Markets

Trump says in 'no rush' for China trade deal, defends tariffs

Trump says in 'no rush' for China trade deal, defends tariffs

The tariff increase came after discussions between China President Xi Jinping's top trade envoy and his U.S. counterparts in Washington made little progress on Thursday, with the mood around them downbeat, according to people familiar with the talks.

"President Trump's move to impose new USA tariffs on China and escalate the U.S".

Major U.S. stock indexes, which had fallen sharply through the week as investors anxious that the 10-month-old trade war could spiral out of control, reversed course to close higher on Friday after Mnuchin said the trade talks were "constructive".

Indeed, contrary to the doomsday warnings of President Trump's critics, U.S. GDP grew by 3.2 percent in the First Quarter of this year, and the unemployment rate dropped to a 50-year low of 3.6 percent.

The tariff increase went ahead even after American and Chinese negotiators briefly met in Washington on Thursday and again on Friday, seeking to end a dispute that has disrupted billions of dollars in trade and shaken global financial markets. American officials say China has repeatedly broken past promises.

"Tariffs will bring in FAR MORE wealth to our country than even a phenomenal deal of the traditional kind", Trump wrote.

"The President also ordered us to begin the process of raising tariffs on essentially all remaining imports from China", he stated.

The latest USA increase might hit American consumers harder, said Jake Parker, vice-president of the U.S.

It may take three or four months for American shoppers to feel the pinch, but retailers will have little choice but to raise prices to cover the rising cost of imports before too long, economists and industry consultants say. He said he was in "no rush" to finalize a deal, adding that the USA economy would gain more from the tariffs than from any agreement.

"This shows Xi and other senior Chinese leaders are willing to accept an escalation of the trade dispute over what they perceive as a direct and intolerable challenge to China's sovereignty, in the form of U.S. demands that China make substantial changes to key laws and regulations to formally enshrine China's concessions", they said.

Since previous year, the two sides have exchanged tariffs on more than $360 billion in two-way trade, gutting U.S. agricultural exports to China and weighing on both countries' manufacturing sectors.

PUBG may never officially launch in China, after all
Other than its patriotic dressing and bloodless combat, Tencent's new game is nearly identical to PUBG . AFP was not immediately able to reach Tencent for comment.

FILE PHOTO: Containers are seen at the Yangshan Deep Water Port in Shanghai, China April 24, 2018.

President Donald Trump said on Friday the talks will continue and a decision on whether to pull back the punitive import duties will depend on what progress is made. The U.S. government already has rolled out up to $12 billion to help offset their China-related losses.

The higher tariffs could reduce U.S. Gross Domestic Product (GDP) by 0.3 percent and China's by 0.8 percent in 2020, said Oxford Economics. The biggest sector affected is a $20 billion-plus category of internet modems, routers and other data transmission devices.

Furniture, lighting products, auto parts, vacuum cleaners and building materials are also high on the list of products subject to higher duties.

"We hope the United States will meet us halfway, and work with us to resolve existing issues through cooperation and consultation", China's Ministry of Commerce said in a statement. Those products will be taxed the original 10 percent.

"For 10 months, China has been paying Tariffs to the U.S. of 25% on 50 Billion Dollars of High Tech, and 10% on 200 Billion Dollars of other goods", he explained in a tweet.

Oxford Economics estimates that Friday's tariff hike will cut USA economic output by $62 billion by next year, or 0.3 percent of gross domestic product. "I happen to think that tariffs, for our country, are very powerful", Trump said.

"There is no greater threat to world growth", French Finance Minister Bruno Le Maire said.

The latest USA increase might hit American consumers harder, said Jake Parker, vice-president of the U.S.

"So really, for us, it basically means 85 percent of what's now in our store is impacted by the tariff because it's all luggage, all briefcases, all backpacks and most travel accessories", said Tiffany Zarfas Williams, owner of the Luggage Shop in Lubbock, Texas, and a National Retail Federation board member in a call this week arranged by trade groups to rally against Mr. Trump's tariffs.


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