U.S. President Donald Trump's fresh threats of tariff hikes on Chinese impo...
HONG KONG - U.S. President Donald Trump’s fresh threats of tariff hikes on Chinese imports this week marked a new escalation in the trade dispute between the world’s top two economies and a reversal of months of apparent progress in negotiations.
In the latest development, Trump on Sunday said those increases could now take effect on Friday and that he would target a further $325 billion of Chinese goods “shortly”. All up, the tariffs would effectively cover all imports of Chinese goods into the United States. The bulk of the decline in U.S. exports to China is in raw materials and food. They represent about a third of the total and have more than halved, according to Oxford Economics. But U.S. firms in other sectors, including Caterpillar and Apple, have also issued China sales warnings.
China has also responded with cuts in bank reserve requirement ratios, which have boosted domestic lending to a record 5.81 trillion yuan in the first quarter. Tax cuts are estimated to unleash an extra 2 trillion yuan, while local governments are also allowed to issue 2.15 trillion yuan of special bonds to fund infrastructure projects.
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