Trump has loaded up on fresh ammo in the cold trade war on Tuesday
|- U.S. Commerce Secretary Wilbur Ross will visit China from June 2 to June 4, the official Xinhua news agency reported recently.
- President under pressure to stay tough in cold China trade war.
- Duties on $50 billion in China goods to take effect next month.
We are just days away from when US Commerce Secretary Wilbur Ross will visit China for trade talks in early June, amid ongoing trade frictions between the world's two largest economies. The official Xinhua news agency reported that Ross will visit China from June 2 to June 4.
U.S. Treasury Secretary Steven Mnuchin said yesterday that Ross is aiming to negotiate "a framework" that could then turn into "binding agreements ... between companies," CNBC reported.
However, it appears that the recent ‘trade war on hold’ comments were just that, comments, as Trump has just loaded up on fresh amo in the cold trade war today. Trump has been ramping up the anti ahead of these negotiations, firstly by announcing a national security investigation into imports of cars and trucks, a probe that was expected to lead to tariffs against China as well as against Germany, Canada, Japan and Mexico. Then, just today Trump said he’s moving ahead with plans to impose tariffs on $50 billion of Chinese imports. Trump is seeking to curb investment in sensitive technology, ratcheting up pressure on Beijing.
"In a statement Tuesday, the White House said a final list of targeted imports will be released by June 15 and the tariffs will be imposed “shortly thereafter.” It’s the most specific the administration has been about the timing for the duties to take effect,"
- Bloomberg reported.
"The administration also said new restrictions on Chinese investment and enhanced export controls will be announced by June 30 and then implemented shortly after. China’s commerce ministry responded hours later with a statement, saying it was surprised by the U.S. announcement and remains confident the country can protect its interests,"
- Bloomberg reported.
The White House outline for imposing the tariffs announced on Tuesday “represents the kind of actions we have needed to take for a long time,” Schumer said in an emailed statement, adding, “But the president must stick with it and not bargain it away.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.