Will the trade war continue after Trump
Trump continues to heat trade dispute with China
The US Trade Representative Robert Lighthizer announced in Washington that President Donald Trump had ordered the process of extending the special tariffs to all remaining imports from China to begin. That would affect goods worth around 300 billion dollars (268 billion euros). A final decision has not yet been made.
On Friday, two-day trade talks between the US and China in Washington ended without a breakthrough. On Friday night, Trump's announced increase in special taxes on imports from China worth $ 200 billion came into force. The tariffs rose from ten to 25 percent.
For further imports with a volume of 50 billion dollars, the rate was already 25 percent. About half of all Chinese exports to the USA are now affected. In addition to the recent increase in special tariffs, Trump had also threatened to extend the additional tariffs at this level to all imports from China. He accuses China of breaking agreements that had already been reached in months of negotiations. China has withdrawn its commitments and wants to renegotiate.
Talks should continue
Trump described the recent talks as "open and constructive". At the same time, he made it clear on Twitter that he wanted to adhere to the increased special tariffs on imports from China for the time being. Whether or not they would be lifted "depends on what happens with regard to future negotiations," wrote the president. Trump announced the talks would continue in the future. He continues to have a "strong relationship" with Chinese President Xi Jinping.
Earlier, Trump had written on Twitter on Friday with a view to the talks: "There is absolutely no need to rush." After all, the Chinese are already paying additional tariffs to the US, which will pour enormous sums into the country's coffers.
Trump dropped a whole series of tweets on the subject, some of which he repeated several times. The US President wrote, among other things: "Tariffs will make our country much stronger, not weaker. Just sit back and watch!" The tariffs would bring far more prosperity to the US than a traditional trade deal, no matter how phenomenal.
Review from Beijing
China's chief negotiator Liu He criticized the US tariff hike. Taking this step in the current situation is "not a good solution to the problem," the deputy prime minister told Chinese state television CCTV. "It's not good for China, not good for the US and the rest of the world," he said in Washington. Even so, Liu He expressed confidence. "We want to resolve some of the differences honestly, confidently and rationally," he said. "I think there is hope." The two economies of the United States and China are in a sense part of a complete industrial chain, said the vice premier. "And everyone is harmed."
However, the Chinese government does not want to stand idly by the escalation. She announced "necessary countermeasures" but gave no details. Since the US does not export as much to China as the other way around, Beijing cannot retaliate in a comparable manner. In 2018, the USA exported goods worth 120 billion US dollars to China, which are already subject to "counter-tariffs". China shipped to the United States for $ 539 billion.
Damage to global economy
The escalation has been unsettling the financial markets for days and will also have an impact on the German economy. Especially German carmakers like BMW and Daimler, who deliver to China from their plants in the USA on a large scale, would be affected by Chinese "counter-tariffs". Since the mutual special levies slow down the Chinese economy, the German export industry will also suffer. The International Monetary Fund (IMF) sees the intensification of the conflict as a "threat to the world economy".
kle / haz (dpa, rtr, afp, ape)
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