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Laptops, Smartphones Among Next to Be Hit by Trump Tariffs

16 May 2019

"Downbeat data strengthen the case for more easing", Julian Evans-Pritchard, senior China economist at Capital Economics, said in a research note.

The foreign ministry in Beijing said on Tuesday that it hopes the United States does not "underestimate China's determination and will to safeguard its interests".

"The Chinese say, 'We can eat grass for a year-we're not going to be bullied into something that's not good for us'". "There's still a lot of work to do".

"Don't back down. Strength is the only way to win with China".

Trump appeared to downplay the scope of the trade war, which could lead to tariffs this summer on all trade between the world's two largest economies, raising costs and disrupting supply chains across the globe.

U.S. President Donald Trump on Tuesday defended his trade war with China as tensions escalated and markets extended their losses, promising a deal with Chinese President Xi Jinping soon, even as fears escalated about a protracted battle.

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According to the report, an average American family of four would pay $2,300 more in goods and services each year if Trump imposes a 25% tariff on all goods from China, as he has repeatedly threatened.

On Monday, he said his administration would provide about US$15 billion in aid to American farmers whose products were targeted by Chinese tariffs.

Trump, who has embraced protectionism, also repeated the rhetoric of his "America First" agenda in an string of early morning tweets on Tuesday.

The US argues that China's trade surplus with the US is the result of unfair practices, including state support for domestic companies. Remarkably, Trump has the backing of some powerful Democrat lawmakers (most prominently New York's Chuck Schumer) and influential liberal columnists (notably NYT's Tom Friedman) as he seeks to wrest the initiative from China, which in the Trump narrative, has stolen a march over USA by literally stealing its technology.

Freeland told reporters she had discussed the "Section 232" tariffs on Canada with Lighthizer but declined to say whether the two countries were close to a deal.

Granted, Mexico could increase its sales of electronic goods to the US market, and Argentina could boost its exports of soybeans to China as a result of the escalating U.S. Trump wrote. It did not escape Trump critics that his proposal to redistribute income with tariffs on incoming goods and subsiding farmers with it was tantamount to the very idea he was panning Democrats for: Socialism. The decision to delay was expected to be made on Friday, officials and automakers said.

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The tariffs of up to 25 percent on cars and parts could have a devastating impact on Japan and countries in the European Union, particularly Germany. But it could put a dent in the stock and bond market'.

As negotiations toward resolving the U.S.

State media has beefed up its response to Trump's latest tariff escalation, with the once-banned phrase "trade war" roaring back into widespread use in Chinese media.

Based on an accelerated schedule laid out by the U.S. Trade Representative's (USTR) office late on Monday, Trump will be in a position to launch 25% tariffs on another $300 billion worth of Chinese goods when he meets with Xi, adding potential leverage.

China then warned in state media that the nation that now has the world's second-largest economy will overtake the United States financially.

The International Monetary Fund and the World Bank have called the expanding trade frictions the biggest uncertainties for the global economy. "China has been running an economic war against the industrial democracies for 20 years", Trump's former chief strategist Steve Bannon said in a CNBC interview, maintaining that the face-off with Beijing "cuts to the core of what the United States is going to be in the future", and Trump will settle for nothing short of victory.

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Laptops, Smartphones Among Next to Be Hit by Trump Tariffs