The Republican president, campaigning for a second term, thus remained deaf to the many warnings about the potential negative impact on the economy and markets. The goods concerned cover a very wide range of products, particularly from the food sector (ketchup, cut beef meats, pork sausages, fruits, vegetables, milk, cheese, spices, ice cream, etc.) .Some sporting goods such as sports clubs golf, surfboards or bicycles, musical instruments, sportswear, furniture, crockery or even highchairs for children will also be surcharged, according to the official list.
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Economists at the Washington-based think tank Peterson Institute for International Economics estimated the value of goods that will be subject to these new tariffs at $ 112 billion. They add to the more than 250 billion dollars of Chinese goods that were already overtaxed. And, by the end of the year, all imports from China (some 540 billion based on those of 2018) will be surcharged with a final salvo scheduled for December 15.
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Beijing has planned to retort by raising tariffs on $ 75 billion worth of US goods in two times and at the same time. There was little hope that Donald Trump would turn around since he had Friday night dismissed the idea of postponing them to a later date. However, he seemed to spare the spirits by ensuring that talks between Washington and Beijing took place.
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"I can not say anything but we are talking to China," he said. "We have conversations with China, meetings are scheduled, calls are being made," he said. "I guess the September meeting is still relevant, it has not been canceled, we will see what happens," he said. has not confirmed the holding of such interviews or meetings.
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Since March 2018, the president has embarked on a ruthless customs war to impose a treaty ending unfair trade practices such as the forced transfer of US technology and the massive subsidy of Chinese state-owned enterprises. This strategy has proved to be ineffective for the moment, although it weighs heavily on the Chinese economy. Refusing to negotiate under threat, Beijing is inflexible.
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A further escalation of tariffs is likely to severely affect China's economic growth, but recently warned the International Monetary Fund (IMF). And beyond China, the economy of the planet, largely supported by trade, will deteriorate, has repeatedly alerted the institution. In the United States, the expansion is slowing down. But Donald Trump believes that tariffs are "not the problem", incriminating virulently the monetary policy of the Central Bank.
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Uncertainty about the outcome of this conflict is now weighing on corporate investment and US household morale. Consumer confidence recorded the biggest deterioration in August since December 2012, according to a survey by the University of Michigan. "The data indicates that the erosion of consumer confidence due to pricing policies is now well underway," said Richard Curtin, the economist leading the bi-monthly survey.
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Sign that the Trump administration might have some fears about the impact of this new escalation: some flagship Christmas shopping products will not be taxed until December 15th. This is the case of phones and laptops, video game consoles, some toys, computer screens or some shoes and sportswear. In the United States, consumption generates 75% of economic growth.
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