Trump, China and tariffs
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T rump’s so-called reciprocal tariffs are scheduled to go into effect on August 1 after a 90-day delay—just as American families begin back-to-school shopping—and could hike up the cost of consumer goods imported from other countries.
Who pays for these tariffs? Most economists reckon that ordinary Americans will lose out, as prices in shops rise. Mr Trump and his coterie, by contrast, blithely insist that the rest of the world will shoulder the load by cutting their selling prices. So far, the evidence is giving the know-nothings a glimmer of hope.
WASHINGTON, July 25 (Reuters) - U.S. President Donald Trump is unlikely to follow through on his threat to place 100% tariffs on countries that buy Russian oil because it would worsen politically-damaging inflation pressures and his similar threat against buyers of Venezuelan oil has had limited success, especially in China.
President Donald Trump is set to meet with European Commission chief Ursula von der Leyen in Scotland to discuss trade. Both sides are seeking an agreement on tariff rates.
A slew of countries will face steep levies, including a 50% tariff on imports from Brazil and a 30% tariff on the European Union.
The White House puts a priority on doing business with Beijing as it prepares for bilateral talks next week.
China’s budget deficit climbed to a fresh record in the first half, highlighting intensified government efforts to shore up domestic demand as Donald Trump’s tariffs reduce exports to the US.
On April 9, with the stock market enduring a mini-crash, Donald Trump placed a 90-day pause on reciprocal tariffs for all countries save China. This 90-day pause is what ignited the strongest single-day point gains in the history of the S&P 500, Nasdaq Composite, and Dow Jones Industrial Average.
Pakistani Foreign Minister Ishaq Dar claimed that his country is “very close” to locking down a tariff deal with the US ahead of President Trump’s fast-approaching Aug. 1