China will raise tariffs on some USA goods from June 1

China will raise tariffs on some USA goods from June 1

Trump has blasted the former vice president several times now for being soft on China following the failed United States trade talks last week.

He then ordered a tariff hike on nearly all remaining imports from China, which are worth about $300 billion, according to US Trade Representative Robert Lighthizer.

UBS economists said Beijing might raise tariffs on $60 billion of US goods and cancel an agreement to postpone a duty increase on imported American autos.

In an interview with Fox News, Kudlow played down the economic impact of an escalation of tariffs by both sides, while conceding that economists and businesses were right when they challenged Trump's assertion that China was paying the cost of the tariffs.

Prospects for a drawn out trade war between the United States and China sent S&P 500 futures sharply lower as trading resumed on Sunday, after Washington demanded concrete changes to Chinese law and Beijing said it would not swallow any "bitter fruit" that harmed its interests.

Larry Kudlow, Trump's top economic adviser, said on Sunday that no further talks had been scheduled, though he raised the possibility that Trump and President Xi Jinping will meet on the sidelines of a Group of 20 summit in Japan at the end of June.

"Trade talks have come to a deadlock and it's unlikely we'll see the situation turn for the better in the near term", said Raymond Chen, a portfolio manager with Keywise Capital Management Beijing Ltd.

'Game of Thrones' fans were stunned by an absolute fire episode
Furthermore, she knows that Jon Snow ( Kit Harington ) is the true heir to the Iron Throne as he is really Aegon Targaryen. But then the actress talked over the scene with Coster-Waldau and came around to appreciating Cersei's final moments.

On Monday, U.S. officials are expected to announce details of their plans to impose a 25% additional tariff on all remaining imports from China - some $300 billion in trade.

They include 'forced tehnology transfer, ' a phenomenon in which China's government requires foreign companies to share control of their operations with Chinese companies - often giving their competition direct access to their trade secrets.

Potomac Wealth Advisors President Mark Avallone on the impact of US trade talks with China on the markets and economy.

"The president and his administration have failed to realize we're stronger when we work with our allies on every issue - China included", she said on CNN's "State of the Union". Yet nearly no economist has agreed with Trump's view and fact-checkers routinely brand Trump's assertion false and point out that American importers of goods from China pay the tariffs.

"If they weren't being seriously provoked, the Chinese people would not favor any trade war".

Still, the tariffs war has been hammering Chinese manufacturers and is an added drag on growth for the region. "It's not China that pays tariffs, it's the American importers, the American companies, that pay what is, in effect, a tax increase, and oftentimes they pass it on to American consumers". The new taxes would result in hefty revenue to the USA, he said. However, the trade talks suffered a major setback last week when China proposed extensive revisions to a draft agreement.

Trump has railed against the Chinese since the middle of his 2016 presidential campaign, complaining about unfair trade practices that put Beijing at an advantage. Economists say more might follow to reduce the risk of American tariff hikes.

Related Articles