President Donald Trump has justified his tariff hikes by saying products need to be made in the United States in case it goes to ‘war’.
‘We’re going to have our drugs made in the United States so that in case of war, in case of whatever, we’re not relying on China and various other countries, which is not a good idea,’ Trump said on Air Force One on Sunday evening.
Trump has sparked fears of a recession with his crackdown on foreign imports as part of his campaign to have products made in America. His aim is to support and ramp up manufacturing in this country.
As Trump left open the possibility of more tariffs to come, Chinese President Xi Jinping had his own words of warning as he gave a statement in Vietnam during his Southeast Asia tour.
‘There are no winners in a trade war, or a tariff war,’ Xi wrote in an editorial jointly published in Vietnamese and Chinese official media.
‘Our two countries should resolutely safeguard the multilateral trading system, stable global industrial and supply chains, and open and cooperative international environment.’
He added: ‘Trade war and tariff war will produce no winner, and protectionism will lead nowhere.’
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President Donald Trump spoke to reporters on Air Force One on Sunday night
Xi is making the trip to shore up alliances and find solutions for the trade war with Trump. After Vietnam, the Chinese president is expected to go to Malaysia and then Cambodia.
China has been a top target for the White House.
Trump put a 90-day pause on many of his on-again, off-again reciprocal tariffs but left in place a 145 per cent import tax on goods from China.
In response, Beijing suspended exports of certain rare earth minerals and magnets that are crucial for the world’s car, semiconductor and aerospace industries.
The move could impact American factories across the country, particularly in the auto industry. Many of the minerals make up components of a vehicle’s motor.
Trump’s top economic adviser said China’s action was ‘concerning.’
‘They’re concerning. And we’re thinking about all the options right now,’ Kevin Hassett said outside of the White House.
‘Rare earths are a part of lots of the economy. It’s a little bit of the value add to the US economy, but a crucial part of the value added.’
He said the administration was helping small businesses that relied on supplies out of China find alternative resources.
The officials understand ‘their concerns and are thinking about how best to address them, including by finding other suppliers that are not on the current list that China is on,’ he said.
Until 2023, China produced 99 per cent of the world’s supply of heavy rare earth metals.
China also produces 90 percent of the world’s nearly 200,000 tons a year of rare earth magnets, which are far more powerful than conventional iron magnets.
‘The White House is concerned about China. Period,’ Hassett noted.
And there may be more tariffs to come.
Trump said on Sunday that semiconductor tariffs will ‘take place in the very near future,’ but expressed some ‘flexibility’ regarding tariffs on products such as iPhones and tablets.
‘The tariffs will be in place in the not-too-distant future,’ he said.
The U.S. markets opened slightly higher Monday off the news that smartphones, computers, memory chips and several other categories of products will be exempt from tariffs.
Trump, however, warned they might still be targeted although he said he will be ‘flexible’ on the matter.
‘That’s going to be announced very soon, and we’ll be discussing it, but we’ll also talk to companies. You know, you have to show a certain flexibility. Nobody should be so rigid.’
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Chinese President Xi Jinping is on a tour of Southeast Asia
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Door frames are seen inside the Hyundai Motor Manufacturing Alabama (HMMA) facility in Montgomery, Alabama
Trump blames China and past presidents for bad trade deals
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Meanwhile there is growing concern in corporate America about the volatility the tariff war is causing in the global stock markets.
A majority of America’s top business executives are worried the country could enter a recession soon, a new survey found.
In a poll of more than 300 CEOs conducted in April, 62 percent said they see a recession or other economic downturn in the next six months, according to Chief Executive, an industry group that runs the survey. That’s up from 48 percent who said the same in March.
‘Right now, we are at a decision-making point and very close to a recession,’ Ray Dalio, the founder of Bridgewater Associates, one of the world’s largest hedge funds, told NBC’s Meet the Press on Sunday.
‘And I’m worried about something worse than a recession if this isn’t handled well.’
