Thursday, 28 May, 2020

China raises tariffs on USA imports in trade war

China raises tariffs on USA imports in trade war China raises tariffs on USA imports in trade war
Deanna Wagner | 15 May, 2019, 11:41

Earlier on Tuesday Trump called the trade war with China "a little squabble" and insisted talks between the world's two largest economies had not collapsed. "Americans understand the need to hold China accountable, but they also need to know that the administration understands the economic pain they would feel in a prolonged trade war", Grassley said in a statement.

Trump in a tweet on Tuesday had said, "We have placed a 25 per cent tariff on "dumped" steel from China and other countries, adding that in one year tariffs have rebuilt our steel industry - it is booming!"

Doanld Trump recently alleged that China had backed out from the deal.

"I say openly to President Xi & all of my many friends in China that China will be hurt very badly if you don " t make a deal because companies will be forced to leave China for other countries.

China announced it will raise the rate of tariffs imposed on US$60 billion worth of imports from the United States from June 1 onward.

Portman also said he believes it's unlikely that an agreement will be reached until Trump sits down with China's President Xi Jinping at the upcoming G20 meeting.

USA stocks plummet on concerns over growth, earnings prospects
US equity futures rose Tuesday as investors weighed the impact of the escalating trade war between the United States and China. The Dow Jones Industrial Average was up 207.06 points, or 0.82 percent, to 25,532.05 on Tuesday.

This comes as China announced tariffs on United States dollars 60 billion exports in a tit-for-tat measure for the U.S. hike in tariffs on Chinese goods.

The U.S. Trade Representative's Office said that there will be a public hearing on June 17 to discuss its new list of 3,805 product categories that, if approved, could be affected by tariffs as high as 25%.

"As for how they are pursued, I think that hinges upon further consultations between the two sides", Geng said.

China earlier imposed additional tariffs on US$60 billion worth of USA imports.

"We have all the advantage, it's a very small factor for us", he said about the tariffs. "You had a great deal, nearly completed, & you backed out!" he tweeted on Monday. This should have been done by our leaders many years ago. Since then, the two sides have exchanged several rounds of trade duties, as they have yet to produce a deal. He described tariffs as "a tactic to get to an agreement and not as an end game", and said he's concerned that escalating tariffs without an agreement will hurt the US economy, jobs, wages "and everything else".