Trump trade war a ‘symptom of paranoid delusions’ - Chinese media

22 June, 2018, 17:45 | Author: Kathy Ellis
  • US President Donald Trump

"The U.S. abuses tariffs to trigger trade wars everywhere around the globe and that will severely damage the world trade order, hurt the interests of trading partners, and also hurt its domestic companies and people", Ministry of Commerce spokesman Gao Feng said at a regular briefing in Beijing on Thursday.

Cecilia Malmstrom, the EU's trade commissioner, acknowledged that the European Union had targeted some iconic American imports for tariffs, like Harley-Davidson motorcycles and bourbon, to "make noise" and put pressure on US leaders.

Canada has announced it will impose retaliatory tariffs on C$16.6 billion (RM50 billion) worth of USA exports from July 1.

"The woes the administration is inflicting on Chinese companies do not simply translate into boons for USA enterprises and the U.S. economy", the state newspaper said in an editorial headlined "Protectionism symptom of paranoid delusions".

He pledged to impose tariffs on imports from countries that Trump said had exploited the United States.

American tariffs on steel and aluminum have also hit Canada, Mexico, India, Turkey and India.

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Brussels imposed the raft of duties on U.S. products worth 2.8 billion euros (S$4.4 billion) in a tit-for-tat response to Trump's decision to slap stiff tariffs on European steel and aluminum exports.

"It will be a disaster", said Nagesh Balusu, manager of the Salt Whisky Bar and Dining Room in London and expects the European Union's tariffs to add more than $7 to the price of a bottle of Jack Daniels, which is imported from Tennessee.

Its duties target goods worth $3.3bn (£2.5bn) after the United States imposed tariffs on the bloc's steel and aluminium.

On May 31, the White House announced that it would be ending the exemptions at the end of that day.

Brussels imposed the tariffs on consumer goods - created to target producers in Republican states where Trump draws much of his support - from 10pm on Thursday on USA goods worth up to €2.8bn (£2.5bn). "The U.S.is accustomed to holding "big sticks" for negotiations, but this approach does not apply to China". All told, the $450 billion in potential tariffs would cover almost 90 percent of goods China sends to the United States.

Asian stocks fell, extending the worst week for regional equities since late March, amid concern global trade restrictions will curb growth. "We're going to fix the problem of protectionism around the world, and we're going to fix it by making it more painful for those countries to do bad practices than to do the right thing, which is to lower the trade barriers and lower their tariffs".

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