Rand Paul Warns Trump on China Tarriffs

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Some people just don't get it!" the United States president wrote, after tweeting that the tariffs can be "completely avoided if you by from a non-Tariffed Country, or you buy the product inside the U.S. (the best idea).

Trade tensions between the United States and China escalated today, as the Dow Jones Industrial Average fell by over 700 points after China said it would raise tariffs on $60billion worth of U.S. goods, starting June 1.

No matter what Washington and Beijing decide, "there is an enormous risk in the background that tariffs could come back into play at any moment", he said.

China's finance ministry said that it will impose tariffs on a total of 5,140 U.S. products. "China hopes the U.S. will get back to the right track of bilateral trade and economic consultations and meet with China halfway". The tit-for-tat rattled global equity markets. Growth in the first quarter of the year was stronger than expected, unemployment fell to the lowest level in half a century, and prices rose by less than expected.

In the short term, the US insistence on a protectionist mentality will highlight the importance of the Belt and Road Initiative (BRI) to Asian, Latin American and African countries.

Kudlow, when asked who was paying, said "both sides will suffer on this", contradicting Trump, although he added that the USA economy should be able to cope.

The president of the National Farmers Union has called President Donald Trump's plan to offer farmers $15 billion in subsidies a "temporary" solution that would not address the "permanent damage" created by the trade war with China. He added that USA tariffs would remain in place while negotiations remain. China also slapped $60 billion dollar retaliatory tariffs on American goods set to begin on June 1st. Beijing wanted to delete prior commitments that Chinese laws would be changed to enact new policies on issues from intellectual property protection to forced technology transfers. That dealt a major setback to the talks.

"I love the position we're in", he said during a joint news conference at the White House with Hungarian Prime Minister Viktor Orban.

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The president insisted increases on Chinese goods don't hurt American consumers, saying there is "no reason for the U.S. Consumer to pay the Tariffs". The move affected 5,700 categories of Chinese products including internet modems, routers and similar devices.

In a commentary, state television said the effect of the US tariffs on the Chinese economy was "totally controllable".

Hume told Sandra Smith on "America's Newsroom" on Monday he believes the president tackled two "bold initiatives" - trade with China and denuclearizing North Korea - and that if, "either or both pan out, that will very much strengthen his hand going into 2020".

Iowa Senator Joni Ernst and Kansas Senator Pat Roberts, both Republicans, said that farmers are tiring of the duress caused by tariffs but expressed hope for a deal that would benefit the country.

Americans for Tax Reform President Grover Norquist on the impact of tariffs on the US economy.

Economists and industry consultants, however, maintain that it is US businesses that will pay the costs and likely pass them on to consumers. Brent crude, the global standard, gained 24 cents to $70.86 per barrel. It is the threat to impose tariffs on the $300 billion or so remaining imports from China that cause the greatest concerns.

Trump's tariffs and who they target European automakers next? According to diplomats, Germany, whose exports of cars and parts to the United States are more than half the European Union total, wants to press ahead with talks to ward off tariffs on automakers Volkswagen, Mercedes and BMW.

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