President Donald Trump on Monday complained yet again about "STUPID TRADE" with China, doing little to calm investors anxious about the escalating trade conflict between the two economic superpowers. In a tweet on Monday morning Trump said that when a Chinese-made vehicle is sent to the U.S., the tariff is only 2.5 percent, while American cars exported to China are slapped with a 25 percent tariff. Trump asked, "Does that sound like free or fair trade." Then answered, "No, it sounds like STUPID TRADE." China charges total duties of 25 percent on most imported cars — a 10 percent customs tariff plus a 15 percent auto tax. Since December 2016, Beijing also has charged an additional 10 percent on "super-luxury" vehicles priced above 1.3 million yuan ($200,000). Trump's top economic advisers have offered mixed messages as to the best approach with China. Beijing has threatened to retaliate if Washington follows through with its proposed tariffs, even as Trump emphasized his bond with … [Read more...] about US President Trump slams ‘stupid trade’ with China
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Arizona and Texas answer President Trump’s call for US-Mexico border troops
Arizona and Texas have answered Donald Trump's call for troops to help fight drug trafficking and illegal immigration at the US-Mexico border. The states will send 400 members of the National Guard by next week, with 250 of them arriving via helicopter from Austin, Texas over the weekend.Doug Ducey, governor for Arizona, said his state would deploy about 150 members to "provide air, reconnaissance, operational and logistics support and construct border infrastructure".President Trump is hopeful more will follow, having told reporters on Wednesday that he wanted to send up to 4,000 troops.He added in a tweet: "Our Border Laws are very weak while those of Mexico & Canada are very strong. Congress must change these Obama era, and other, laws NOW!"The Democrats stand in our way - they want people to pour into our country unchecked....CRIME! We will be taking strong action today."Defence Secretary Jim Mattis approved using Defence Department money to pay for as many as 4,000 National … [Read more...] about Arizona and Texas answer President Trump’s call for US-Mexico border troops
WTO offers ‘advantages’ to China and is unfair to US, President Trump says, dashing hopes of de-escalation
China receives special treatment from the World Trade Organisation and it is unfair to the US, President Donald Trump has said on social media, raising questions about how useful the multilateral organisation will be as a tool for de-escalation in the emerging trade conflict between the two nations. “China, which is a great economic power, is considered a developing nation within the World Trade Organisation. They therefore get tremendous perks and advantages, especially over the US. Does anybody think this is fair. We were badly represented. The WTO is unfair to US,” Mr Trump tweeted. China had so far positioned itself as a defender of free trade in the row, claiming that it would, as far as possible, look for resolution via the WTO, the global regulator for trade between countries. Mr Trump had previously called the organisation a “catastrophe” and said that it “makes it impossible for us [the US] to do good business”. Hopes had remained among … [Read more...] about WTO offers ‘advantages’ to China and is unfair to US, President Trump says, dashing hopes of de-escalation
Oil drops after U.S. President Trump threatens new China trade tariffs
Oil prices fell on Friday after U.S. President Donald Trump’s threat of new tariffs on China reignited fears of a trade war between the world’s two biggest economies, Reuters reports. President Trump said on Thursday he had ordered U.S. trade officials to consider tariffs on $100 billion more of imports from China, escalating tensions with Beijing. Brent crude LCOc1 for June delivery was down 32 cents, or 0.5 percent, at $68.01 per barrel at 0410 GMT. U.S. West Texas Intermediate crude for May delivery CLc1 was down 35 cents, or 0.6 percent, at 63.19 a barrel. Shanghai September crude futures ISCc1 were untraded due to public holidays in China, after falling 0.8 percent on Wednesday. Shanghai trading will resume on Monday. While oil market watchers were wary of the brewing trade war between the United States and China, they did not expect to see steep falls amid signs of tightening supplies. “As the escalating trade tensions continue to weigh on the commodity sector, … [Read more...] about Oil drops after U.S. President Trump threatens new China trade tariffs
President Trump accuses Amazon of scamming US Post Office
US President Donald Trump has again attacked online retailer Amazon, calling its business deal with the US Postal Service to deliver packages a money-losing agreement that hurts taxpayers, Daily Mail reported. Federal regulators, however, have found the contract with Amazon to be profitable. In tweets on Saturday, President Trump said “the US Post Office will lose $1.50 on average for each package it delivers for Amazon. That amounts to Billions of Dollars.” He added: “If the P.O. ‘increased its parcel rates, Amazon’s shipping costs would rise by $2.6 Billion.’ This Post Office scam must stop. Amazon must pay real costs (and taxes) now!” Amazon has been a consistent recipient of President Trump’s anger. He is upset because its founder, Jeff Bezos, owns The Washington Post, which the president has labelled “fake news” after the newspaper reported unfavourable developments during his campaign and presidency. President Trump made … [Read more...] about President Trump accuses Amazon of scamming US Post Office