Hawzah News Agency (Washington, US) - The Trump administration is intensifying its rhetoric against China’s trade practices, accusing Beijing of waging a systematic campaign of “economic aggression” that threatens US and global economic security.
Trump had already announced 25-percent tariffs on $50 billion of Chinese imports, prompting China to retaliate with matching duties on US goods. He also warned of “additional tariffs” should Beijing hit back with tit-for-tat measures.
He has also reportedly requested the US Trade Representative to identify $200 billion worth of Chinese goods for additional tariffs at a rate of 10 percent.
“I have been calling the Trump administration the Trump regime because that’s what it really is. It seems to be waging wars on humanity in all respects, including economic wars, political wars, trade wars, and China is the number one target but not just China,” Lendman told on Sunday.
Trump also wants to slap tariffs, duties on imports on the European Union, Mexico, Canada, and many other countries, the analyst said. “If he does this, these countries should retaliate by putting import duties on US products. There is no way anyone can win in a situation like this.
“Things have not reached a stage what I call a trade war but the way they are going it certainly could become a trade war. And a trade war could be disastrous if it goes too far. Right now it’s minuscule importance but it’s growing. Trump imposed $50 billion of tariffs on the Chinese goods. China retaliated,” he noted.
“And Trump has threatened another $100 billion on China and another $200 billion on top of that. I mean this is just crazy stuff. I don’t know who is he is getting advice from, but certainly nobody who knows what the heck economics is all about,” he stated.
No economic expert would recommend such things, the commentator said. “We got a Great Depression in the world in, not just in America, the 1930s and trade wars exasperated that. If there were not trade wars, the depression might have only been a serious recession, but it made things much, much worse.”
“Is this where Trump is heading toward? I don’t know. I have to wait and see how things work out. But the last economic crisis in America in 2008, early 2009 was manufactured by Wall Street for one reason. It gave them a chance to put competitors out of business so that they can buy them up at fire sale prices. When these things happen, it’s manipulated to happen,” Lendman observed.