President Trump said on Tuesday that Chinese manufacturing would “crumble” if the country did not agree to the United States’ trade terms, as newly released data showed his trade war was washing back to American shores and hurting the factories that the president has aimed to protect.
In ominous signs of the damage being done by the trade war between China and the United States, data released on Wednesday indicated that the German economy was hurtling toward recession and that growth at Chinese factories was slowing at a pace not seen in nearly two decades.
The trade war between the United States and China entered a more dangerous phase on Monday, as Beijing allowed its currency to weaken, Chinese enterprises stopped making new purchases of American farm goods and President Trump’s Treasury Department formally labeled China a currency manipulator.
The Federal Reserve cut interest rates for the first time in more than a decade on Wednesday as it attempted to guard the record-long economic expansion against mounting global risks. The widely expected quarter-point move, the Fed’s first since it cut rates to near zero in 2008, is meant to protect the economy against the potentially harmful effects of a growth slowdown in China and Europe and uncertainty from President Trump’s trade war.
The American economy is slowing, dragged down by trade tensions and weak growth overseas. But there are few signs that the decade-long expansion is on the verge of stalling out.Gross domestic product, the broadest measure of goods and services produced in the economy, rose at a 2.1 percent annual rate in the second quarter, according to preliminary data released by the Commerce Department on Friday.
Wisconsin is known as “America’s Dairyland,” but the milk makers who gave the state its moniker are vanishing, falling prey to a variety of impediments, including President Trump and his global trade war.
When the Trump administration first imposed tariffs on $34 billion in Chinese imports in July, Andy LaFrazia figured it was just another curveball for his company. “Everyone was saying: ‘Oh, it’s a negotiating tactic. It won’t last long,’” Mr. LaFrazia recalled. But nearly a year later, the trade war shows no sign of cooling off. Evidence is mounting that the conflict has taken an economic toll.
President Trump on Thursday unveiled a $16 billion bailout for farmers hurt by his trade war with Beijing, signaling a protracted fight ahead that is already prompting some American companies to shift business away from China.
Mr. Betras, who recently stepped down as Democratic chairman of populous Mahoning County, said that while Democrats in Washington harp on President Trump’s unfitness for office, his taxes and possible impeachment, the president is solidifying blue-collar support through an aggressive trade war with China, even if his tariffs mean economic pain in the short term.
The United States and China escalated their trade fight on Monday as Beijing moved to raise tariffs on nearly $60 billion worth of American goods in retaliation for President Trump’s decision to punish China with higher tariffs on a slew of imports.China’s finance ministry announced that it was raising tariffs on a wide range of American goods to 20 percent or 25 percent from 10 percent in response to Mr. Trump’s decision to raise tariffs to 25 percent on $200 billion worth of Chinese goods
President Trump said on Thursday that the United States would raise tariffs on $200 billion of worth of Chinese goods on Friday morning and begin the process to tax nearly all of China’s imports as he accused Beijing of trying to “renegotiate” a trade deal.
Despite a trade war between the United States and China and past admonishments from President Trump “to start building their damn computers and things in this country,” Apple is unlikely to bring its manufacturing closer to home.A tiny screw illustrates why.
Farm country has stood by President Trump, even as farmers have strained under two years of slumping incomes and billions in losses from his trade wars. But as the government shutdown now drags into a third week, some farmers say the loss of crucial loans, payments and other services has pushed them — and their support — to a breaking point.
For stock investors in the United States, the political and economic outlooks have suddenly become ominous. More volatility could be in store this week. “The fact is that politics is driving the economy to an extent that is very atypical,” said Julian Emanuel, chief equity and derivatives strategist at BTIG, an institutional brokerage firm. “We would say probably to the greatest extent that we’ve seen in our investing lifetime.”
The arrest of a top Chinese technology executive intensified concerns about an emerging cold war between the world’s two largest economies, sending stock markets around the world lower on Thursday. The trade war has set investors on edge. The markets have been rattled about the prospect that the conflict with China would begin to impact the economy at home at a time when global growth is slowing.
Senator Lindsey Graham of South Carolina has been one of the biggest proponents of President Trump’s crackdown on China, welcoming tariffs on Chinese imports while conceding that they will raise costs for American businesses and consumers. “There is no way for us to address China without absorbing some pain here,” Mr. Graham said in August.
President Trump said on Monday that the United States and Mexico had reached an accord to revise key portions of the North American Free Trade Agreement and would finalize it within days, suggesting he was ready to jettison Canada from the trilateral trade pact if the country did not get on board quickly.
Two of America’s biggest steel manufacturers — both with deep ties to administration officials — have successfully objected to hundreds of requests by American companies that buy foreign steel to exempt themselves from President Trump’s stiff metal tariffs. They have argued that the imported products are readily available from American steel manufacturers.
