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Trump Warns of ‘Plan B’ on China Trade: Billions More in Tariffs
(June 27): President Donald Trump said substantial additional U.S. tariffs would be placed on goods from China if there’s no progress on a trade deal after his planned meeting with Chinese counterpart Xi Jinping at the G-20 Summit in Japan.
“My Plan B with China is to take in billions and billions of dollars a month and we’ll do less and less business with them,” Trump said Wednesday during an interview with Fox Business Network’s Maria Bartiromo. The White House announced his meeting with Xi would take place at 11:30 a.m. on Saturday in Osaka.
Trump has previously said he may decide to raise tariffs on the remaining $300 billion of Chinese imports if he doesn’t like what he hears from Xi at this weekend’s summit in Osaka. The two leaders are expected to meet Saturday -- something financial markets worldwide will be watching carefully.
The president’s latest remarks added an element of doubt to Treasury Secretary Steven Mnuchin‘s comment earlier Wednesday on CNBC that he’s “hopeful” about U.S.-China trade negotiations.
An alternate course as the trade talks resume may be that U.S. suspends the next round of tariffs on the additional $300 billion of Chinese imports, Bloomberg reported Tuesday. If the tariffs on the broader set of goods does go into effect, it could be at a 10% rate rather than 25%, Trump said in the television interview Wednesday.
“My plan B’s maybe my plan A, my plan B is that if we don’t make a deal I will tariff, and maybe not at 25%, but maybe at 10%,” Trump said in the interview Wednesday.
Trump criticized a range of trading partners in the interview, including Germany and Vietnam, which he called an “abuser” when responding to a question about companies relocating production from China to that country following U.S.-imposed tariffs.
The president said he likes China and Xi but added: “They have taken advantage of us for so long.”
“They devalue their currency like a ping-pong ball,” he said.
The talks between the leaders of the world’s two largest economies mark a critical juncture in their trade war, which has gone on for more than a year, and both sides have plenty to lose if it escalates.
No detailed trade deal is expected from the leaders’ summit, a senior U.S. administration official said Tuesday. The goal of the meeting is to create a path forward for a trade agreement, after negotiations broke down last month. That’s when Trump decided to increase tariffs on $200 billion in Chinese imports, and threatened to target the remaining $300 billion with duties of as much as 25%.
- Bloomberg
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Discussions
Be the first to like this. Showing 7 of 7 comments
I don't understand why trump thinks china will surrender just because he threaten to impose tariff on another 300 bil china export to US
China has GDP of USD14,000 billion
300 billion divided by 14,000 billion = 2%
It will only affect 2% of China's GDP, why would China surrender to accommodate US ?
Americans got poor Maths, I guess
2019-06-27 16:12
Mnuchin‘s comment that China trade deal is 90% complete is bullshit. DT is asking for total agreement on DT's terms. China has said it means a dismantling of the government.
It is the same as the Plaza Accord which decimated Japan's economy. On the top of raising USD/JPY exchange rate, Japan was forced to share its semiconductor secrets with US companies.
If there is no compromise on the US side, nothing will come out of it.
2019-06-27 16:23
DT will try his usual tricks. DT will insists on China buying his soyabeans while the truce is going on. DT knows that his farmers are hit by a hurricane n would resort to trickery to buy time.
"And while the White House statement said China had agreed to immediately restart agricultural purchases, there was no such commitment in the Chinese version." from SCMP today
2019-06-27 16:37
Posted by Icon8888 > Jun 27, 2019 4:12 PM | Report Abuse
I don't understand why trump thinks china will surrender just because he threaten to impose tariff on another 300 bil china export to US
China has GDP of USD14,000 billion
300 billion divided by 14,000 billion = 2%
It will only affect 2% of China's GDP, why would China surrender to accommodate US ?
Americans got poor Maths, I guess.
1. Google's CEO Had to Explain to Congress Why Searching for 'Idiot' Shows Donald Trump
2.Trump was know by his teacher as "DUMBEST GODDAM STUDENT I EVER HAD"!!!!!......
YET, this idiot thinks he is a GENIUS and the best President American ever had...
He is bent on manipulating facts to please his equally stupid audience.
You know what they say? Genius has its limit. Stupidity doesn't.
Don't challenge us. We are idiots!
Let him says what he wants.... The proof of the pudding is in its eating.
2019-06-27 16:38
For DT, each time he negotiate with China, China has to start buying his soyabeans irrespective of whether a deal is made. This time around, there is no such commitment issued by China.
2019-06-27 16:41
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CARRY ON WITH YOUR TRADE WAR AGAINST CHINA TRUMPET...nobody can stop u!
2019-06-27 16:09