debut: 2/16/17
39,093 runs
Trump starts the clock for new tariffs to take effect
President Donald Trump said Wednesday that he could re-impose “reciprocal” tariffs on some countries in as soon as two or three weeks, a potentially significant re-escalation of the global trade war that has already raised fears of a US and global recession.“In the end, I think what’s going to happen is, we’re going to have a great deals, and by the way, if we don’t have a deal with a company or a country, we’re going to set the tariff,” Trump said in an Oval Office ceremony. “I’d say over the next couple of weeks, wouldn’t you say? I think so. Over the next two, three weeks. We’ll be setting the number.”
It’s not clear what new tariffs Trump will set on countries that are unable to strike a deal with the United States in the coming weeks – and whether those new tariffs will permanently supersede the paused reciprocal tariffs or merely serve as an interim tariff as negotiations continue. In the meantime, the United States maintains a 10% universal tariff on virtually every good imported to America, plus higher rates for certain goods.Trump’s back-and-forth stance on tariffs has caused incredible uncertainty for businesses and consumers. It has also shaken markets, sending stocks and US assets tumbling. Despite a two-day market rebound, the S&P 500 has still shed $7 trillion in value since hitting a record high in mid-February.
China responded to the Trump administration’s newfound openness to a deal with a sharply worded statement, urging America to change its approach to trade.“Our doors are open, if the US wants to talk. If a negotiated solution is truly what the U.S. wants, it should stop threatening and blackmailing China and seek dialogue based on equality, respect and mutual benefit,” Chinese Foreign Ministry Spokesperson Guo Jiakun told reporters on Wednesday, according to a transcript posted online by the Chinese government.“To keep asking for a deal while exerting extreme pressure is not the right way to deal with China and simply will not work,” he added.
President Donald Trump said Wednesday that he could re-impose “reciprocal” tariffs on some countries in as soon as two or three weeks, a potentially significant re-escalation of the global trade war that has already raised fears of a US and global recession.“In the end, I think what’s going to happen is, we’re going to have a great deals, and by the way, if we don’t have a deal with a company or a country, we’re going to set the tariff,” Trump said in an Oval Office ceremony. “I’d say over the next couple of weeks, wouldn’t you say? I think so. Over the next two, three weeks. We’ll be setting the number.”
It’s not clear what new tariffs Trump will set on countries that are unable to strike a deal with the United States in the coming weeks – and whether those new tariffs will permanently supersede the paused reciprocal tariffs or merely serve as an interim tariff as negotiations continue. In the meantime, the United States maintains a 10% universal tariff on virtually every good imported to America, plus higher rates for certain goods.Trump’s back-and-forth stance on tariffs has caused incredible uncertainty for businesses and consumers. It has also shaken markets, sending stocks and US assets tumbling. Despite a two-day market rebound, the S&P 500 has still shed $7 trillion in value since hitting a record high in mid-February.
China responded to the Trump administration’s newfound openness to a deal with a sharply worded statement, urging America to change its approach to trade.“Our doors are open, if the US wants to talk. If a negotiated solution is truly what the U.S. wants, it should stop threatening and blackmailing China and seek dialogue based on equality, respect and mutual benefit,” Chinese Foreign Ministry Spokesperson Guo Jiakun told reporters on Wednesday, according to a transcript posted online by the Chinese government.“To keep asking for a deal while exerting extreme pressure is not the right way to deal with China and simply will not work,” he added.
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