Will China hit Hollywood and N.Korea diplomacy in US trade war?

22 June, 2018, 02:28 | Author: Martin Tyler
  • President Trump with U.S. Trade Representative Robert Lightizer

Peter Navarro, a top trade adviser to U.S. President Donald Trump, said he's unaware of any tariff exemption for Apple Inc.'s iPhone in the growing trade spat with China.

The planned new wave of tariffs would have to go through a similar process of public consultation and comment as the earlier ones before taking effect.

"Let's hope that Americans wake up in time to understand this reality that they, not the Chinese, will be the ones hurt the most by their president's insistence that they should pay high prices for imports, including those that are used by many United States manufacturers", Veronique de Rugy, a senior research fellow at George Mason University's Mercatus Center, said Tuesday.

POSITIVE HOUSING DATA: The solid USA job market has helped to boost demand for new homes.

The numbers "suggest a broad-based slowdown is now emerging, and we expect this to continue", said Louis Kuijs, head of Asia economics at research firm Oxford Economics.

Tariffs are already raising costs for some goods.

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The United States has now imposed tariffs on up to $450bn in Chinese goods, out of a total of $500bn. Surely, a US-China trade war will have an adverse impact among their trading partners, including the Philippines. Navarro explained it's just a trade conflict, . adding that President Trump has a close personal relationship with his Chinese counterpart.

"First, the tariffs on $200 billion of imports would affect a wide array of business sectors including some with significant supply chain multipliers (i.e. sectors where each dollar of activity generates more than a dollar of activity in other sectors)", Daco said. The effect: Higher prices for consumers worldwide.

Up north, Toronto's TSX dropped 78.8 points to hover at 16,304 and the Russell 2000 index of small-cap stocks lost nearly 9 points to cling to 1,683.

"Trade wars in general are going to be bad for the global economy, and semiconductors tend to be global", said Bernstein analyst Stacy Rasgon. "China tit-for-tat tariff measures", said Selena Ling, chief economist at OCBC Bank.

"No, we're treated horribly", he said.

Lee acknowledged the outpouring of support for the federal government's approach, but he said Canada is "absolutely dependent" on cross-border trade.

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Shares of Boeing, which has been a proxy for trade-war tensions with China, fell 3.8 percent, weighing the most on the Dow.

On Tuesday, China's Foreign Ministry spokesman Geng Shuang said Pompeo's remarks "confuse right and wrong, and make groundless accusations against China".

Trump has been taking potshots at Prime Minister Justin Trudeau and Canada since the end of the G7 summit earlier this month after the prime minister said at a press conference that he told the USA president that his steel and aluminum tariffs were "kind of insulting", and that Canada "will not be pushed around" and that it would not hesitate to impose retaliatory measures.

The president vowed to take care of farmers and manufacturers who have grown increasingly concerned about the tit-for-tat tariff battle happening between the USA and China along with many allies, which threatens to hamper their exports.

Chinese officials described Trump's latest broadside as an "act of extreme pressure and blackmail" and threatened retaliatory "comprehensive measures" that could penalize American companies.

"Canada, they like to talk", Trump said, likely referring to Canadian Prime Minister Justin Trudeau.

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"As many as you want - and scuff them up if you want, we can sell you more!"

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