Larry Kudlow to China: Don't Underestimate Trump

Anna Jefferson
August 3, 2018

The U.S. has been "ripped off by the world", he says, with its workers feeling the pain.

But amid that pushback is often the key caveat that Trump might sometimes be on to something.

China's Commerce Ministry said in a seperate statement Beijing's new set of proposed import tariffs on United States goods were rational and restrained.

The escalating dispute, with no settlement in sight, has fueled fears it might chill global trade and economic growth.

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The move comes after Trump asked U.S. trade officials to consider imposing a 25% tariff on $200bn of Chinese goods, up from the 10% level originally proposed last month, as the two countries attempt to reach an agreement on trade.

The highest penalties in Friday's list would be imposed on honey, vegetables, mushrooms and chemicals, targeting farming and mining areas that supported President Donald Trump in the 2016 election.

The list includes products as varied as snow blowers and 3-D printers, suggesting Chinese authorities were struggling to find enough imports that wouldn't disrupt their own economy.

The measure was presented as a response to the United States on July 11 imposing a 10 percent tariff on imports of approximately $200 billion from China.

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Beijing's earlier penalty tariffs appeared to be created to minimize the impact on the Chinese economy by targeting goods such as soybeans and orange juice that are available elsewhere.

Two Trump administration officials told reporters on a conference call that Mr Trump remains open to communications with Beijing and that through informal conversations the two countries are discussing whether a "fruitful negotiation" is possible. That prompted concern among American companies that retaliation might expand to disrupting their operations in China.

US Trade Representative Robert Lighthizer said on Wednesday President Donald Trump directed the increase from a previously proposed 10-per-cent duty because China has refused to meet US demands and has imposed retaliatory tariffs on US goods.

Washington and Beijing are locked in battle over American accusations that China's export economy benefits from unfair policies and subsidies, as well as theft of American technological know-how.

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The dispute is part of broader US complaints about global trading conditions that have prompted Trump to raise duties on steel, aluminum, washing machines or solar panels from Canada, Europe, Japan and South Korea.

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