Trump spurs new wave of economic angst by escalating China fight
President Trump on Friday announced he would increase tariffs on more than $500 billion in Chinese goods, marking a new escalation in his trade war with China that has reverberated across the U.S. stock market and global economy.
Trump unveiled his retaliatory measures on Twitter after the markets closed, capping a chaotic week throughout which the president vociferously downplayed speculation that a recession could be on the horizon.
Both countries have engaged in a series of escalating actions in their trade dispute, with China announcing earlier Friday that it would impose new reciprocal tariffs on $75 billion in U.S. automotive parts, farm products and other goods.
Trump, in turn, announced that $250 billion in Chinese goods he had intended to tax at 25 percent starting in September would now be taxed at 30 percent starting on October 1, while another $300 billion in goods being taxed at 10 percent would attract a 15 percent rate.
“In the spirit of achieving Fair Trade, we must Balance this very unfair Trading Relationship. China should not have put new Tariffs on 75 BILLION DOLLARS of United States product,” Trump tweeted, writing that he believed Beijing’s tariffs were “politically motivated.”
Trump earlier in the week declared he was the “chosen one” to take on China on trade, a remark he said later Friday was made sarcastically.
But he triggered a drop in U.S. stock markets and stoked further concerns that the global economy could be headed for a recession after first responding to the China tariffs on Friday by saying American companies were “hereby ordered” to “find alternatives” to China. In doing so, he repeated his oft-used message that American firms should build their products in the United States.
“We don’t need China,” Trump tweeted. “This is a GREAT opportunity for the United States.
The president then spent part of Friday morning meeting with members of his economic team, and had lunch with Secretary of State Mike Pompeo. He remained largely silent on one of the most tumultuous days of his trade dispute with Beijing until announcing the tariffs in the early evening.
Claude Barfield, an expert in international trade policy at the American Enterprise Institute (AEI), said in an interview that Trump can't "order" U.S. companies to stop doing business with China, calling the morning announcement “willfully ignorant.”
Trump later tweeted that he was exploring using the Economic Powers Act. Under the 1977 law, Trump could declare a national emergency related to China in order to block U.S. firms from making some transactions in China.
Barfield predicted the widening trade war would continue to create uncertainty around the U.S. economy, which could potentially fuel a slowdown or a recession in the next six to 12 months.
“That’s not something that’s just psychological, it goes back into the board rooms in the sense that people, corporations can’t plan," Barifeld said.
The Dow Jones Industrial Average lost 2.4 percent on Friday, the S&P 500 dropped 2.6 percent and the Nasdaq fell 3 percent.
Trump has been banking his reelection on stronger economic growth, and the White House has been resistant to acknowledging that a downturn is possible, citing improved consumer confidence and low unemployment numbers.
The president’s allies insisted amid the chaos Friday that Trump’s strategy would win out in the long-run.
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السبت 24 أغسطس 2019, 5:08 pm
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