Economy

U.S. and China can’t agree on terms for trade talks

U.S. and China can’t agree on terms for trade talks”

President Donald Trump began his push for a tariff on electronic goods made in China last November.

Chinese retaliatory tariffs ranging from 5% to 10% on a portion of $75 billion USA goods also are scheduled to go into effect Sunday.

The extra tariffs of 5% and 10% were levied on 1,717 items of a total of 5,078 products originating from the United States.

Authorities began charging higher duties on American imports at midday Sunday, according to employees who answered the phone at customs offices in Beijing and the southern port of Guangzhou.

"So far Trump appears defiant though on the tariff hikes, blaming the Fed and American companies for their difficulties in dealing with the tariffs", said Shane Oliver, chief economist at AMP in Sydney.

There's some hope for tariff truce: Talks are still scheduled this month between Chinese and American trade negotiators, Trump told reporters Friday before going to the Camp David presidential retreat. A separate batch of about $160bn in Chinese goods - including laptops and cellphones - will be hit with 15% tariffs on December 15. China retaliated with the first of two batches of duties targeting $75 billion worth of U.S. goods.

Trump on Sunday cited comments from U.S. economist Peter Morici, who said the tariffs would not affect USA consumers that much given a drop in the Chinese currency, and the president called on United States companies to find suppliers outside of China.

At a briefing for the National Narcotics Control Commission, China reiterated that it is making extensive efforts towards controlling the synthetic opioid and should not be labelled the main origin of fentanyl to the US.

"We don't want to be servants to the Chinese!" Beijing will start collecting additional tariffs on the rest from December 15. The two countries are also set to meet face to face in early September in Washington.

"We are talking to China, the meeting is still on, as you know, in September", he said. "But we can't allow China to rip us off anymore as a country".

There has to be an "multilateral approach" when taking on China's trade practices, Trumka said.

Chinese state media reacted by signaling the government is ready to weather the economic turbulence.

Meanwhile, China's first batch of retaliatory tariffs of either five or 10 percent on $75 billion of US goods also went into effect.

Geng Shuang, a spokesman for China's foreign ministry, told a briefing in Beijing on Monday that "the most important thing at present is to create the necessary conditions for continuing the trade talks between China and the United States".

For two years, the Trump administration has sought to pressure China to make sweeping changes to its policies on intellectual property protection, forced transfers of technology to Chinese firms, industrial subsidies and market access.



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