Trump wants to levy additional $100B in tariffs against China

In an appearance before the Economic Club of Chicago, Powell says the issue was discussed at the Fed’s March meeting.

“China can ditch American energy at any time because there’s plenty of supplies elsewhere, whereas for the US, energy is a sensitive subject”, said Will Yun, a commodities analyst at Hyundai Futures Corp.in Seoul.

Most U.S. equity indexes are grinding through choppy corrections after falling 10 percent or more from their record highs earlier in the year.

Kudlow told reporters the USA may provide a list of suggestions to China “as to what we would like to have come out of this”, and those issues were under discussion. Mnuchin says in the interview that USA officials are in communication with the Chinese. He says those interests include protecting US farmers.

The United States has shown little fear of the consequences of escalating trade tensions with China far beyond what would be considered a typical dispute, and Beijing has so far stood up to those escalations.

China reached out for Europe’s support in its bitter trade war with the United States, leaving the European Union at risk of getting entangled in a conflict with repercussions around the world.

Troubled by China’s response, Trump announced Thursday evening that he is considering targeting China with additional trade penalties.

China bought about 750 million cubic feet a day worth of American LNG in the fourth quarter, the most of any country, according to USA government data. “Because when they steal our technology, they are stealing the guts of the American future”, Kudlow told reporters outside the White House.

A USTR spokeswoman said that the $100 billion second-round of potential tariffs had not been determined yet and would be selected by USTR career staff – not political appointees – along with economists and trade experts. But he stressed that differences between the nations could be solved through negotiation. But now China said it is planning to impose a 25% tariff, matching the first set of tariffs planned by Trump.

China has been steadfast that it will not back down in a trade war.

Trump has asked the USA trade representative to consider imposing tariffs on another $100 billion in Chinese goods.

Economic officials of both sides have not recently held any trade negotiations, which are impossible under current conditions, he said.

Trump announces via a prepared statement that he has instructed his officials to draft up an additional $100 billion in tariffs for Chinese goods.

The Energy Information Administration (EIA) reported a 4.6 million-barrel draw in US crude inventories last week, compared with analysts’ expectations for an increase of 246,000 barrels, providing some support to prices. People are surprised, I’m not! “The WTO is unfair to U.S”.

A more direct example comes from Trump’s recent tariffs on steel and aluminum imports. Beijing has called on the European Union to help it reject U.S. protectionism and uphold the global trade order. He made the comments this morning during a radio interview on 77 WABC Radio.

“More typically, there’s a lot more cohesion in the messaging between the White House and the markets”, said Nicholas Colas, co-founder of DataTrek Research. The U.S. bought more than $500 billion in goods from China past year and now is planning or considering penalties on some $150 billion of those imports.

“We don’t want a trade war, but we are not afraid of one”.

This is in addition to the proposed 25 per cent import tariffs worth Dollars 50 billion on some 1,300 Chinese products being imported into the US. That follows the Office of the US Trade Representative’s announcement earlier this week of plans for tariffs on $50 billion in Chinese products.

He has also instructed his secretary of agriculture “to implement a plan to protect our farmers and agricultural interests”. Trump says China’s trade practices have caused American factories to close and lead to the loss of American jobs.