world leaders this week.

Prior to the G20 meeting in Argentina, which will begin Friday, the US president used a newspaper interview to warn China that he was planning on going ahead to impose higher tariffs on business. import on Chinese products.

The news caused stocks to fall in London and New York on Tuesday after Trump told The Wall Street Journal that it was "very unlikely" that he would consider the Beijing call. to refrain from increasing fares early next year.

It paves the way for the 25% increase from January 1st of the US tariff of 10% on the 200 billion dollars of Chinese goods.

Economists at the Dutch lender Rabobank said the global economy could suffer severely over the next decade if the US-China trade war worsened, with a loss of up to 2% of GDP 39, here 2030.

Hugo Erken, the bank's chief economist, said: "An ongoing trade war between the two largest economies in the world has much broader ramifications that transcend their own borders … in a globalized economy, there is no real winner of such policies. "

Trump, who is due to have dinner with Chinese President Xi Jinping at the G20 summit, also suggested that Apple products such as iPhones and laptops made in China and imported to the United States could be affected, although it is unlikely to be the case. they have been exempted from the tariffs.

His comments sparked a sale of Apple shares, causing the company to lose its most valuable crown of society in the world, while Microsoft was preparing to take the title in its place.

A series of events over the last few months have eased latent trade tensions between the White House and several other countries, including the renegotiation of the North American Free Trade Agreement (NAFTA) between the United States. United States, Mexico and Canada.

However, Trump has now evoked the possibility of an increase in import tariffs on China, while minimizing the chances of a trade agreement between the United Kingdom and the United States if Theresa May obtained parliamentary support for its Brexit agreement.

Washington is also investigating car imports into the United States for reasons of national security, which could result in higher tariffs on European vehicles.