I've updated this 15th Sept 2024 I'm Michael Casey from Birmingham England, the fat silver haired writer in shades. Beware of Others with the EXACT SAME NAME, they are not me, and would not want to be me ... use Google UK to find me, otherwise Posh Americans pop up I've done loads of writing, about 3,000,000 Words worth over 36years now But before I started to write, I LISTENED to BBC Radio 4 for 20 years, from the age of 10 or younger Frank Brown our lodger, went back to County Tyrone and he gifted us his Bush Radio. He'd be nearly 102 now if he is still alive, so say a prayer for him 56 years in love with words, and I still look so dashing. I have a picture in the attic, just like Dorian Gray I've also had an interest in Politics for 56 years with my dad heckling the tv and Politicians. I almost immediately had a hit, a play called Shoplife was accepted but not finally produced by a Theatre. The Kenneth More Theatre, so thank them for sparing you all. This was back in 1989 yes, 35 years ago, the play was written in 1988. So since then I'm more than good enough, as a writer. Anything else..... I also ignore those who just cannot write, pick your own candidate I tend to write Comedy as I'd rather make you laugh than cry I have written over 2000 short pieces of writing, yes 2000 " (c) by Michael Casey" If you include "chats" 5000 samples, all told, the chats do NOT go into my books when I compile them. My first book ,a full length comedy/drama is The Butcher The Baker and The Undertaker You can read translations of it here on this site Up to 20 different languages/translations have been read on the same day via this site, here on Wordpress look fo Translations Galore page, and more And in over 167 Countries world wide too so you have no excuse, find your own language and read The Butcher The Baker and The Undertaker or Quick Stories or any other of the books in Translation on my Wordpress This proves to me that the humour does travel I have readers in over 167 countries now, just to repeat myself From Nepal to American Samoa and all places North South East and West Or its just a hit man on the run, or whatever Unknown Region Means It may also mean that only non English Speakers like my stuff Coverage but lacking penetration as marketing folks might say I did get 21,000 readers in 3 weeks for the Polish version of In Search of an Indian Princess. which is basically the final 3 chapters of The Butcher The Baker and The Undertaker all by word of mouth. And 50,000 plus in Christmas week 2021 If you add up all the downloads from my Wordpress + 13,000 when somebody stole the file. I have had more copies than Boris Johnson's Churchill book distributed. Maybe 40,000 copies . Not made a penny from it, free downloads in multiple languages. Reverse Logic, if the world knows me, eventually somebody will pay me But in reality I'll be dead first, and then just 2 pennies to pay the ferryman is enough I've cut the Plaudits, you can read/decide for yourself As for my life, I was born in the shadow of a Brewery, I was a computer operator for a market research company into alcohol sales, 21 years altogether, StatsMR Call centre guy, like everybody once in their life I was also a Trainee Betting Shop Manager I was a concierge and 10 other roles at Crowne Plaza NEC Birmingham for 3 years. Spent 3 years at Pinsent Masons Law firm in Birmingham I even hid a copy of my comic novel "BBU" in the Law Library at Pinsent Masons, well just for a day.. I did a few other jobs too, working life in reverse so to speak and I was an Esol English teacher in an Islamic school, for a year, I knew I could teach. I got Excellent, Excellent and Exemplary on the external assessment, yes really And I asked them to pray for me at least once a day beside which I've had a Shanghai connection for 20+ years now, including 2 bilingual daughters and being a hausfrau a long time too, I'm a great dad, as I've had lots of time with my daughters I can always make somebody talk or laugh I believe my short stories could be used to teach English, just package them up correctly or App them Or a Tale a Day from Michael, a story telling App What else, I was brawn and brains, I used to be as strong as an Ox, now I just smell like one We have a cat called Totoro, my daughters wanted a pet I said they could have a dog if I died , or a cat if I had a heart attack. A few weeks after that in Jan 2015 I had an Unplanned Quadruple Heart Bypass , it was supposed to be a triple but it ended up a Quadruple, 33% extra free so to speak. Now with an add on Hernia, the size of your fist, pushing through my bypass scar, it hurts when I laugh, so don't make me laugh I also have arthritis and other hindrances that hobble my body and give me pain galore. But my mind is free, though having read my stories you may wish I didn't bother But I'll ignore you, and carry on regardless. I do get heckled by my own Tinnitus these past 5 years+, so I have music on all night long to drown it out. I sleep with Miley, Taylor, Eric Clapton and Will Young, maybe I should buy a bigger bed, or just get a better mattress. Tinnitus is a curse, just trust me I know, each day I wake up, Tinnitus SCREAMS at me for a full hour till it calms down or not at all, a merry go around of noise That's the end of the tidy version of my life To finish here's the list of my 20 books, so far:- 1.The Butcher The Baker and The Undertaker 2.Shoplife 3.Essays and Plays 4.Blogs 2011 5.300 and Not OUT 6.Shorts 2013 7.More Shorts 2014 8.Quick Stories 9.Still Alive 2015 10.Undiscovered Words 2016 11.Still Smiling 2017 12.Altogether Now 13.New Horizons 14.14 Up 15.15 Down 16.Sweet Sixteen 17. 17 Again 18. 18 New Views 19. The Final Cut of the 19th Hole 20. 2020 Words 21. Fresh Fields, i decided was a better title, when the USA election is over I'll launch it 96,000 words so far I write bullet point stuff mainly now as Tinnitus stops me from getting in the zone to write, story stories. (c) by Michael Casey stuff though my bullet points are better than some "writers" discuss, miaow. That's why I dream of a speed typist, so I could dictate from the sofa https://www.amazon.co.uk/Michael-Casey/e/B00571G0YC to buy ebooks Loads of Korean and Arabic translations downloaded from my Wordpress, 1000s of them Quick Stories in Korean is a big hit. Maybe Kim in North Korea should read my books, instead of wasting his countries resources on what? Just keeping one person in power, him? Instead of joining the real world and opening a string on golf courses. That way we could get rid of Trump too. Into the sunset, as they play golf. Tears for a Butcher will be the sequel to BBU, and it too will be 600pages, however I really need a speed typist to put it down, while I sit and dictate like Barbara Cartland, and hopefully my speed typist would be impressed. we'd marry have half Korean kids, and form a Kpop band with our 4 new kids, with me as manager. my 2 daughters are at University now, so if you finally pay me, I can pass it on to them And yes this is more for my bucket list, as Tinnitus keeps me awake too much, 6 months of not sleeping till dawn is really killing me, it is the worse thing in my life ever, and I've had far to many horrible things. That's why I go the other direction and write comedy Michael Casey aka the fat silver haired writer in shades from Birmingham England https://2.gravatar.com/avatar/efda2dca0de5b9269191b7c8b0102473?s=400&d=mm View all posts by michaelgcasey
meanwhile I feel terrible, no sleep and fizzing so much I may fall over Just so you know
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