China fires back at USA with tariff hike on goods worth $60bn

15 May, 2019, 03:27 | Author: Regina Silva
  • President Donald Trump arrives to speak on energy infrastructure at the Cameron LNG export facility Tuesday

But Mr Trump's approach in the dispute has put him at odds with his own top economic adviser, Larry Kudlow, who has said "both sides will suffer".

Trump said Monday he would meet Xi during the Group of 20 meeting of major economies six weeks from now on June 28 and 29 in Osaka, Japan.

Earlier, Trump said an agreement could be reached "when the time is right" but not unless Washington can narrow last year's $419 billion trade deficit with Beijing. As trade tensions escalated between the two countries, Donald Trump on Monday told reporters that he expects to meet with the president of China and Russian Federation next month at the Group of 20 summit in Japan.

"China does not want to fight the trade war but it is not afraid to fight it".

Trump has said he is in no rush to finalize a deal with China.

The United States and China have so far exchanged tariffs on more than $360 billion in two-way trade.

After the near collapse of trade talks with China last week, Trump on Friday imposed punitive duties on United States dollars 200 billion worth of Chinese imports, raising them to 25 per cent from 10 per cent.

China said on Monday it will raise tariffs on $60 billion worth of U.S. goods from June 1, in retaliation for the latest round of United States tariff hikes and Washington's plans to target nearly all Chinese imports. He said officials might be anxious companies may shift operations out of China in response to "aggressive retaliatory actions".

"Make your product at home in the United States of America and there is no tariff", Trump said.

Trump's advice that American customers can buy alternatives in domestic market or from non-tariffed countries is thus unrealistic in the era of global integration.

A container ship is unloaded at the Virginia International Gateway terminal in Norfolk, Va., May 10, 2019. The president also ordered tariffs to be raised on all remaining U.S. imports from China, which are valued at around $300 billion.

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Beijing is running out of imports to penalize due to the lopsided U.S.

Trump started raising tariffs last July over complaints China steals or pressures foreign companies to hand over technology and unfairly subsidizes businesses Beijing is trying to build into global leaders in robotics and other fields.

"We are determined and capable of safeguarding our legitimate rights and interests".

On Monday, the Dow Jones Industrial Average fell 2.4% and the tech-heavy Nasdaq lost 3.4% for its biggest drop of the year.

On Monday, Trump said he would talk to Chinese President Xi Jinping at a G20 summit in late June.

If he tries to pass along the higher costs from the new tariff on toys to customers, he said, he will lose sales.

Trump on Tuesday called the US-China trade war a "little squabble" and predicted ultimate victory.

Beijing unleashed its tightly controlled media this week after keeping a lid on rhetoric for months as the trade war with Washington reignited, with fiery clips from state media ricocheting around the Internet. "They have not been fair traders".

"We admonish the United States side to take heed of the worldwide community's reaction and calls from people from all walks of life, calculate the gains and losses of their own interests, have a clear understanding of the situation and return to the right track at an early date", China's foreign ministry spokesman said. He said the company cannot simply switch to suppliers in India or Indonesia and can't move manufacturing to the US either.

Barry Bosworth, an economist at the Brookings Institution, told Xinhua that "the dispute is damaging to USA consumers who are being impacted by higher prices on purchases from China and US exporters (particularly agriculture) who are losing a growing share of the Chinese market".

"The question is what's the smartest, most effective way to do it", Van Hollen said.

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