China threatens USA with tariff retaliation

May 10 23:00 2019

Vice-Premier Liu He will visit the U.S. on Thursday and Friday to attend the 11th round of the bilateral consultations on trade issues.

On Wednesday, Chinese trade negotiators led by Vice Premier Liu He were set to meet with the US delegation in Washington, D.C., to try and further trade discussions.

A rift has opened up between the world’s two biggest economies just as attempts to end the US-China trade dispute appear to be making progress.

Chinese Vice Premier Liu He shakes hands with U.S. Treasury Secretary Steven Mnuchin outside the office of the U.S. Trade Representative in Washington, U.S., May 9, 2019.

Gao told reporters in Beijing that it was normal for both sides to have disagreements during the negotiating process.

China denies backtracking and has said it “keeps its promises”. “China is fully prepared, determined and capable of defending its legal rights”.

“China’s attitude has been consistent and China will not succumb to any pressure”.

China on Wednesday vowed to respond “in kind” if the president proceeds. He did not elaborate.

A protracted trade war between the United States and China would damage the world economy, disrupt supply chains and rattle investors already nervous over a global slowdown. It has targeted U.S. goods ranging from chemicals, to vegetables and whiskey. “We’ll see, but I am very happy with over $100 Billion a year in Tariffs filling USA coffers.great for United States, not good for China!”

The US president’s threat to raise tariffs comes amid claims Beijing is trying to row back on a trade deal.

“A lot of the (influence form) trade talks was priced in, and for gold to rise more sustainably we need to see some more weakness in the (broader financial) market”, said Sharma.

Nicole Kaeding, vice-president of federal and special projects at the Washington-based Tax Foundation, said that if the Trump administration follows through on the president’s threat, it’s U.S. taxpayers, not Chinese taxpayers, who will pay the price – thanks to higher prices and fewer job opportunities. -China trade talks resume Thursday.

Washington has demanded far-reaching and profound changes to the Chinese economy, such as submitting state enterprises to market principles, reducing massive subsidies and ending the alleged theft of U.S. technology. The Chinese delegation is “coming to the U.S.to make a deal”, Trump tweeted.

The country’s share markets have taken a battering due to the renewed trade tensions, however.

The S&P 500 fell 1 point to 2,883.

Other major indexes in Asia, such as the Shanghai composite and Hong Kong’s Hang Seng Index shed 0.41 percent and 0.42 percent, respectively, around 10:30 a.m. Japan’s Nikkei 225 was also down by 0.86 percent in the same time period. Analysts expected a gain.

The trade deficit is the difference between how much the U.S. imports from other countries and how much it exports. If not, the cost of flooring products imported from China will increase by more than 10% starting Friday.

The S&P 500 index fell 0.2% to 2,879.42. Exports to China jumped 23.6% in March.

Even with the possibility of further tariffs going into effect, some investors remained optimistic that a trade agreement was within reach.

“However, those urgent pleas seem to have been ignored”.

Currency traders watch the computer monitors near the screen showing the foreign exchange rate at the foreign exchange dealing room in Seoul South Ko

China threatens USA with tariff retaliation
 
 
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