Trump laments lack of China-like control over Fed in trade war

Cheryl Sanders
June 10, 2019

Trump said in an interview with CNBC anchors on Monday that tariffs on about $300 billion in Chinese goods would be enacted immediately if the Chinese leader misses the summit.

The escalating trade war between the world's two largest economies has unnerved financial markets with worries that it could further disrupt global manufacturing and supply chains and push an already slowing global economy into recession.

However, as US-Chinese tensions mount, a spokesman for Xi's government said last month that he had "no information at present" on Trump-Xi talks.

But in his lengthy CNBC interview, Trump said he is doing what previous presidents avoided because they "either didn't understand it or they were bored by it or they weren't smart enough".

The president criticized the US Federal Reserve for raising interest rates too quickly and giving the Chinese an upper hand in trade negotiations. "And I think he will go and I think we're scheduled to have a meeting". China very much wants to make a deal.

Brilliant said they threaten the health of the USA economy, hurt farmers and consumers, and create an unstable atmosphere for the US' trading partners.

"I do see it as a threat", he said Monday. You know why? Because of tariffs ... "At the same time it could be very well that we do something with respect to Huawei as part of our trade negotation with China".

Trump says: "They have to start representing the United States, not just the companies that are members of the U.S. Chamber of Commerce". Washington also wants curbs on subsidies for Chinese state-owned enterprises and better access for USA firms in Chinese markets. The People's Bank of China lacks the political independence of counterparts like the Fed, meaning Chinese President Xi Jinping and his colleagues must approve major PBOC decisions.

The U.S. government also angered China by putting Huawei Technologies Co Ltd on a blacklist that effectively bans U.S. companies from doing business with the Chinese firm, the world's biggest telecoms equipment maker. "We're expected to meet".

Trump has touted the migration agreement he struck with Mexico last week as a sign of his deal-making acumen. Trump said on CNBC that the USA purposely isn't discussing one of the aspects of the agreement yet, claiming that it is another "very powerful tool" for the U.S. "Look, without tariffs, we would be captive to every country, and we have been for many years".

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