Trump warns China not to retaliate against tariff hike

Trump warns China not to retaliate against tariff hike

One of the unspoken taboos regarding this trade war is that while there are sectors in both the USA and China that have needlessly suffered under the pressure of tariffs, both the Chinese and US economies have enjoyed growth that has exceeded forecasts.

The Chinese Ministry of Finance said in a statement Monday it will be changing tariff rates on around $60 billion in U.S. products, with duties on some items now going up to 25%.

The "adaptation" was a "response to U.S. unilateralism and trade protectionism", the State Council's Customs Tariffs Commission said. Growth in the first quarter of the year was stronger than expected, unemployment fell to the lowest level in half a century, and prices rose by less than expected.

However, U.S. negotiators pushed too hard. "Though we are glad that the administration is considering additional assistance, such temporary solutions are not sufficient to address the permanent damage the trade war has inflicted on agricultural export markets".

Global markets remain on red alert over a trade war between the two superpowers that most observers have warned could shatter global economic growth, and hurt demand for commodities like oil.

In the US, decades of regulatory burdens that reached new heights after 2008 have been slashed by Trump.

Reports also say China may stop purchasing United States agricultural products and energy, cut Boeing orders and restrict USA service trade with China. However, the trade talks suffered a major setback last week when China proposed extensive revisions to a draft agreement.

Trump said he expects his discussion with Xi to be "very fruitful", as the trade war between China and the United States intensified on Monday.

China strongly opposes the latest USA tariff hike, and must respond to that, Liu told reporters on Saturday. The move affected 5,700 categories of Chinese products, including internet modems and routers.

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Earlier in the day, Chinese Foreign Ministry spokesman Geng Shuang warned that his country "would never surrender to external pressure". But according to Holtz-Eakin, the US economy isn't as hot as it might look.

Farmers have long stood behind Trump's mission to get a better trade deal with Beijing that addresses long-standing issues with what they say are unfair trading practices.

Trump has since defended the tariff hike and said he was in "absolutely no rush" to finalise a deal. Even the President's chief economic adviser, Larry Kudlow, has conceded that consumers will likely bear the costs of the fresh tariffs. They are paid by importers of Chinese goods, usually American companies or the US -registered units of foreign companies.

A stumbling block has been US insistence on an enforcement mechanism with penalties to ensure Beijing carries out its commitments.

The abruptness of Trump's announcement on May 5, just days before the last round of talks, about raising tariffs to 25% made companies see doing business in China as more uncertain, said Jake Parker, vice president of the U.S.

Trump's tariffs and who they target European automakers next? The lawsuit from attorneys general in more than 40 states alleges that for many years the makers of generic drugs worked together to fix prices.

Until last week, there were expectations Trump and Xi would sign a trade deal at the summit.

"What that means for soybean growers is that we're losing", Davie Stephens, president of the American Soybean Association, said in a statement. -China trade war on agriculture.

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