China's premier just ruled out currency manipulation as a trade war tactic

Jeannie Matthews
September 20, 2018

On Tuesday, Chinese officials responded to the president's latest move by following through on an earlier threat to impose tariffs on $60 billion in American goods - almost everything China buys from the United States.

Trump said that he was always willing to make a better deal with China on trade, but warned them from trying to hurt farmers, ranchers, and industrial workers.

But India is not immune from the consequences of the China and U.S. trade war, which has already battered Asian stock markets with experts worrying about a long-term economic slowdown that could have a domino effect on emerging markets including India. "What China does not understand is that these people are great patriots".

Trump (@realDonaldTrump) September 18, 2018....

"For months, we have urged China to change these unfair practices, and give fair and reciprocal treatment to American companies", President Donald Trump said in a statement released on Monday evening.

"They also know that I am the one that knows how to stop it", Trump said in a Tweet.

Trump's remarks came a day after Trump announced that the United States will slap 10 per cent tariffs on Dollars 200 billion worth of Chinese imports and the duties will rise to whopping 25 per cent at the end of the year.

China's Foreign Ministry said it will respond to Trump's latest round of tariffs with duties on more than 5,200 types of American imports, including industrial parts, chemicals and medical instruments.

After the U.S. said earlier this week that it would impose 10% levy on $200 billion (₹14.5 trillion) on Chinese imports, China has hit back.

China responded to President Donald Trump's tariff hike by imposing its own penalties Tuesday on $60 billion of American imports.

One food and beverage firm in the ISM survey said, "Suppliers appear to be bracing us for cost increases, given increased talk of tariffs and inflation". Trump added. Trump won the 2016 presidential contest with strong support from those farmers and blue-collar voters. Such a move would mean that roughly all US imports of Chinese goods - worth about $505 billion previous year - would be subjected to tariffs. "China has been taking advantage of the United States on Trade for many years", he tweeted.

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And how all that plays out could determine whether Trump's negotiating gamble proves a triumph or a failure.

Speaking at the summer session of the World Economic Forum in the eastern city of Tianjin, Li said problems must be worked out through consultations, a day after China and the U.S. swapped tit-for-tat tariffs.

China's Vice-Premier Liu He may cancel his visit to the USA capital next week to restart negotiations with Treasury Secretary Steven Mnuchin, the South China Morning Post reported.

Trump's leap from tariffs on $50 billion worth of goods to $250 billion worth of goods is a remarkable escalation.

The latest United States duties spared smart watches from Apple and Fitbit and other consumer products such as baby auto seats. As counterintuitive as it might seem, the president sees this fact as ultimately helping US workers.

China's steps of opening up will quicken.

The escalating confrontation initially shook up global stock markets, but Wall Street was up early Tuesday largely on relief that Trump's tariffs could have been more severe.

As China grows and challenges the U.S., Wang says conflict was inevitable.

Li also said China will widen market access for foreign companies and ensure fair competition. "We don't want to do it but we probably will have no choice".

"At the end of the day, these tariffs will mean that the American consumer is going to pay more and that we're going to see some damage done to the local economy in the process".

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