Trump Escalates US-China Trade War



Trump Escalates US-China Trade War
U.S. President Donald Trump has escalated the U.S.-China trade war.

U.S. President Donald Trump has escalated the U.S.-China trade war by announcing an additional tariff of 10 percent on $300 billion of goods and products coming from China into the United States.

The latest tariff, which does not include $250 billion worth of goods already tariffed at 25 percent, will start on September 1, the President revealed in a statement on Twitter.

In the statement, Trump noted that U.S. representatives had had constructive talks in China and confirmed that trade talks are continuing.

“We look forward to continuing our positive dialogue with China on a comprehensive trade deal and feel that the future between our two countries will be a very bright one,” Trump said in the statement.

 

 

 

 

 

Back in July, Trump warned that the U.S.-China trade war could ratchet up further, if the United States wanted.

In a cabinet meeting on July 16, Trump said, “we have a long way to go as far as tariffs, where China is concerned, if we want”.

“We have another $325 billion that we can put a tariff on if we want,” he continued.

Earlier that month, the Texas Independent Producers and Royalty Owners Association revealed that it remained hopeful that the United States and China would agree to a deal and bring an end to the trade war.

Back in June, the American Petroleum Institute signed a letter urging Trump’s administration to get back to the negotiating table with China, after talks between the two countries broke down.

The greatest impact of the trade war on the global oil industry is its effect on oil prices, Steve Wood, a managing director at financial services company Moody’s, told Rigzone in June.

“The market is concerned that a prolonged dispute will result in slower global economic growth leading to lower demand for oil,” Wood said at the time.

“This, in turn, has caused oil prices to weaken, which reduces cash flow and earnings for oil producers,” he added.

In May, Trump announced on Twitter that the United States would make a deal with China “when the time is right”.



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