United States stock market cheerleader-in-chief goes quiet in downturn

25 March, 2018, 00:46 | Author: Sherri Guerrero
  • How much has US lost from China's IP theft?

Major industrials that could become targets of Chinese trade retaliation slumped further, with aircraft maker Boeing down 5.2 per cent and earthmoving equipment maker Caterpillar falling 5.7 per cent.

The measure, which comes amid increasing concern from some USA officials about Chinese influence in US education, also would require universities to disclose donations, contracts or in-kind gifts valued at $50,000 or more from any foreign source.

It retaliated on Friday afternoon with plans for more than $4 billion in tariffs on USA pork, aluminium, wine and other products. "Chinese-listed firms, on the other hand, derive most of their sales - about 80 percent - from the domestic market". "We look forward to the United States and China being able to negotiate a satisfactory arrangement that suits both sides".

Chinese leaders are judged in part on how they manage relations with the United States, and a damaging trade war, if handled poorly, might diminish Xi's political standing and test the wisdom of the highly centralised power structure that he has erected around himself.

Chinese purchases of those goods previous year totaled $3 billion, the ministry said.

China has noted strong reactions from many US trade partners over the steel and aluminum tariffs. This list could grow if a trade war with China escalates.

The Trump administration is focused on the problem of American technology leaking to China.

"We hope the USA stops its (practices) before it is too late, makes prudent decisions, and doesn't drag bilateral trade relations into danger", said the spokesperson, adding that China is "fully prepared to firmly protect its legitimate interests".

As he recently highlighted China's $375 billion trade surplus with the U.S., Trump says he will consider additional tariffs in two weeks. "One could argue (I certainly do) that overall, the multilateral system has been a good thing for the USA, and trashing it will not lead to a better outcome".

United States stock market cheerleader-in-chief goes quiet in downturn
United States stock market cheerleader-in-chief goes quiet in downturn

U.S. measures are in response to the American companies' intellectual property theft by China.

Sputnik spoke with Pauline Loong; the managing director of the Hong Kong-based economic research consultancy Asia-analytica to find out more about Trump's tariffs policy towards China. Trump also directed Treasury Secretary Steven Mnuchin to propose new investment restrictions on Chinese companies within 60 days to safeguard technologies the USA views as strategic, said senior White House economic adviser Everett Eissenstat.

"We have repeatedly told the USA side that steel and aluminum imports from its ally Japan will not adversely affect America's national security, and that Japan should be excluded", said Chief Cabinet Secretary Yoshihide Suga.

Mr Trump has lifted tariffs on aluminium and steel imports to protect U.S. producers, although Australia and other close allies have won a reprieve. That said, there is a risk of a mounting cycle of retaliation. It held $1.17 trillion in Treasuries as of January, or about 19 percent of all foreign holdings of USA government securities.

The spiralling trade dispute between the world's two largest economies has spurred concerns among companies and investors that global commerce could be depressed.

"The scale of the trade war would be broadened".

In a ramping up of his America First ethos, Trump Thursday said he had ordered tariffs on $50 billion of Chinese imports as recompense for alleged intellectual property abuses.

The TAIEX closed down 182.51 points, or 1.66 percent, at 10,823.33, with stock in the aerospace, information and communication technology, and machinery industries falling heaviest, as those sectors were most rattled by news of the tariffs, which could be as high as 25 percent.

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