U.S. trade deficit posts biggest increase in 19 months in June

U.S. trade deficit posts biggest increase in 19 months in June

"We have really rebuilt China, and it's time that we rebuild our own country now", Mr Trump said during about an hour of free-wheeling remarks at a rally outside Columbus, Ohio.

Trump's tweets appear to be the latest volley in a budding trade war between the United States and China.

Friday's retaliation from China suggests that tactic hasn't worked.

Chinese state media on Monday lambasted US President Donald Trump's trade policies in an unusually personal attack, seeking to reassure investors who are anxious about China's economy with growth concerns shaking its financial markets.

The US widened the tax net to cover Mexico, Canada, the European Union and India.

The United States accuses China of using predatory tactics to obtain USA technology, including outright cybertheft and forcing American companies to hand over trade secrets in exchange for access to the Chinese market. "Their economy's weak, their currency is weak, people are leaving the country".

The Chinese government calls its response 'rational'. That's probably because there's already an existing 57% Chinese duty on U.S. polysilicon due to an earlier solar trade dispute now in its fourth year.

President Donald Trump this week ordered officials to consider imposing a 25 percent tax on $200 billion worth of imported Chinese goods, up from an initial 10 percent rate.

National Economic Council Director Larry Kudlow said in a Bloomberg Television interview Friday.

Justin Thomas wins in Firestone's WGC finale
Thomas moved away from the pack with 5 birdies in the middle of his round from holes 6 through 14. The final World Golf Championship at Firestone lacked drama on Sunday.

China then retaliatedwith a threat on Friday to hit $US60 billion worth of U.S. exports to China, with tariffs ranging from 5% to 25%.

After China threatened to impose new retaliatory tariffs on a variety of American goods - everything from beef to condoms - the war of words between Washington and Beijing escalated yet further.

"They switched gear a bit because, I think, they realized that they have the weaker hand here in terms of their ability to retaliate, partly because they import far less from the US than the USA imports from China, but also [because] a portion of [goods] they import from China is, you know, high-tech that are quite hard to import from elsewhere", Julian Evans-Pritchard, senior China economist at Capital Economics told VOA.

The paper's vitriol follows Trump's comments on Twitter from Saturday in which he boasted that his strategy of placing steep tariffs on Chinese imports was "working far better than anyone ever anticipated", and that Beijing was now talking to the United States about trade.

The action could threaten the health of the US economy, including the machinery and farming sectors of the Mahoning Valley economy, officials say.

But more worryingly, also included on China's latest list are 189 lines of clothing in both knitted and woven categories imported from the U.S., including shirts, trousers, blouses, T-shirts, sweatshirts, pullovers, sportswear, swimsuits, tights and hosiery, down jackets and overcoats.

"He (Pompeo) was accommodating on this as a direction, and said that he does not want current frictions to continue", said State Councillor Wang Yi, who is also China's foreign minister.

The latest shot came yesterday, when China released a list of US$60 billion (RM244.9 billion) in United States goods that Beijing intends to hit with tariffs in retaliation for Trump's plan to impose duties on US$200 billion in Chinese imports. "China has time to fight to the end".

FILE - A clerk counts Chinese yuan and US dollar banknotes at a branch of Bank of China in Taiyuan, China, Jan. 4, 2016. The U.S. can buy more because the economy is strong. "Given China's huge market, its systemic advantage of being able to concentrate resources on big projects, its people's tenacity in enduring hardships and its steadiness in implementing reform and opening-up policies, the country can survive a trade war".

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