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About East Oregonian : E.O. (Pendleton, OR) 1888-current | View Entire Issue (July 21, 2018)
Page 8A NATION East Oregonian Saturday, July 21, 2018 BRIEFLY Trump heightens China tariff threat with no deal in sight Trump was taped talking of paying for Playboy model’s story By CHRISTOPER RUGABER AND PAUL WISEMAN AP Economics Writers WASHINGTON (AP) — With President Donald Trump intensifying his rift with U.S. trading partners, economists are growing more doubtful that any deal that might benefit American workers and companies is in sight. Instead, many analysts say they expect the Trump administration to impose more tariffs on China and potentially other key U.S. trading partners. With those nations almost certain to retaliate, the result could be higher prices for Americans, diminished export sales and a weaker U.S. economy by next year. In an interview with CNBC that aired Friday morning, Trump renewed his threat to ultimately slap tar- iffs on a total of $500 bil- lion of imports from China — roughly equal to all the goods Beijing ships annu- ally to the United States. The president has already imposed tariffs on $34 bil- lion in Chinese goods, and Beijing has retaliated with tariffs on an equal amount of American exports. The White House has also item- ized $200 billion of addi- tional Chinese imports that it said may be subject to tariffs. In addition, Trump has told the Commerce Depart- ment to investigate whether imported autos and auto parts threaten America’s national security — the same justification the president has invoked for other tariffs he has imposed or threatened, including on imported steel and aluminum. If the answer is yes, the administration says it could slap 20 per- cent to 25 percent tariffs on $335 billion of auto imports. AP Photo/Andrew Harnik, File President Donald Trump speaks before signing an Executive Order that establishes a National Council for the American Worker. Higher car prices for Ameri- can consumers would inevi- tably follow. On Friday morning, Trump for a second day also criticized the Federal Reserve, breaking with a long-standing tradition at the White House of avoid- ing any influence, real or perceived, on the indepen- dence of the U.S. central bank. Simultaneously, he accused China of allowing its tightly controlled cur- rency to drift lower against the dollar, a move that could help Chinese exporters by making their goods more affordable overseas. In a tweet, the president said: “China, the European Union and others have been manipulating their curren- cies and interest rates lower, while the U.S. is raising rates while the dollar gets stronger and stronger with each pass- ing day — taking away our big competitive edge.” Last month, the Fed raised its benchmark rate for a sec- ond time this year and pro- jected two more increases in 2018. Its rate hikes are meant to prevent the econ- omy from overheating and igniting high inflation. But rate increases also make bor- rowing costlier for house- holds and companies and can weaken growth. Analysts say they’re becoming more convinced that Trump’s multi-front trade fights aren’t merely a short-term negotiating ploy. Rather, he may be prepared to wait as long as he feels it necessary to force other countries to adopt trade rules more favorable to the United States. “People are underesti- mating what we’re headed for,” said Rod Hunter, a law- yer who served as a White House economic adviser under President George W. Bush. “He’s been say- ing since the ‘80s that trade deals are bad and we should have more tariffs, and that’s what we’re getting.” Moody’s Analytics esti- mates that if the tariffs were imposed on autos Get that Summer Break feeling in a new Toyota! Branson mourns for 17 killed in sinking of packed duck boat BRANSON, Mo. (AP) — The country-and-west- ern tourist town of Bran- son, Missouri, mourned Friday for more than a Republicans pick Charlotte to host 2020 convention CHARLOTTE, N.C. (AP) — As Charlotte, North Carolina, celebrates being chosen Friday to host the 2020 Republi- can National Convention, an undercurrent of con- cern about the potential for violence runs through the Democratic-leaning city. The GOP’s national committee selected North Carolina’s largest city over Las Vegas as hundreds of party activists gathered in Austin, Texas, for the com- mittee’s summer meeting. Mayor Vi Lyles, Char- lotte’s first black female mayor led the campaign to bring the convention to Charlotte and said in a newspaper column that it would be a chance for the city to show its inclu- siveness. The city coun- cil voted 6-5 to extend the bid, and Lyles emphasized that the vote wasn’t an endorsement of President Donald Trump. GoodHealth LIVE WITH JENNIFER POSTE, M.D., ENDOCRINOLOGIST CARS 2018 2018 Gas or Hybrid APR 60 mo. 0 % $2,250 OR and most Chinese imports and other countries retali- ate as expected, annual U.S. growth would slow by 0.5 percentage point by mid- 2019. It expects that 700,000 jobs would be lost. Global markets have remained generally calm despite the eruption of a full-blown U.S.-China trade war and the other conflicts Trump has ignited. On Fri- day, the Dow Jones indus- trial closed down slightly. “I’ve been surprised that up until now, markets seem overly sanguine about the risks” of a trade war between the world’s two big- gest economies, said David Dollar, senior fellow at the Brookings Institution and a former official at the World Bank and U.S. Treasury Department. In the CNBC interview that aired Friday, Trump reit- erated his complaints about America’s trade gap with China, even though reform- ing China’s technology pol- icies wouldn’t likely narrow the trade deficit. NEW YORK (AP) — President Donald Trump’s former personal lawyer secretly recorded Trump discussing a potential pay- ment for a former Playboy model’s account of having an affair with him, people familiar with an investiga- tion into the attorney said on Friday. The recording by attor- ney Michael Cohen adds to questions about whether Trump tried to quash dam- aging stories in the run-up to his 2016 election. Trump’s campaign had said it knew nothing about any payment to ex-center- fold Karen McDougal. It could also further entan- gle the president in a crim- inal investigation that for months has targeted Cohen, his onetime lawyer and close ally. Current Trump attor- ney Rudy Giuliani said the payment was never made and the brief recording shows Trump did nothing wrong. “The transaction that Michael is talking about on the tape never took place, but what’s import- ant is: If it did take place, the president said it has to be done correctly and it has to be done by check” to keep a proper record of it, Giuliani said. One of Cohen’s law- yers, Lanny Davis, said “any attempt at spin can- not change what is on the tape.” dozen sightseers who were killed when a duck boat capsized and sank in stormy weather in the deadliest such accident in almost two decades. Divers found four more bodies in Table Rock Lake, bringing the death toll to 17, including nine peo- ple from the same family and the crew member who was steering the amphib- ious vessel. In their ini- tial assessment, authorities blamed thunderstorms and winds that approached hur- ricane strength. Twenty-nine passengers and two crew members were aboard for a pleasure cruise. 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