Trump's trade chief vows to work with democrats on NAFTA revamp

US Firms Feel Squeeze of Trump's China Policy - June 17, 2019

US trade representative holds hearings on proposed increases to Chinese import tariffs

Markets surged this early Tuesday morning when President Trump sent out a tweet that read: "Had a very good telephone conversation with President Xi of China. Our respective teams will begin talks prior to our meeting". President Trump threatened a 5% tariff on Mexican goods - which he backed down from - if the nation did not control the influx of migrants illegally crossing into the USA from Mexico.

As CBN News has reported, the president sees the tariff showdown as a win-win.

'As the two largest economies in the world, China and the United States should play a leading role in promoting positive outcomes of the Osaka Summit of the Group of Twenty and injecting confidence and vitality into the global market, ' it quoted Xi as saying.

"The proposed...tariffs will risk our company's overall financial heath, which will in turn limit our ability to maintain and reinvest in our American factories", New Balance wrote in a letter to the Office of the U.S. Trade Representative, CNN reported on Monday.

Portman said it would create 176,000 jobs and substantially grow the US economy.

White House officials declined to go into detail about the preparations or expected outcomes from the talks in Japan, but both sides reiterated long-held positions: US officials called for structural changes in the Chinese economy and in how Beijing treats USA businesses; China called for dialogue instead of expensive tariffs.

"The key is to take care of each other's legitimate concerns".

"I don't agree that tariffs should be the tool we use in every instance to achieve our trade policy goals", said Senate Finance Committee Chairman Charles E. Grassley of Iowa.

"So, I think this is well worth it, Kudlow summarized".

When asked by reporters if China was willing to come to the table and make a deal, Kudlow re-iterated: "I don't want to speculate".

"There are limited places. we can go", Helfenbein said, adding that the next possible locations following China - Vietnam, India, Indonesia and Bangladesh - are simply not cost-effective.

Meanwhile, stock prices rose on Wall Street after Trump tweeted about his conversation.

In addition to targeting China and Mexico, Trump has also threatened to tariffs on vehicles and parts from Japan and the European Union. The Dow Jones Industrial Average was up more than 350 points, or almost 1.4 percent, in trading just before noon. During Trump's presidency the U.S. Treasury Department has repeatedly refrained from officially accusing China of manipulating the yuan. "If China and the United States cooperate, both benefit".

"I don't know if it will get them to stop cheating, tariffs alone".

Latest News