Trump says tariffs working far better than anticipated

President Donald Trump and President Xi Jinping make joint statements at the Great Hall of the People in Beijing China

Earlier this week, the U.S. president told his top trade official to study whether to raise tariffs on $200 billion in Chinese goods from a planned 10 percent to 25 percent. But nothing hit as hard and quickly as the rapidly escalating trade war with the U.S.

"Their economy's weak, their currency is weak, people are leaving the country".

March 15: President Trump signed an executive order to impose a 25 percent tariff on steel and a 10 percent tariff on aluminum imports from China and several other countries.

Washington imposed 25 percent duties on $34 billion of Chinese goods on July 6 in response to complaints Beijing steals or pressures companies to hand over technology. "Don't underestimate President Trump's determination to follow through", Kudlow said in a Bloomberg Television interview.

The US wants concessions in three areas from China: more access to China markets by US banks and multinational corporations, including 51 percent and then 100 percent US corporate ownership of their operations there.

While the Trump administration's steel tariffs might be meant to increase domestic-steel production, bigger job losses could happen at manufacturing companies that use steel, Paglia noted.

The iPhones, Chevrolets and other products manufactured and sold in China by USA companies are mostly designed in the United States, and the Trump administration has declared various Chinese industries to be threatening US national security, illegally copying foreign intellectual property or causing widespread job losses in the United States. Research later conducted on those tariffs found they negatively impacted employment and the US economy. China continues to move forward while for U.S. farmers, the trade war has represented a major step backwards.

China's imports from the United States a year ago totaled $153.9 billion. The Trump administration is weighing an additional round of tariffs on $200 billion of Chinese goods. The new list included more machinery and aerospace products.

After weeks of half-measure negotiations between the two countries, talks have broken down and now both the White House and Beijing are locked in a rapid escalation of trade threats that experts have predicted could damage both economies. It will be September at the earliest before the US decides whether to impose those tariffs. That prompted concern among American companies that retaliation might expand to disrupting their operations in China.

But Secretary of State Mike Pompeo remained steadfast on Washington's push for fairer trading conditions.

After talks between Washington and Beijing broke down in May, some see this as the Trump administration's way of forcing China back to the negotiating table.

Timing will depend on the actions of the United States, the Chinese Commerce Ministry said in a separate statement.

"China's economy is much less dependent on trade now and on trade with the USA than it used to be", says Linda Lim, a professor of corporate strategy and global business at the University of MI, told Zarroli.

Should Trump follow through with threats of $200-$500 billion more tariffs on China imports, the United States and China will likely slip into a currency war as China allows its currency, the Yuan, to devalue further.

The US trade deficit - the gap between exports and imports - widened by 7.3% to $46.3bn in June.

The events give Trump a chance to frame on his own terms his much-debated moves on trade, foreign policy, media-bashing and interactions with Russian President Vladimir Putin.

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