China warns of countermeasures if USA imposes new tariffs

Ann Santiago
Мая 10, 2019

Because of that, he said the 10 percent tariff on $200 billion of goods will go up to 25 percent on Friday and $325 billion of additional goods will shortly be taxed at a rate of 25 percent.

The president's claims come after his top negotiator, U.S. Trade Representative Robert Lighthizer, on Monday ripped Chinese officials for backing away from what Trump and his team hoped would be a deal ready to be signed as early as next month.

The ministry said escalating trade tensions are not beneficial to either country or to the world.

It was confirmed yesterday that Chinese Vice Premier Liu He will still visit the USA this week for trade talks, despite the recent accusations from the United States officials. The developments raise the prospect that talks between the United States and China to resolve their trade war, now more than a year long, could collapse entirely. "They're going to sit down tomorrow, and we'll see what happens from there", she said.

China's exports unexpectedly shrank in April but imports surprised with their first increase in five months, painting a mixed picture of the economy as Beijing and Washington make a last-ditch bid for a trade deal before a hike in USA tariffs.

It comes after US President Donald Trump last weekened threatened to raise tariffs on $200 billion worth of Chinese goods to 25 percent from 10 percent by the end of the week. China could also offer more modest concessions that stop short of a formal agreement, encouraging the delay the planned tariff hike for a few weeks ahead of further negotiations.

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Mr Trump's former chief strategist Steve Bannon, a China hawk, similarly urged him not to soften his stance against China, in a commentary published on Monday by The Washington Post.

European and Asian equities and US futures slumped on Wednesday as traders, fearing a collapse of US-China trade negotiations, followed up Wall Street's rout on Tuesday and sold off riskier assets.

Dave Salmonsen, a senior director at the American Farm Bureau Federation, said the group is hopeful that the president's threat of increased tariffs on Friday "is just part of the negotiating process".

The U.S. Trade Representative's office took a formal step toward implementing the tariffs on Wednesday by publishing a Federal Register notice confirming the duties will increase as of 12:01 a.m. on Friday.

Markets, which fell Tuesday, were expected to open lower Wednesday as investors continue to absorb the threat of a prolonged trade war between the world's two largest economies.

Despite the political fallout back home, senators seemed intent on not breaking ranks with the White House at this crucial moment in the trade talks. China's imports from the U.S. fell almost 26 per cent while exports to the United States fell just over 13 per cent. "A sudden tariff increase with less than a week's notice would severely disrupt US businesses, especially small companies that have limited resources to mitigate the impact". China would also have to move further towards the USA position on other sticking points, such as demands for curbs on Chinese industrial subsidies and a streamlined approval process for genetically engineered US crops.

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