Economy

Trump announces higher US tariffs on China goods starting Friday

Trump announces higher US tariffs on China goods starting Friday”

White House officials were unaware on Sunday afternoon if Trump's tweet would affect those talks.

Trump administration officials believe that China's own nationalists have pushed back on some of the terms agreed by its trade negotiators, arguing that they would be humiliating to China and its leader, Xi Jinping.

Trump launched the trade war in July, after an investigation by his trade officials concluded that China routinely abuses the intellectual-property rights of American companies.

"President Trump set the tone for the week, expressing dissatisfaction at the pace of China trade negotiations amid Beijing's attempt to renegotiate", Rodrigo Catril, a senior foreign-exchange strategist at National Australia Bank, wrote in a morning note. A month ago, Trump said that the two countries were "rounding the turn" and predicted that "something monumental" would be achieved in the next few weeks.

The White House then gave a January 1 deadline for trade talks to succeed. China's commerce ministry did not immediately respond to a request for comment. "With the president it could be a negotiating tactic", said O'Rourke.

The warning will throw a shadow over the next round of talks, with a delegation from Beijing due in Washington this week, with Bloomberg News reporting the Chinese side are considering their position.

Hu Xijin, the editor-in-chief of Global Times, made it clear that Trump's "trick" was doomed to fail.

Trump and the Chinese president will decide after the negotiations this week whether they'll meet to sign off on a pact, White House spokeswoman Sarah Huckabee Sanders said Thursday, adding that the USA sees such a meeting as likely. "If it's the latter we'll see massive downside pressure across all markets", he said.

Gold prices climbed on Monday after U.S. President Donald Trump threatened to raise tariffs on Chinese goods, escalating Sino-U.S. trade tensions, which prompted risk-off sentiment and boosted safe-haven assets.

Mindful of his 2020 re-election bid, Trump suggested the measures were not leading to price increases for US consumers.

Tariffs on Chinese goods are actually paid to the United States by the companies importing the goods.

Reaching trade agreements with China can be especially challenging, given that its regulations are not transparent, Alden said. "No!" the president tweeted. "Strength is the only way to win with China". That has made the United States the world's biggest producer ahead of Russian Federation and Saudi Arabia. "So, it's likely to see a longer trade war", the expert said, speaking on condition of anonymity citing the sensitivity of the topic.

So far, the trade dispute has cost the Chinese economy.

In recent days, USA officials grew frustrated with some of China's backpedaling on some of their earlier commitments, including on the crucial matter of technology transfer, two people familiar with the situation said.

Trump tweeted that, for 10 months, China has been paying tariffs to the United States of America of 25 per cent on $50 billion of high tech, and 10 per cent on $200 billion of other goods.

Negotiations about tariffs have been one of the remaining sticking points between the two sides.



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