Market Crashes as Trump Threatens More Tariffs After China Trade Deal Flops
May 07, 2019, 00:48
"The president is, I think, issuing a warning here, that, you know, we bent over backwards earlier, we suspended the 25% tariff to 10 and then we've left it there".
Investors have been expecting the USA and China to resolve their damaging trade dispute, with the two sides set to meet this week in Washington.
Mr Trump delays his hike of the 10 per cent tariffs to 25 per cent on US$200 billion of Chinese goods until March 1. He threatens 25 per cent tariffs on another US$325 billion of as-yet untaxed Chinese goods.
The US treasury secretary, Steven Mnuchin, and trade representative, Robert Lighthizer, held talks with China's vice-premier, Liu He, in Beijing last week.
What did Mr Trump say?
In a new tweet before markets opened Monday, Trump said that the usa trade deficit with China must change. Shares tumbled in Asia Monday after Donald Trump threatened in a tweet to impose more tariffs on China, spooking investors who had been expecting good news on trade.
A spokesman for the U.S. Trade Representative's office did not immediately respond to a query about the status of the talks in Washington and Liu's attendance.
"Second, he and his advisers may be hoping this will increase pressure on China and convince them to agree to a deal; however, this may backfire, as Chinese negotiators need to be responsive to China's domestic politics as well, and it will be hard for them to appear to be bowing to foreign pressure".
President Trump was coasting Monday morning on the positive economic outlook for the United States, as reflected in a Friday jobs report that boasted a 3.6 unemployment rate.
The tariffs imposed by the Trump administration on steel imports, mainly from China, have increased domestic production, leading to a drop in steel prices.
While the two sides had been reporting progress in talks, the sticking points have been on intellectual property theft and forced technology transfers.
But Trump's tweets surprised many and appear to reflect on the difficulties in the US-China trade negotiations that have been going on since December when the US president and his Chinese counterpart Xi Jinping agreed to work on a trade deal within a time frame of 100 days.
Fears about a further escalation caused a slump in world stock markets towards the end of past year. The Trade Deal with China continues, but too slowly, as they attempt to renegotiate, " the president continued.
Trump said in Sunday tweets, while the markets were closed, that he's raising tariffs on a long list of Chinese goods from 10 percent to 25 percent on Friday, as he put pressure on Beijing to sign-on to an agreement. The statements suggested a deadline for trade talks.
President Trump's remarks came on Sunday as the two countries locked in a longstanding trade war seemed near to striking a trade deal.
Michael Hirson, Asia director at Eurasia Group, said Mr Trump's "unexpected resumption of tariff escalation comes just as trade talks were headed towards a final stage".
Renewed trade tensions could slow down U.S. economic growth by creating uncertainty and raising costs on businesses and households.
The global agricultural commodity merchant said that trading opportunities created by the U.S. Oil futures dropped while gold prices increased.
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