China's ambassador to the United States explained to CNBC on Tuesday evening why his country was striking back against
U.S. trade measures.
Not exact matches
The advisory group, in a report submitted to Congress and the
U.S. trade representative in late June, suggested the USTR borrow exact language pertaining to the agricultural sector and suggested using the Asiawide
trade deal as the basis for text on environmental and labor regulation, with «additional strengthening of
measures beyond what was in TPP,» according to a copy of the June 30 letter obtained by CNBC.
Trump said in his statement that the
U.S. Trade Representative will discuss resolving separate antidumping and countervailing duty
measures imposed on Chinese solar products and
U.S. polysilicon.
Commerce Secretary Wilbur Ross,
trade advisor Peter Navarro and U.S. Trade Representative Robert Lighthizer all backed the meas
trade advisor Peter Navarro and
U.S. Trade Representative Robert Lighthizer all backed the meas
Trade Representative Robert Lighthizer all backed the
measures.
A number of
U.S. policymakers have sought to justify stoking a
trade war with China in recent weeks, saying it is «unfair» for the world's biggest economy to have a current account deficit — which
measures the flow of goods, services and investments into and out of the country — with Beijing.
«The EU stands ready to react swiftly and appropriately in case our exports are affected by any restrictive
trade measures from the
U.S.,» a European Commission source tells CNBC.
The
measures will be based on evaluation of the potential losses triggered by the
U.S. trade actions, the ministry said in a statement on its website Friday.
«China urges the
U.S. to respect the authority of the multilateral
trade system, and repeal the
measures as soon as possible,» it said.
South Korea's
Trade Minister Kim Hyun - chong complained of «unfair» safeguard
measures by the
U.S. against washers and solar panels.
Republican House Ways and Means Committee Chairman Kevin Brady on Wednesday cautioned against the
U.S. imposing «indiscriminate» tariffs against China and he encouraged a wider public discussion before the
U.S. takes new
trade measures.
Recent
measures announced by China have «nothing to do with the
trade disputes with the
U.S.», a Chinese Commerce Ministry spokesman said, insisting they were not concessions.
A
U.S. official said wording had been agreed upon for anti-corruption, telecommunications, goods market access, sanitary and food safety
measures and technical barriers to
trade with spaces left for disputed sections.
Republicans and
trade groups like the
U.S. Chamber of Commerce have fought back against the
measure at every turn, saying it will be too expensive, could mislead investors and is not material to a company's financial statements.
Officials have so far been evasive when asked how the three nations can continue trying to update the North American Free
Trade Agreement at a time when the
U.S. president is about to take a highly protectionist
measure.
Airlines for America, a
U.S. trade group, said the changes «are complex security
measures» but praised
U.S. officials for giving airlines flexibility in meeting the new rules.
«If the
U.S. does take protectionist
measures, then other countries are likely to take justifiable retaliatory actions against
U.S. companies that have an advantage... in fields such as finance and high - tech, leading to a tit - for - tat
trade war that benefits no one,» it said.
On their face, the added levies would boost inflation
measures by one - tenth of a percentage point while reducing annual GDP growth by one or two tenths, Barclays said in a note that assumes the moves would not have massive repercussions from
U.S. trading partners.
The new
measures follow a so - called 301 investigation led by
U.S. Trade Representative Robert Lighthizer into China's potentially unfair trade practices with the
Trade Representative Robert Lighthizer into China's potentially unfair
trade practices with the
trade practices with the
U.S.
If protectionist
measures did in fact cause China's
trade surplus with the
U.S. to drop, there are broadly three ways it could happen.
The three European leaders «agreed that the
U.S. ought not to take any
trade measures against the European Union,» which is «resolved to defend its interests within the multilateral
trade framework,» Merkel's statement said.
The rationale for these
measures is that they'll reduce American
trade deficits — in particular, the widening deficit with China — and thus benefit the
U.S. economy.
Anti-
trade measures could put pressures on EM assets, particularly in places like Mexico that are considerably exposed to
U.S. trade.
In the second case, if protectionist
measures disrupted China's capital exports, its capital deficit and
trade surplus would then decline, as would the
U.S. capital surplus and
trade deficit.
«If a
trade war were initiated by the
U.S., China would fight to the end to defend its own legitimate interests with all necessary
measures.»
TRADE TALK: After an initial jolt of fear brought on by China's announcement of plans for tariff hikes in response to
U.S. measures, investors are anticipating the two sides will work toward negotiations.
«The
U.S.'s decision... is an abuse of
trade remedy measures, and China expresses strong dissatisfaction regarding this,» Wang Hejun, the head of the commerce ministry's Trade Remedy and Investigation Bureau, said in a statement on its micro
trade remedy
measures, and China expresses strong dissatisfaction regarding this,» Wang Hejun, the head of the commerce ministry's
Trade Remedy and Investigation Bureau, said in a statement on its micro
Trade Remedy and Investigation Bureau, said in a statement on its microblog.
