New Tariffs on Chinese Products Go into Effect

Donald Trump has raised import duties on US$250 billion of Chinese goods

Perhaps alluding to the United States' criticisms of China's intellectual property theft and ongoing negotiations that have sought to pin down an enforcement mechanism to ensure the Chinese regime curbs such theft, the editorial chastised the administration for "suppressing China's science and technology innovation".

American officials accuse Beijing of backtracking on commitments made in earlier rounds of negotiations.

According to the Wall Street Journal "The new hard line taken by China in trade talks-surprising the White House and threatening to derail negotiations-came after Beijing interpreted recent statements and actions by President Trump as a sign the US was ready to make concessions, said people familiar with the thinking of the Chinese side". But unless China blinks things can get far, far worse.

"It's possible to do it", Trump said of the trade deal on Thursday. Trump said Sunday he might expand penalties to all Chinese goods shipped to the United States.

China had earlier threatened to raise tariffs on $60 billion of U.S. imports but held off amid a trade war truce. Not 10 cents. I think it will be a very strong day, frankly.

And while industry and retailers support the Trump administration's desire to change China's behavior and open access to the massive market, they worry the tactics will begin to cut into their sales as consumers feel the pinch. Good man. But they broke the deal. "So they'll be paying if we don't make the deal". "There is the potential for a 15%-plus correction in Chinese and emerging market (EM) stocks, and around 5-7% falls in global equities, in our opinion", analysts at Lombard Odier Investment Managers said in a note.

Markets in Europe and Asia also sank again. The deficit is the difference between what America sells to the rest of the world and what it imports.

USA officials say they got an inkling of China's second thoughts about prior commitments in talks last week in Beijing but the backsliding became more apparent in exchanges over the weekend.

"There was a fundamental misunderstanding", he told AFP by email.

Kennedy warned that the "possibilities for miscalculation on both sides is pretty high".

Beijing retaliated for previous tariff hikes by raising duties on $110 billion (£85 billion) of American imports.

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How will the tariff increase affect negotiations?


Mr Trump also said he would start the "paperwork" on Friday for 25pc duties on another $325bn in Chinese imports.

A passerby walks past in front of a stock quotation board outside a brokerage in Tokyo, Japan, May 10, 2019.

Deborah Elms, executive director at the Asian Trade Centre, said: "It's going to be a big shock to the economy".

Washington has demanded significant reforms to the Chinese economy, such as subjecting state enterprises to market principles, a reduction of massive subsidies and curbing the alleged theft of USA intellectual property.

China says it hopes the two countries can meet each other halfway and make joint efforts to solve the existing problems through cooperation and consultation.

But each side believes it is better positioned than the other to survive the dispute, Kennedy said.

And much of it was because the president said China wasn't holding up its end of the deal.

"The era of economic surrender is over". "Let's see if we can get something done".

All of this, plus the already existing 25% tariff on another $50 billion worth of goods means that nearly all of the $540 billion worth of goods being imported from China will have a 25% tariff imposed on them, as soon as this Friday, when the new tariffs will go into effect. "There's a lot of pressure on them".

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