Chinese factory rushing to make Trump's 2020 banners in fear of tariffs

31 July, 2018, 00:36 | Author: Gregory Stephens
  • Trump 2020 – Keep America Great’ campaign flags made in China could be ht by tariffs as trade dispute deepens

Juncker's visit was meant to cool the temperature and avoid the full-blown trade war the already fighting with China.

"The deal we made with the European Union this past week is very important to get us on this road", Kudlow insisted, noting that Juncker and Trump "got together" and "surprised probably nearly everybody in the world and basically came to agreement on a number of key items". More import terminals will need to be built in Europe and export terminals in the USA, but the infrastructure isn't the main issue: Price is.

President Donald Trump declared victory for American farmers Thursday (26 July) after brokering a ceasefire in a trade dispute with the European Union, but it is unclear how soon it will bring relief to those hurt by tit-for-tat tariffs.

Stocks in Alcoa, a big aluminum producer in Pennsylvania, are only starting to take small dips, and that's months after Trump's aluminum tariffs went into effect. China and other U.S. trade partners slapped tariffs on incoming shipments of USA soybeans, dairy, meat, produce and liquor.

A U.S. flag flies near a field of soybeans in Tiskilwa, Illinois, U.S., July 6, 2018. In its talks with Mexico and Canada to rewrite the North American Free Trade Agreement, the United States put rules of origin for the auto sector at the forefront, at one point demanding higher USA content for vehicles to be eligible for NAFTA tariff-free access.

While record-breaking, experts told us the package was unlikely to cover the full extent of farmers' costs.

Trump hailed it as a "breakthrough agreement", while Juncker said it was a "good and instructive meeting". Not only does it offer zero spreads, no margin requirements, with known and predefined risk set by the trader - it also allows for immediate reaction to changing market conditions.

With China promising an imminent battery of counter sanctions on U.S. exports, the rest of the world nervously awaits further developments. Much of the $12 billion bailout will be borrowed from the U.S. Treasury using emergency powers Congress granted to the Commodity Credit Corp. In Europe, alarm bells have been sounded over China's growing economic influence there.

Mnuchin, speaking to CNBC, also held out the prospect of re-opening talks with China if Beijing is willing to make "serious changes", as he said the European Union had indicated it was willing to do.

"Engaging is unilateralism or protectionism is not the way out", Geng said, when asked about Kudlow's comments. The IMF raised its estimate for China's growth in 2018 in January after the economy unexpectedly accelerated past year. In Japan, for example, the government planned to increase subsidies to pig farmers in order to compensate them for a reduction in pork tariffs established as part of the Trans-Pacific Partnership (TPP) multilateral trade agreement. Trump's $12-billion aid program is an attempt to compensate farmers for income lost from foreign tariffs imposed on United States goods in response to Trump's own tariffs.

"This is a self-inflicted wound that borrowing $12 billion won't solve", U.S. Sen., Claire McCaskill, D-Mo., said last week.

When asked about the $12 billion in aid offered to US farmers last week, Adams County Farm Bureau President Rick Edwards didn't hesitate.

The clarification came a day after Mr Trump hailed the agreement as a major victory for United States farmers, who have seen their exports plummet due to Washington's protectionist policies. I don't think that China will take it easy though.

Larry Kudlow, President Trump's chief economic adviser, said he would be involved in the negotiations, to be led by U.S. Trade Representative Robert Lighthizer.

Trump and key cabinet supporters are approaching the trade war on an economywide scale but have been forced to recognize the implications of China's countermeasures that have helped depress American farm markets and have raised the prices of raw materials to some manufacturers.



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