Economy

USA to Raise Tariffs on Chinese Imports as Vice Premier Visits Washington

USA to Raise Tariffs on Chinese Imports as Vice Premier Visits Washington

Trump's tweet suggested he was comfortable either with making a deal or with leaving the tariffs in place, however.

The world's two largest economies have been embroiled in a tit-for-tat tariff war since July 2018 over United States demands that the Asian powerhouse adopt policy changes that would, among other things, better protect American intellectual property and make China's market more accessible to U.S. companies. The 11th round of talks between China and the USA are being held amid uncertainties about future rounds of parleys as Trump administration officials accused Beijing of back tracking from issues agreed in the previous rounds of talks.

China's Vice Premier is set to arrive in Washington, D.C., on Thursday to meet with US officials to continue trade talks.

China had an overall trade surplus of $13.84 billion in April, smaller than forecasts of $35 billion.

"Guess what, that's not going to happen!"

U.S. Trade Representative Robert Lighthizer echoed Trump's negative sentiment telling reporters Monday evening that tariffs will be levied against China on Friday if a deal is not reached beforehand.

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.

In other threaded tweets, he said China has been paying tariffs to the US and those payments are partially responsible for economic success. "The Trump administration understands that the big problem with China is not the law itself, it's the lack of rule of law", Dufour said. On Wednesday morning, the US Trade Representative filed a public notice saying that tariffs on roughly US$200 billion of Chinese products would increase to 25% from 10% on May 10 "in light of the lack of progress in the additional rounds of negotiations since March 2019".

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Robert Lighthizer, the USA trade representative, accused China on Monday of reneging on what he described as "good, firm commitments on eliminating market-distorting subsidies".

After tumbling the Chinese stock market, President Donald Trump is continuing to aggravate negotiations between Washington and Beijing.

Trade talks are expected to resume this week.

Stocks treaded water Wednesday after tumbling in prior-day trading, when the Dow fell 473 points and other benchmark indexes also slumped amid mounting investor concerns about trade tensions.

Tariffs are taxes paid by importers on foreign goods, so a 25% tariff imposed by the United States on Chinese goods would be paid by American companies. The president stressed that Beijing is mistaken if it hopes to negotiate trade later with a Democratic presidential administration.

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.

ANZ estimated more than 80 per cent of the headline decline was due to a sharp drop in shipments to the United States, while its high-tech exports continued to be weighed down by sluggish global demand for smartphones and other electronic gadgets. He also said he would slap 25 percent tariffs on goods not current subject to import fees.


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