Canada's duties force shoppers to smuggle, Trump wrongly accuses

Canada's duties force shoppers to smuggle, Trump wrongly accuses

Last week, he announced 25% tariffs on $50bn in Chinese imports, prompting Beijing to retaliate with matching duties on United States goods.

The president has ordered Trade Representative Robert Lighthizer to identify a list of $200 billion in additional Chinese goods subject to a 10 percent tariff - a move that would bring on another round of Chinese penalties on American products.

He said China's latest action clearly indicated its determination to keep the United States at a permanent and unfair disadvantage, which is reflected in the massive Dollars 376 billion trade imbalance in goods.

In retaliation, China is imposing its own tariffs on $50 billion on USA imports, focusing on goods out of areas of the United States that supported Mr Trump at the 2016 presidential election.

Trump said after the legal process is complete, these tariffs worth 200 billion United States dollars will go into effect if China refuses to change its practices.

These include major American exports to China such as soybeans, which brought in $14 billion in sales past year and are grown in states that supported Trump during the 2016 presidential election.

Trump said he hoped the US could work out a trade agreement with Canada, saying the two countries had a good relationship but that Americans were being taken advantage of.

China's foreign ministry also warned the USA was initiating a trade war.

Wall Street has viewed the escalating trade tensions with wariness, fearful they could strangle the economic growth achieved during Mr Trump's watch.

Trump had already warned at the time of "additional tariffs" should Beijing hit back with tit-for-tat duties on American goods. But the lopsided status of U.S.

Turbulence is "mostly driven by sentiment", he said, adding that China has "room to face all sorts of trade friction".

Heat relief and storms arriving this week
An Upper level ridge of High Pressure will plant itself across the SE & Mid-Atlantic states between now and next Tuesday . The Chicago area continues to deal with a heat wave Sunday , with Cook County remaining under an Excessive Heat Warning .

Trump has persistently slammed Chinese trade practices, calling them unfair.

U.S. President Donald Trump said on Tuesday progress was being made in slow-moving talks to update the NAFTA trade accord between the United States, Canada and Mexico, but he held out the prospect of striking bilateral pacts if a three-way deal could not be reached.

Gary Cohn, Trump's former top economic adviser, said last week that a "tariff battle" could result in price inflation and consumer debt - "historic ingredients for an economic slowdown".

"No Chinese leader is going to want to appear to be pushed around by any USA president so they are retaliating and digging their heels in", said Mark Avallone, President and Founder of Potomac Wealth Advisors.

The tariffs announced by the White House on Friday hit more than 1,100 Chinese products with a rate of 25 percent.

"We believe also that time is running out for China to continue its reform process", Harborn said.

China said Tuesday it would respond with "comprehensive measures" that could target American companies, sending global markets into a nose dive.

Clayton Allen of Height Capital Markets said in a report Trump's "provocative" moves were aimed at winning quick Chinese concessions.

China is retaliating by raising import duties on $34 billion worth of American goods.

Commodities also sold off on trade concerns.

US business groups said members were bracing for a backlash that would affect all American firms in China, not just in sectors facing tariffs.

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