U.S. Hikes Tariffs On Chinese Imports, As Tense Trade Talks Continue

U.S. Hikes Tariffs On Chinese Imports, As Tense Trade Talks Continue

FILE PHOTO: Traders work on the floor at the New York Stock Exchange (NYSE) in New York, U.S., May 8, 2019. Thursday's trade talks started only just a few hours before the increased duties on $200 billion of Chinese goods, to 25 percent from 10 percent, was due to begin at 12:01 a.m. EDT (0401 GMT) Friday.

China has vowed to retaliate if the USA follows through with plans to hike the tariff at 12:01 A.M. Friday morning.

On the eve of the latest round of U.S. Negotiations were scheduled for around 10am (NZT) and the new USA tariffs were due to begin just seven hours later.

The U.S. Commerce Department said on Thursday the politically sensitive goods trade deficit with China fell 16.2 percent to $20.7 billion, the lowest level since March 2014, also as imports from the world's No. 2 economy fell 6.1 percent.

"Even if the tariffs do go in place, there is a lot to gain from a deal and hopefully the sides will continue engaging" he said.

Many urged the USA government to rethink.

Given the persistent failure of the US throughout the talks to deliver on its words, the reemergence of uncertainties is nothing surprising.

No breakthrough, and no deal - just, more tariffs. The bargaining chips at both parties' hands have not changed much and China's strategy has always been guarding the bottom line. Overall Chinese exports to the US dropped 13% in April from a year earlier. Since then, the two sides have made impressive progress on issues like trade balance, protection of intellectual property and non-tariff barriers.

The tariffs have devastated many factories in Chinese coastal regions that serve the USA market. Now, the United States and China are teetering on the verge of a fresh escalation, with another round of punishing tariff hikes on Chinese goods set to take effect on Friday. "We urge the administration to reconsider this tax hike on Americans and stay at the bargaining table until a deal is reached", the National Retail Federation's senior vice president for government relations, David French, said in a statement.

Neither side is willing to budge. In other words, the USA would effectively dictate economic policy to the Chinese government.

"At least part of the story is that economic and market strength has reduced both sides incentives' to compromise", Bank of America Merrill Lynch wrote in a research note this week.

The stripping of binding legal language from the draft struck directly at the highest priority of U.S. Trade Representative Robert Lighthizer - who views changes to Chinese laws as essential to verifying compliance after years of what U.S. officials have called empty reform promises.

Comey: Trump would be charged with obstruction if he was not president
Ten days later, the Foreign Intelligence Surveillance Court granted a FISA warrant for surveillance of Page's communications. Grassley and Ron Johnson, heads of the Finance and Homeland Security committees, respectively, sent their own letter to Mr.

Everyone loses in a trade war, let's not pretend otherwise.

The possibility that the dispute could escalate represents a marked shift from just a few weeks ago, when talks between the USA and China appeared to be on track for an agreement.

Aside from the trade dispute with China, economists say an additional risk to export growth in the months ahead is that shipments of civilian aircraft will likely be affected by issues with Boeing Co.'s 737 MAX jetliner.

The US-China trade war has weighed on the global economy over the past year and created uncertainty for businesses and consumers. International Trade Commission DataWeb, which uses data from the U.S. Census Bureau.

"We are going to get hit economically in many industries if we keep playing this game with tariffs and retaliatory tariffs", Lix predicted.

Trump needs a deal to end the trade war as soon as possible to secure the support of his core base and win a second term in office.

China's explosive rise was a shock to the global trading system.

"A trade war will be bad for China, both the real economy and the financial markets".

However, overreaction in the domestic market is unnecessary.

China could make some concessions to prolong talks even after tariffs and retaliation.

Trade conflicts with other countries do have negative impacts, but they are limited.

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