TRADE WAR IS ON: Trump Unveils Additional Tariffs – By Todd Horwitz, Bubba Trading

 


The White House said it would assess 10% tariffs on a further $200 billion in Chinese goods, deepening the dispute with Beijing, while sending a message to other trading partners that the U.S. won’t back away from trade fights.

The new round of tariffs—hitting products from fish to luggage—comes on top of two others and is bound to be met with threats of retaliation from Beijing, though U.S. Trade Representative Robert Lighthizer said he was open to talks with China about a resolution of the dispute.

“As in the past, the United States is willing to engage in efforts that could lead to a resolution of our concerns about China’s unfair trade practices and to China opening its market to U.S. goods and services,” he said in a statement.

“China apparently has no intention of changing its unfair practices related to the acquisition of American intellectual property and technology,” Trump said in June. “Rather than altering those practices, it is now threatening United States companies, workers, and farmers who have done nothing wrong.” The retaliatory tariffs that China enacted Friday targeted US cars and major agricultural goods, such as soybeans and meat.
China’s Commerce Ministry said Wednesday that the Trump administration’s announcement of new measures was “unacceptable.” It warned that China would have to respond with “necessary countermeasures” without providing details.
“The action from the US is hurting China, hurting the whole world and also hurting the US itself,” the ministry said in a statement.

Keep those stops tight
Todd “Bubba” Horwitz

IN ASSOCIATION WITH

Financial Markets & Political Commentary

 

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About the author

Todd Horwitz - Author of “Average Joe Options“. Todd began his trading career in 1980 at the CBOE. He was one of the original traders in the OEX & helped start the SPX. He is a member the CME where he trades S&P futures as well as foreign currencies & is a regular contributor to CNBC, Bloomberg, BNN, Fox & many other major news networks.