Daimler first firm to warn Trump's tariffs will hit profits

2017 shows U.S. President Donald Trump and Chinese President Xi Jinping attending a welcome ceremony in Beijing. Trump announced tariffs on $60 billion of imports from China

Trump Trade Advisor Says U.S. Turned to Tariffs after Negotiations Made ‘No Progress’ with China Kyodo News via Getty Images 19 Jun 2018Washington DC

Trump has also imposed tariffs on other trade partners as well, slapping another 25 per cent tariff on $50 billion worth of Chinese goods last week. "We're going to fix the problem of protectionism around the world, and we're going to fix it by making it more painful for those countries to do bad practices than to do the right thing, which is to lower the trade barriers and lower their tariffs".

They also threatened a second round of tariffs on some $4.3 billion worth of USA products if the dispute was not resolved. It is a $241 million measure that matches the amount of steel and aluminum import duty expected to be collected from India by the United States after the Trump administration imposed the measures earlier this year.

Trump said Monday that China's decision to retaliate in kind against his first batch of $50 billion in tariffs required a USA response to encourage Beijing to change its unfair practices.

It had previously registered the move with the World Trade Organization (WTO).

"The Coming Collapse of China" author Gordon Chang, University of Maryland economist Peter Morici, Mercatus Center senior research fellow Veronique de Rugy and MAGA ETF creator Hal Lambert discuss the trade dispute between the US and China.

"What we have to do is create an environment where it's more painful for these parties that have these huge trade barriers, both tariff and non-tariff; got to make it more painful for them to keep those barriers than to get rid of them", U.S. Commerce Secretary Wilbur Ross told broadcaster CNBC on Thursday.

"The EU has a responsibility to stand up for open global trade".

Dow members Boeing, Apple and Nike may be targeted by the Chinese as the trade war with the US rages on, according to The Global Times a state-controlled tabloid.

Although there has been no record of talks between the two countries since a deal to negotiate a reduction in America's trade deficit with China fell apart, some political analysts in the United States believe Trump may pull away from the tariffs before July 6.

They range from agricultural produce such as rice and orange juice to jeans, whiskey, motorbikes and various steel products.

"We can not be soft with Trump".

Malmstrom said that "we are left with no other choice".

In Europe, officials have called on the U.S. to reverse its original imposition of tariffs. "Of course there are risks, those would depend on how we handle those reforms".

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