'We Are Right Where We Want to Be With China'

'We Are Right Where We Want to Be With China'

"We are right where we want to be with China", Trump said on Twitter.

The jewel in the crown of the US aviation market, Boeing, was expected to be a beneficiary of a US-China trade deal.

USA stock futures tumbled over 300 points Monday as President Trump continued to razz the Chinese over trade.

Tariffs on Chinese goods increased from 10% to 25% on Friday, making the underlying cost of those items higher for US customers. "In fact, both sides will pay..."

Kudlow agreed, but added "the Chinese will suffer GDP losses with respect to a diminishing export market", among other economic costs.

The US raised tariffs on US$200 billion (S$273 billion) worth of Chinese imports, from 10 per cent to 25 per cent last Friday.

The latest tariff hike increase extends 25 percent duties to a total of US$250 billion of Chinese imports, including US$50 billion already taxed at 25 percent before the new hike.

"It is not China that pays tariffs, it's the American importers, the American companies that pay what in effect is a tax increase and oftentimes pass it onto U.S. consumers", Wallace said, prompting Kudlow to agree, albeit with a reservation.

"Yes, to some extent". Yes, I don't disagree with that.

"We need to see something much clearer and until we do, we have to keep our tariffs on", Kudlow said in an interview on "Fox News Sunday", adding: "We can't accept any backtracking".

But he also assured that because the U.S. economy "is in a boom", it would not be damaged "in any appreciable way" by the tariffs.

Trump began the standoff previous year because of complaints about unfair Chinese trade practices.

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Ahead of talks last week, China wanted to delete commitments from a draft agreement that Chinese laws would be changed to enact new policies on issues from intellectual property protection to forced technology transfers.

Geng declined to comment on what countermeasures China planned to announce in response to the United States tariff hike on $200b worth of Chinese goods on Friday.

The latest United States charges could knock 0.5 percentage points off annual Chinese economic growth, economists said.

Trump was commenting on the ongoing trade negotiations with Beijing, which continue despite the imposition of tariffs by the administration.

The chances of Trump and Xi meeting during the Group of 20 summit in Japan in late June 'are probably pretty good, ' he said.

Mr Kudlow also said that Mr Trump and China's President, Xi Jingping, may meet in late June at the G20 global conference in Japan.

"You can't forget this: This is a huge deal, the broadest scope and scale. two countries have ever had before", Kudlow said.

'The relationship has been too unbalanced'.

Trump piled on the pressure on Saturday, tweeting that "far worse" terms would be on offer for China if it doesn't act now.

"I think that China felt they were being beaten so badly in the recent negotiation that they may as well wait around for the next election, 2020, to see if they could get lucky & have a Democrat win", he said, "in which case they would continue to rip-off the U.S. for $500 Billion a year".

US stock futures fell and Asian shares slipped on Monday on growing uncertainty over whether the United States and China will be able to reach a deal to end their escalating trade war.

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