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Weekly Comic: Trump Escalates Trade War Against China, Europe

EconomyJul 12, 2018 08:26AM ET
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Investing.com - All eyes were on escalating trade rhetoric this week as investors attempted to work out whether a series of tit-for-tat responses between the U.S. and China will end in negotiations or an all-out trade war between the world’s two largest economies.

The Trump administration raised the stakes in its trade dispute with China, threatening 10% tariffs on an extra $200 billion worth of Chinese imports late Tuesday, pushing the world's two biggest economies ever closer to a full-scale trade war.

The tariffs will not go into effect immediately but will undergo a two-month review process, with hearings August 20-23.

Washington proposed the extra tariffs after efforts to negotiate a solution to the dispute failed to reach an agreement, senior administration officials said.

China accused the U.S. of bullying and warned it would hit back, but did not immediately say how it would retaliate.

It was the latest development in escalating trade tensions between the world's two largest economies.

Last week, Washington imposed 25% tariffs on $34 billion of Chinese imports, and Beijing responded immediately with matching tariffs on the same amount of U.S. exports to China.

Investors are worried that threats of higher U.S. tariffs and retaliatory measures by others could hit global growth and damage sentiment.

Meanwhile, in Europe, President Donald Trump participated at a summit of leaders of NATO countries in Brussels, where he reiterated the U.S. commitment to NATO and claimed credit for an agreement that he says will "significantly" increase military spending among the 29-member states.

Trump denied reports that he had threatened to pull out of the alliance, but nonetheless said he "probably could" withdraw from the treaty without congressional approval. However, he said such a move wasn't necessary given the agreements reached following a two-day summit in Brussels in which he took a "very firm" tone with its alliance allies.

The President's comments follow reports that he slammed NATO leaders again Thursday over what he has described as a lack of financial commitment to the military defence of America's European allies.

To see more of Investing.com’s weekly comics, visit: http://www.investing.com/analysis/comics

Weekly Comic: Trump Escalates Trade War Against China, Europe
 

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Jul 12, 2018 1:26PM ET
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It's much more embarrassing to be an American Democrat. World peace and prosperity win elections. The buffoon who made this comment doesn't represent most Americans. ..A demeaning cartoon of President Obama would never have appeared in M$M, but now seems to be ok for so-called enlightened 'tolerant' liberals. #WalkAwayCampaign. President Trump DOES represent most Americans, and that's why his re-election in 2020 is virtually guaranteed.
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george mc
george mc Jul 12, 2018 1:26PM ET
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Then why such low approval numbers for the guy in the White House? ... Only a quarter of eligible voters elected him, how is that “most Americans”? ... the US is certainly “exceptional”
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William Rasmussen
William Rasmussen Jul 12, 2018 10:54AM ET
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It’s so embarrassing to be American right now... Hopefully the rest of the world knows this buffoon doesn’t represent most Americans.
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Steve Cunningham
Steve Cunningham Jul 12, 2018 10:54AM ET
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That is actually a pretty comical image considering all these countries have charged the US high tariffs for many years while the US did not charge tariffs. LOL. Funny they show Trump shooting the tariff guns hahahaha. What a stupid post. The only buffoon is the previous administrations letting other countries rip off the US without any response to these extremely high tariffs that THEY charge the US.. . It's embarrassing to think Americans actually believe this is somehow Trumps fault. Your the embarrassment because you think other countries should be allowed to charge the US things like 270% on US dairy exports.. . How stupid can an American get is the real question. Trump indeed represents most of the US who is sick and tired of being ripped off. We now just learned that Germany is not paying their share of the UN bills as agreed but is doing dirty deals with Russian pipelines which is the point of the UN to protect Germany from Russia etc. YIKES so stupid
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Greg Mawson
Greg Mawson Jul 12, 2018 10:54AM ET
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It's ok William. We don't think that. Whilst he did get voted in, I'm sure there are many who would say the same as you. We have a situation here in New Zealand; Our government was recently voted in late last year with all these promises to help health care workers, teachers etc but seems only interested in helping the poor, not our workers or economy so the people who work aren't getting a fair deal. There was a nurse strike yesterday, a teacher strike is being planned and there will be more strikes! In New Zealand you're better off staying at home and making babies due to the hand outs. Tragic.
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george mc
george mc Jul 12, 2018 10:54AM ET
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In my travels, most of the world does realize he’s only a representative of the US. But it is scratching its heads as to how a reality tv-show actor became that and how he still has enough support. I sort of get why, having grown up there seeing cuts to education and the tendency for Americans to prefer the entertainer over the expert. . I’m from middle America, but live elsewhere and travel quite a bit... recently people elsewhere are looking at Americans with caution and actively avoiding the “made in the USA” tag more so.
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george mc
george mc Jul 12, 2018 10:54AM ET
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“Live elsewhere”... as in I haven’t lived in the US for 15 years. .... “As democracy is perfected, the office of president represents, more and more closely, the inner soul of the people. On some great and glorious day the plain folks of the land will reach their heart’s desire at last and the White House will be adorned by a downright ***” — H. L. Mencken
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