China ‘underestimated’ Trump, a key adviser says

Roman Schwartz
June 19, 2018

China's government on Tuesday denounced President Donald Trump's threat of new tariffs on $200 billion of Chinese goods as blackmail and warned it would respond with "strong countermeasures".

"China apparently has no intention of changing its unfair practices related to the acquisition of American intellectual property and technology", Trump added in a statement.

"If the US becomes irrational and issues this list, China will have no choice but to adopt strong countermeasures of the same amount and quality", the statement said.

The Canadian dollar, meanwhile, weakened to a one-year low of C$ 1.3237 overnight, before paring some of its losses on Tuesday, as investors anxious about Canada's own trade feud with the United States. Chips from non-Chinese wafer fabs sold to American companies that pass through those facilities likely would not be hit.

Trump also promised to keep upping the ante if China retaliates to his latest action.

The US president said he had asked officials to target $200 billion (€172 billion) worth of imports - and threatened to increase taxes on Chinese exports to the US even further should he meet resistance from Beijing. "Because the United States does a very good job, I believe, in following the WTO regulations, the World Trade Organization".

The move followed tariffs applied last week on Dollars 50 billion in Chinese imports to the US.

Asked to comment on Pompeo's remarks, the Chinese foreign ministry in Beijing said in a regular briefing with reporters that the US had lost credibility as a free trader. Resolving the trade dispute quickly would decrease the likelihood of manufacturing disruptions for upcoming iPhones, iPads, and Macs, most of which will be assembled in Chinese or Taiwanese factories weeks or months before shipping to other countries.

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Bardole voted for Trump, and he says while the trade agreements the president rails against have actually been good for the industry, he also says they've been bad for other industries.

On Monday President Trump threatened tariffs on almost all of China's products shipped to the United States unless Beijing agrees to sweeping trade concessions. But Intel shares dropped 3.4 percent to $53.22 on Monday on news of a stock downgrade and investor concerns over tariffs.

Meanwhile, the state-backed tabloid Global Times said in an editorial that Trump was gambling with the "US public interest" by escalating the trade row with China.

China's Commerce Ministry said it would respond with tariffs "of the same scale and strength" and that any previous trade deals with Trump were "invalid".

Neither side has yet imposed tariffs on the other in their growing dispute over technology and the US trade gap; the first round is to take effect on July 6.

Retail groups also weighed in. China buys around $1 billion worth of American sorghum each year. He has no stomach for a trade war that makes American farmers pay the price.

Jacob Parker, vice president of China operations at the U.S. Apple and the White House were not immediately available for comment.

It has informed the World Trade Organization (WTO) that it plans to impose retaliatory measures on U.S. goods to the tune of 50 billion yen (395 million euros, $455 million), after failing to persuade Washington to exempt it from the tariffs.

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