China rebuffs Trump claim USA tariffs are making firms leave

Trump's 'great patriot' farmers follow him into a trade war

Footwear manufacturers and retailers on Monday stepped into the trade war between the US and China, telling President Trump that a sneaker tax would be catastrophic and calling on him to halt the trade war that has been under way since a year ago.

The footwear companies who signed the letter, including Clarks, Dr Martens and Converse, claim that while the average U.S. tariff on footwear is 11.3%, in some cases it can reach as high a 67.5%.

Morgan Stanley analysts warned that a collapse of the trade talks and a lasting breakdown with higher tariffs on all US-China trade would push the global economy towards recession. "It will also threaten the very economic viability of many companies in our industry".

No further trade talks between top Chinese and USA trade negotiators have been scheduled since the last round ended on May 10 - the same day Trump raised the tariff rate on $200 billion (158 billion pounds) worth of Chinese products to 25% from 10%. "And I said "that's OK, we're going to tariff their products".

Chinese foreign ministry spokesman Lu Kang, responding to a question on Trump's claim at a daily news briefing, said foreign investors were "still bullish" on China. The two economic giants are in a fight of their own, with Canada in the middle since the RCMP arrested an executive of China's Huawei Technologies last December on a USA extradition warrant.

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"We strategically put a significant number of American products and produce under tariffs and that had an impact on governors, on members of Congress, who continued to talk to the president and to members of the administration about lifting these tariffs".

"Your proposal to add tariffs on all imports from China is asking the American consumer to foot the bill", the chafing shoe companies said. The Ameican President is set to discuss the tariffs with Chinese President Xi Jinping next month.

Shares in European chipmakers Infineon Technologies, AMS and STMicroelectronics fell sharply on Monday amid worries that Huawei suppliers may suspend shipments to the Chinese firm.

"It seems as if the US takes it for granted that it has the absolute say over everything in its dealings with the rest of the world, which has to take whatever the USA dishes out no matter how arbitrary and despotic that is", China Daily said. It was the latest in a series of "freedom of navigation operations" that angered Beijing.

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