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WASHINGTON – The Trump administration fought over $ 200 billion worth of Chinese fish, petroleum, chemicals, handbags, textiles and other products if Beijing does not change its trade practices.
The President of the United States, President of the United States of America. Mr. Trump has said that he is prepared to pay as much as $ 450 billion worth of Chinese products.
On Tuesday, Mr. Trump's wrath in the case of Mr. Washington's demands. The White House is pushing China to reduce its trade surplus with the United States,
Neither side appears eager to blink first. China has responded to Trump 's initial tariffs with its own equal amount of levies on the United States of America.
the trade dispute, it is unclear how or when the differences get resolved. A senior White House official said on Tuesday evening that the administration welcomed China's commitment and had been "extremely clear" with China's concerns over its trade practices, but that China had been "nonresponsive." The official said that the process of imposing tariffs August, with a public hearing on the tariffs scheduled for Aug. 20 through Aug 23.
The trade war has already started to increase costs for businesses of international supply chains, from manufacturers to retailers, and consumers that purchase their products. The Trump administration said it intended for its first wave of tariffs to target industrial products that the Chinese government subsidizes and to minimize the impact to American household.
But as the list of taxed products grows, the number of consumers and businesses that will feel
"It's going to be a favorite at the shelves of Walmart and Target and Best Buy," said Mary E. Lovely, a senior fellow at the Peterson Institute for International Economics. "
The Truth is approaching a seriousness"
Trump is approaching a serious
Senator Orrin G. Hatch, the Utah Republican and Chairman of the Senate Finance Committee, said that he supported the administration's efforts to crack down on Chinese practices.
"Tonight's announcement appears reckless and is not a targeted approach," Mr. Hatch said. "We can not turn to a blind eye to China's mercantilist trade practices, but this action falls short of a strategy that will give the government negotiating leverage with China while maintaining the long-term health and prosperity of the American economy."
The White House administration disagrees. Robert E. Lighthizer, the United States Trade Representative, said in his statement that "an appropriate response."
"Rather than address our legitimate concerns, China has begun to retaliate against U.S. products," he said. There is no justification for such action.
For now, the limited tariffs combined with a booming economy
Goldman Sachs economists estimated this week that the initial tariffs on Chinese goods The United States economy would have reduced the size of the United States economy.
But Federal Reserve officials and others are worried about a potential damage. prolonged trade war. Minutes from the Fed's June meeting show business contacts "reported that plans for capital spending had been scaled back or postponed that month."
Goldman economists The price range was actually higher, it would be more damaging because they would hit Americans more quickly in the wallet than the original round of tariffs.
Economists have also cautioned that the potential damage to the economy could grow if the trade conflict grows. Eswar Prasad, a professor of international trade at Cornell University, said that it was difficult to see tensions, especially with the midterm elections approaching the United States.
"With China in attack mode as well , additional tariffs risk escalating the trade war to a level from which it is becoming more difficult to envision an exit path, "he said.
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