Investors across the globe are bracing for uncertain markets over an escalating trade dispute between the USA and China. "China will take down its Trade Barriers because it is the right thing to do. Taxes will become reciprocal and a deal will be made on intellectual property".
"The recent Cabinet re-shuffle indicates a circle of presidential advisors who closely adhere to Trump's world view, raising the risks of an all-out trade war", the note added.
President Trump said he still had a cozy relationship with his Chinese counterpart Xi Jinping - even as he's accused the nation of stealing billions in USA intellectual property. "When a auto is sent to China from the United States, there is a Tariff to be paid of 25%", Trump tweeted. But Trump left it unclear whether he was bluffing or willing to enter a protracted trade war pitting the world's two biggest economies against each other.
Mnuchin noted that the USA tariffs on $50 billion of Chinese goods represent about 10 percent of imports from that country, while China's retaliation amounts to 38 percent of United States exports.
The latest escalation comes after the US on Tuesday said it would impose 25 percent duties on $50 billion of imports from China, and China quickly retaliated by listing $50 billion of products that it could hit with its own 25 percent tariffs. Beijing responded quickly with its own $50 billion target list of American-made products, including soyabeans, aircraft, cars and chemicals (China is by far the largest export market for American soyabean farmers).
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"I have no objections with the President, long term, trying to fix the relationships with China and holding them accountable", Sen.
The U.S. bought more than $500 billion in goods from China past year and now is planning or considering penalties on some $150 billion of those imports.
But as Trump tries to project confidence that a dispute that has rattled financial markets, consumers and businesses can be soon resolved, his top economic advisers are offering mixed messages as to the best approach with China.
The president commented ahead of several appearances by top members of his economic team, who defended the United States threats to impose tariffs on Chinese imports and framed the moves as part of a longer-term strategy for growth.
Sen. Ben Sasse, R-Neb., a frequent Trump critic, called the escalation "the dumbest possible way" to punish China.
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Responding to a question on the Dow in NY dropping by over 500 points, Sanders said, "We know that there could be some fluctuation".
"Rather than remedy its misconduct, China has chosen to harm our farmers and manufacturers", Trump said at the time, calling Beijing's reaction "unfair".
Chinese Foreign Minister Wang Yi said last Tuesday (April 3) that Xi's keynote speech would be "the most authoritative interpretation" of the new measures planned to mark the 40th anniversary of China's move towards economic liberalisation.
"Hopefully the president is just blowing off steam again but, if he's even half-serious, this is nuts", Sasse said in a statement.
Any additional tariffs would be subject to a public comment process and would not go into effect until that process is complete. "We want 'em to guard intellectual property, not take it from us".
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