President Donald Trump isn't backing down on China, threatening the nation with tariffs on $200 billion value of items.
"We are talking cell phones, computers, toys and electric gadgets we get from China," stated economist Stephen Moore, who served as a senior financial advisor to the Trump marketing campaign.
Trump's transfer comes after China slapped the United States with $50 billion in tariffs, a retaliation for earlier US duties on Chinese items.
"Our past leaders should have never allowed China to get to a point where there is a $500 billion trade deficit with the United States," Trump stated.
Moore agreed.
"And they're accusing us of not playing by the rules. I mean come on – what's wrong with that picture?" stated Moore.
China calls the newest motion by the Trump administration "blackmail" and is ready to up the ante with extra retaliatory tariffs.
CBN News White House Correspondent Ben Kennedy requested Moore if this transfer by the president may spark a commerce conflict.
"It could. We could see a trade – I don't want to see one. Donald Trump doesn't want to see one," he informed CBN News.
On Monday, China and the European Union agreed to begin a group aimed to replace world commerce guidelines.
"I don't expect these negotiations to be easy," EU Vice President Jyrki Katainen stated. But if nothing is finished, "the environment for multilateral trade will vanish," he warned.
Commerce Secretary Wilbur Ross defended Trump's tariffs throughout a current Senate Finance Committee Hearing the place lawmakers expressed their issues.
"I don't think the Chinese want a trade war any more than we do," Ross stated.
Sen. John Thune (R-SC) warned, "With every passing day, the United States loses market share to other countries – product market, some of it unlikely to be recaptured."
Moore says the odds are good that either side will meet quickly to cease the tariffs.
In the meantime, count on extra robust discuss till they attain a compromise.