American elite divided over US-China economic ties: Analyst

The American elite are divided over what the economic relationship between the United States and China should be like, says a political analyst.

Keith Preston made the remarks in an interview with Press TV on Saturday when asked about President Donald Trump’s furious reaction after Federal Reserve Chair Jerome Powell had warned the trade war with China was a risk to the US economy.

In a furious flurry of tweets on Friday, Trump attacked the Powell's stewardship of the world's biggest economy.

“As usual, the Fed did NOTHING! It is incredible that they can ‘speak’ without knowing or asking what I am doing, which will be announced shortly,” Trump wrote on Twitter.

“We have a very strong dollar and a very weak Fed. I will work ‘brilliantly’ with both, and the US will do great,” he added.

“My only question is, who is our bigger enemy, Jay Powell or Chairman Xi?”

Preston said, “There is a split within the American elite, within the American economic and political elite over the question of what the economic relationship between the United States and China ought to be.”

“It’s clear that the Trump administration represents a vein of the American elite that do view China as a primary enemy and wish to take a more hawkish position towards China when it comes to things like tariffs and trade and those kinds of issues, economic relationships and also military relationships as well.”

“On the other hand, there are other sections that the American elite that are very concerned about maintaining a trade relationship that currently exists between the United States and China, they do not want anything to disrupt that,” he added.

Trump lashed out at China on Friday, vowing a quick response to China's announcement of new tariffs and ordering US companies to leave the country.

The attack came after China announced earlier on Friday it would impose new tariffs on US soybeans, lobsters, peanut butter and other imports worth $75 billion in retaliation for Washington's latest round of punitive duties that take effect in two rounds, September 1 and December 15.

The United States will raise existing tariffs on $250 billion in Chinese imports to 30 percent from 25 percent, beginning on October 1, Trump said on Twitter Friday.

PressTV-US to hike existing, planned tariffs on Chinese imports

President Trump says the US will hike tariff rates on most imports from China in retaliation for Beijing's new duties on American goods.

He added that the duties on another $300 billion in Chinese products, set to take effect on September 1, will be increased by 5 percent, reaching 15 percent.

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