There is no end to the trade war in sight
was necessary,” said President Donald Trump of the “rough patch” the world economy has been going through as a consequence of his shake-up of the global trade regime. His comments came on August 26th, towards the end of themeeting of rich-world leaders in Biarritz, France, and a particularly bumpy series of trade announcements. There is still plenty of turbulence ahead.
Hours later, Mr Trump hit back, accusing China of being “politically motivated” . He announced counter-tariffs of an extra five percentage points on over $500bn of imports from China. By the end of the year American tariffs on Chinese goods, on a weighted average, will be 24.3%, up from 3.1% before Mr Trump’s trade conflict began. Ominously, he tweeted a reference to the International Emergency Economic Powers Act of 1977, saying he could use it to go much further.
Over the next couple of days Mr Trump softened his rhetoric, emphasising “meaningful talks” with China. He trumpeted progress towards a trade deal with Japan, which negotiators hope to seal in September. Robert Lighthizer, the United States Trade Representative, said it would cover industrial tariffs, digital trade and agriculture. The element that seemed to excite Mr Trump most was a Japanese promise to encourage firms to buy American corn.
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