«The Trump Administration is committed to defending
U.S. rights to enforce environmental
measures that protect wildlife and facilitate fair
trade.»
The
U.S. Dollar Index (USDX, DXY) is an index (or
measure) of the value of the United States dollar relative to a basket of foreign currencies, often referred to as a basket of
U.S. trade partners» currencies.
Canada has outlined a whole litany of
U.S. «nullification and impairment»
measures affecting Canadian
trade extending over decades, including the
U.S. refusal to fully implement WTO panel rulings, saying that those decisions only cover past importations and only those particular products, leaving the impugned
measure in force for future cases.
Even if the growth rates of nominal GDP and
U.S. corporate revenues (including foreign revenues) over the coming 20 years match their 4 % growth rate of the past 20 years, and even if the most reliable valuation
measures merely touch their historical norms 20 years from today, the S&P 500 Index two decades from now will
trade more than 20 % lower than where it
trades today.
By withdrawing from multilateral mechanisms, such as the 2015 Paris Agreement, and taking anti-globalization
measures, the
U.S. is destabilizing global free
trade and the world order.
The combination of lower tariffs, non-tariff market access
measures and having one set of rules for
trade with 10 economies with the ability to build new supply and production chains across the TPP adds up to a significant advantage for Canadian companies over competitors in the
U.S. and Europe.
You're implying in your article that after taking
trade measures against Mexico, the
U.S. is going to just stand around and do nothing about other surplus countries.
While these four products account for only 4.1 % of total
U.S. imports (0.5 % of
U.S. GDP), these
measures raise concern about a full - blown
trade conflict.
The broad set of Trump's fiscal
measures and Republican legislative priorities should be supportive of a strong
U.S. dollar, either by boosting growth and tighter monetary policy — or by contributing to an improved
trade balance (through looser regulation in the energy sector and / or border adjustments).
This suggests that China is the primary target of the steel tariffs, buttressed by the other punitive
measures the
U.S. has taken against its biggest
trading partner.
The
U.S. dollar index (USDX) is a
measure of the value of the
U.S. dollar relative to the value of a basket of currencies of the majority of the
U.S.'s most significant
trading partners.
The ICE
U.S. Dollar Index, which helps
measure the dollar, had fallen 0.1 % and
trading about 1.6 % lower for the month.
According to Bloomberg data,
U.S. equities, as
measured by the S&P 500 Index, barely budged; long - term
U.S. Treasury rates are currently
trading within 10 basis points (bps) of where they were on January 1; and, with the exception of the last two weeks of the year, the Federal Reserve (Fed) sat on its hands.
U.S. Commerce Secretary Wilbur Ross on Friday recommended that Trump impose
measures against foreign suppliers of the metals in the name of national security, the latest sign of a tougher stance on
trade by the administration.
While the
U.S. and China will take
measures to walk back from a full - blown
trade war, heightened
trade tensions between the two will be the new normal for the foreseeable future.
Tariffs are taxing the global financial markets as they try to guesstimate the economic impact from the effect of tit - for - tat responses to the initial
U.S. measures efforts to gain support for dealing with Chinese
trade violations.
«As the Chinese saying goes, it is only polite to reciprocate,» the embassy said, adding that China intends to pursue the matter with the World
Trade Organization and enact «corresponding
measures of equal scale and strength against
U.S. products.»
These safeguard
measures are absolutely stupid as a matter of economics, but relatively trivial as far as the impact on
U.S. - China relations and the prospects for
trade war are concerned.
A
measure of the value of the
U.S. dollar relative to majority of its most significant
trading partners.
The potential for a
trade war was boosted as China announced retaliatory
measures in response to the
U.S. president's plans to institute tariffs against the world's second - largest economy.
Since
trade is tied so closely to the
U.S. economy,
measures that make exporting and importing more difficult could have a negative effect, leading to a lack of economic growth and even an eventual recession.
That means that while the United States» current
trade rhetoric is a marked change from the past,
U.S. trade in practice may continue to be one of globalization, albeit more
measured.
On a more fundamental level, the negotiations remain at an impasse over a collection of
U.S. proposals dubbed «poison pills» by
U.S. Chamber President and CEO Thomas J. Donohue, including the proposed sunset clause, an extreme approach to rule of origins for the auto and textile / apparel sectors, and
measures that would undermine investment protection, government procurement, and
trade in seasonal produce.
U.S. equities are currently
trading near the top end of their long - term valuation range, based on the price - to - earnings
measure.