Economic growth surged in the second quarter — but don’t expect the boom to last. The second-quarter acceleration was widely anticipated by economists, a result of a confluence of events unlikely to recur. Most economists expect growth to slow in the second half of the year. Still, recent data does suggest that the pace of growth has picked up this year.
The Trump administration on Tuesday announced up to $12 billion in emergency relief for farmers hurt by the president’s trade war, moving to to insulate food producers from looming financial losses that would be a direct result of President Trump’s policies.
Potential perils are in plain sight: An intense and unpredictable tariff battle is alarming businesses across the country. The annual federal deficit is heading toward $1 trillion. Credit card debt is soaring. And the synchronous wave that lifted every world economy at the year’s start has dissipated. So what? Such risks have done little to puncture the exuberant optimism that is encouraging American businesses to ramp up hiring and consider new investment.
President Trump is inciting a trade war, undermining NATO and painting Europe as a foe. It’s no wonder, then, that the European Union is looking elsewhere for friends. On Tuesday in Tokyo, it signed its largest trade deal ever, a pact with Japan that will slash customs duties on products like European wine and cheese, while gradually reducing tariffs on cars. The agreement will cover a quarter of the global economy — by some measures the largest free-trade area in the world — and is the latest in a string of efforts either concluded or in the works with countries like Australia, Vietnam and even China.
he Trump administration said on Friday that it would move ahead with tariffs on $50 billion of Chinese products, drawing a vow of retaliation from Beijing and escalating a trade war between the world’s two largest economies.
China has called President Trump’s bluff. Chinese negotiators left Washington this weekend with a significant win: a willingness by the Trump administration to hold off for now on imposing tariffs on up to $150 billion in Chinese imports. China gave up little in return, spurning the administration’s nudges for a concrete commitment to buy more goods from the United States, and avoiding limits on its efforts to build new high-tech Chinese industries.
Mr. Trump’s tweet on Sunday left many scratching their heads. The president has taken a tough stance on what his administration deems unfair trade practices by the Chinese government. And he has trumpeted his efforts to safeguard American jobs even if it means creating economic strain in other countries. The prospective shutdown of ZTE has been seen as major leverage in continuing trade discussions between China and the United States over Chinese trade practices.
“If he doesn’t understand what he’s doing to the nation by doing what he’s doing, he’s going to be a one-term president, plain and simple,” said Mr. Runck, a fourth-generation farmer who voted for Mr. Trump. Pausing outside the post office in this town of 2,300, Mr. Runck said the repercussions could be more immediate for Representative Kevin Cramer, a Republican whose bid against Senator Heidi Heitkamp, a Democrat, has been complicated by the proposed tariffs.
CP Industries just got an expensive lesson in the unintended consequences of protectionism. Based in McKeesport, Pa., the company makes seamless vessels to store gases at high pressure — steel cylinders of up to six tons that it sells to the likes of the Navy, NASA and T. Boone Pickens’s Clean Energy. It has received the first bill from the 25 percent tariff that President Trump placed on steel from China and a few other countries: $178,703.09 assessed on a steel-pipe shipment scheduled to arrive at the Port of Philadelphia on Thursday.
China hit back at the United States on Wednesday with proposed tariffs on $50 billion worth of American soybeans, cars, chemicals and other goods, in a move likely to stoke fears that the countries’ escalating confrontation could become an all-out trade war.
President Trump said he would impose tariffs on about $60 billion worth of Chinese imports on Thursday as the White House moved to punish China for what it says is a pattern of co-opting American technology and trade secrets and robbing companies of jobs and billions of dollars in revenue.
President Trump defied opposition from his own party and protests from overseas on Thursday as he signed orders imposing stiff and sweeping new tariffs on imported steel and aluminum. But he sought to soften the impact on America’s closest allies with a more flexible plan than originally envisioned.
A trade pact originally conceived by the United States to counter China’s growing economic might in Asia now has a new target: President Trump’s embrace of protectionism. A group of 11 nations — including major United States allies like Japan, Canada and Australia — signed a broad trade deal on Thursday in Chile’s capital, Santiago, that challenges Mr. Trump’s view of trade as a zero-sum game filled with winners and losers.
White House officials insisted that there was no single factor behind the departure of Mr. Cohn, who heads the National Economic Council. But his decision to leave came as he seemed poised to lose an internal struggle over Mr. Trump’s plan to impose large tariffs on steel and aluminum imports. Mr. Cohn had warned last week that he might resign if Mr. Trump followed through with the tariffs, which Mr. Cohn had lobbied against internally.
In recent weeks, the Trump administration has sparred with American businesses that support Nafta and pushed for significant changes that negotiators from Mexico and Canada say are nonstarters. All the while, the president has continued threatening to withdraw the United States from the trade agreement, which he has maligned as the worst in history.