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Offbeat Cramer says Trump is not wrong on the China trade war

21:11  06 july  2018
21:11  06 july  2018 Source:   cnbc.com

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CNBC’s Jim Cramer said Friday that many Americans support President Donald Trump ’s trade war with China , but contended that their voices are being drowned out. “We simply, as a people, seem to be united that the president's position is wrong .

[Mnuchin says Trump putting trade war with China ‘on hold’]. Wall Street Journal trade reporter Bob Davis tweeted that the big takeaway is: “ Trump administration gets rolled by the Chinese .”


CNBC’s Jim Cramer said Friday that many Americans support President Donald Trump’s trade war with China but contended that their voices are being drowned out.

“We simply, as a people, seem to be united that the president's position is wrong. I hear more of that on TV than I hear reality. I think that there are a lot of people [who say], ‘Thank you for standing up for us,’” Cramer said on CNBC.

Just after midnight Friday, the United States and China exchanged $34 billion worth of tariffs. The American duties affect products such as water boilers, X-ray machine components, airplane tires and various other industrial parts. The Chinese targets include soybeans, pork and electric vehicles.

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Donald Trump once claimed a trade war with China would be "easy" to win. Mr Trump , citing a large trade deficit and unfair rules in China , says the US is starting from such a bad position that the country stands to gain no matter what happens.

“ On the trade war issue, the hawkish atmosphere in China is quite strong right now,” said Chen Jieren, a political commentator in Beijing. Although the tariffs that Mr. Trump has enacted thus far hit only a small segment of China ’s steel and aluminum sector

Cramer, the host of “Mad Money,” contended the time is right for the president to engage China on trade because the U.S. economy is so strong.

"There are a lot of companies that are doing quite well in the country. And I think if you're going to take on the Chinese you do it from strength. And we have much more strength than they do,” he said. “Look at 211,000 jobs on average the last three months, this economy is very strong.”

The three-month job growth average of about 211,000 nonfarm positions, which Cramer cited, reflects the data released by the government in the June employment report on Friday morning.

The Labor Department said the U.S. economy generated a better-than-expected 213,000 jobs last month. The April and May numbers were both revised higher to 175,000 and 244,000, respectively.

Flake hits Trump over criticism of EU: 'We need our allies with us'

  Flake hits Trump over criticism of EU: 'We need our allies with us' “This is so wrong, Mr. President.”"This is so wrong, Mr. President. When we confront China on unfair trade practices, we need our allies, especially those in the EU, with us, not against us," Flake tweeted.

But farm-state Republicans like Mr. Cramer believe that their constituents could be a casualty, and they are begging the Department The president’s new economic adviser, Larry Kudlow, said Mr. Trump ’s threat to China was not a bluff. Why China Is Confident It Can Beat Trump in a Trade War .

Larry Kudlow, Mr. Trump ’s new economic adviser, said on “Fox News Sunday” that he did not think there was “any trade war in sight.” But he added that the president was not bluffing. “The whole world knows China has been violating trade laws for many years

Ahead of the jobs report, economists were already pointing to an economy gaining steam. CNBC’s Rapid Update tracker put the expected advance in gross domestic product at 3.8 percent for the second quarter.

GDP percent change from previous quarter

  Cramer says Trump is not wrong on the China trade war © Provided by CNBC

Source: U.S. Commerce Department

GDP rose by only 2 percent in the first quarter, but the January-March period is notorious for underwhelming. Growth was 2.9 percent in the fourth quarter 2017, and above 3 percent in Q3 and Q2 last year.

Trump has made economic growth of more than 3 percent a goal of his administration.

Cramer: I think Trump is winning the China trade war, and the US stock market backs me up .
President Trump is beating China in a trade war that could soon escalate, CNBC’s Jim Cramer says.President Donald Trump is beating China in a trade war that could soon escalate, CNBC’s Jim Cramer said on Friday.

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