Trump Administration Awaits China's Response After Tariff Spike

US-China relations

The president doubled down on his argument on Sunday, tweeting that the USA would be "taking in Tens of Billions of Dollars in Tariffs from China", while advising American consumers who have been concerned by the lack of imported goods to buy them somewhere else or take matters into their own hands and produce them in the US.

Trump on Friday more than doubled tariffs on $200 billion of Chinese goods, boosting the rate from 10 percent to 25 percent, while also moving to impose tariffs on an additional $300 billion of Chinese products, although Kudlow said it could take months for the full effect of the tariffs to be felt.

Trump insisted the tariffs the US has placed on Chinese goods don't hurt American consumers, saying there is "no reason for the US Consumer to pay the Tariffs". Trump's comments came after economic advisor Larry Kudlow earlier Sunday conceded that China is not the one paying the tariffs.

China has many options for retaliating against the United States and is likely to implement sanctions that go beyond tariffs on trade in goods, a former top government official has said.

It said Beijing was open to talks but would not yield on important issues of principle. "Again both sides will suffer on this".

Kudlow also said Trump's plan to raise tariffs across the board could take "a couple of months".

ENERGY: U.S. benchmark crude oil added 1 cent to $61.67 per barrel in electronic trading on the New York Mercantile Exchange.

Mr. Kudlow acknowledged that Americans will feel the brunt of consequences from the tariffs, in having to pay high taxes on Chinese goods.

Wei Jianguo, a former vice-minister at the Ministry of Commerce who handled foreign trade, told the South China Morning Post that China was prepared for a long trade war.

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China strongly opposes the latest US tariff hike, and must respond to that, Liu told reporters on Saturday.

Pressed by Fox News' Chris Wallace, Kudlow appeared to contradict Trump's recently adopted mantra that an increase in tariffs on Chinese goods is entirely beneficial to the US.

The tariffs are not paid by the Chinese government or by firms located in China.

"We would like to see these corrections in an agreement which is codified by law in China, not just a State Council announcement".

"If they weren't being seriously provoked, the Chinese people would not favor any trade war". The new taxes would result in hefty revenue to the United States, he said.

Mr Kudlow said nothing has been scheduled, but Chinese officials have invited US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin to visit Beijing.

"If there is a lack of progress (in the US-China talks) over the coming weeks, Asian currencies will come under further pressure", noted Khoon Goh, head of Asia research at ANZ Research, while adding that his team does not expect the yuan will break the psychological 7 perdollar level. "This is a tool China will save as a last resort, and it may not even be used in the unlikely event of a breakdown in trade negotiations".

Trump's decision to hike tariffs has roiled financial markets.

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