U.S. President-elect Donald Trump has vowed to impose additional 10% tariffs on Chinese imports until Beijing curbs the trafficking of fentanyl precursors. Chinese state media warned against using tariffs as leverage, cautioning it could reignite a damaging trade war. Editorials from China Daily and the Global Times labeled Trump's rationale "farfetched" and warned of mutual economic harm. Economists are adjusting growth forecasts for China's $19 trillion economy, predicting higher tariffs could exacerbate economic vulnerabilities and push the U.S. cost of living higher. Trump’s pick of trade lawyer Jamieson Greer as U.S. Trade Representative signals a tougher stance on global trade, with China expected to face the harshest measures.
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00:00It's Benzinga, bringing Wall Street to Main Street.
00:02U.S. President-elect Donald Trump has vowed to impose additional 10% tariffs
00:06on Chinese imports until Beijing curbs the trafficking of fentanyl precursors.
00:11Chinese state media warn against using tariffs as leverage,
00:14cautioning it could reignite a damaging trade war.
00:18Editorials from China Daily and the Global Times label Trump's rationale
00:22far-fetched and warn of mutual economic harm.
00:26Economists are adjusting growth forecasts for China's $19 trillion economy,
00:31predicting higher tariffs could exacerbate economic vulnerabilities
00:34and push the U.S. cost of living higher.
00:37Trump's pick of trade lawyer Jameson Greer as U.S. trade representative
00:41signals a tougher stance on global trade, with China expected to face the harshest measures.