Consumers are ‘starting to see the pain’ from the trade war

Containers are transferred at a port in Qingdao in China's eastern Shandong province.-/AFP  Getty Images

Containers are transferred at a port in Qingdao in China's eastern Shandong province.-/AFP Getty Images

Trump on Friday increased existing and planned tariffs on a total of $550 billion in Chinese goods, in response to new tit-for-tat levy hikes announced earlier that day by Beijing on $75 billion of United States imports.

Trump's latest tariff move, announced on Twitter, said the United States would raise its existing tariffs on $250 billion worth of Chinese imports to 30% from the current 25% beginning on October 1, the 70th anniversary of the founding of the communist People's Republic of China. And $300 billion in goods being hit with a 10 per cent tariff staring September 1 will now be hit with a 15 per cent tariff, Trump Tweeted.

President Donald Trump has hit back at China by announcing new higher tariffs on imports - escalating a mounting trade war between the two nations.

Powell offered no support for President Trump's trade war, and actually went as far as suggesting that Trump's tariffs against China and other countries were exposing the economy to additional risk in the midst of the longest economic expansion in US history. The consequences of a complete break to the world economy would be severe, they said. "China trade war via negative headlines and financial market reaction to said trade war". "Trade policy uncertainty seems to be playing a role in the global slowdown and in weak manufacturing and capital spending in the United States", he said.

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"It would cause significant supply chain disruption to shift sourcing entirely to the United States or a third country, and it would increase costs-even beyond the cost of the proposed tariffs-on products that are already manufactured under tight margin conditions", said, in a June letter to the US Trade Representative's office, video game makers Microsoft, Sony, and Nintendo. "It is incredible that they can "speak" without knowing or asking what I am doing, which will be announced shortly", Trump said.

"The instruction for US firms to leave China was quite stunning".

On Saturday, Vladeck again weighed in, tweeting: "One of the enduring phenomena of the Trump era is going to be the list of statutes that give far too much power to the President, but that many didn't used to worry about-assuming there'd be political safeguards".

The news from Beijing rekindled concerns about the world's two largest economies and a global growth outlook that's already looking shaky.

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Twelve rounds of talks have failed to break the impasse, though more negotiations are expected next month. "And they want to make a deal".

The retaliatory moves came in response to the tariffs Trump announced earlier in the month, bringing to an end a short-lived cease-fire that began in May. In the spirit of achieving Fair Trade, we must Balance this very unfair Trading Relationship.

The Chinese said tariffs of 25% and 5% would be imposed on US-made autos and auto parts on December 15. He said Chinese could buy BMW, Volkswagen and Toyota instead.

Some of the sanctions have affected USA businesses by prohibiting Americans from doing business with those targeted. Majority are luxury cars and SUVs with higher profit margins that can cover higher United States wages. Ford does not break out China revenue, but the country accounted for the majority of its sales in that region.

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Tesla, which is building a plant in China, past year got about 12% of its revenue by exporting about 14,300 electric cars and SUVs from California to China, according to Barclays.

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