USA increases tariffs on $200bn of Chinese goods as trade talks continue

Beijing said it would be forced to take

China's top trade negotiator Liu He landed in Washington last night for two days of talks, and Trump said that he still hopes a compromise is possible.

Months of increasing comity and optimism in trade talks appeared to go up in smoke this week as American officials accused China of a wholesale retreat from previously agreed commitments - a claim Beijing strongly rejected.

U.S. President Donald Trump vowed not to back down on imposing new tariffs unless Beijing "stops cheating our workers", as two-day talks begin in Washington on Thursday. "We'll see. It was their idea to come back".

"As we have said before, everybody loses in a protracted trade conflict", the body which aims to ensure global financial stability said in a statement, calling for a "speedy resolution".

"It is very hard for China to retaliate in kind if the USA imposes 25% tariffs on the remaining goods (about $289.5 billion, according to U.S. data)".

"By the way, do you see the tariffs we're doing?"

China has declared repeatedly that it can live with the tariffs, but it would prefer to live without them.

He added, "So they are flying in the vice premier tomorrow is flying in, good man". On the contrary, it is absorbing a good deal of the stress.

The renewed tensions roiled global stock markets this week and unnerved exporters.

Markets in Europe and Asia also sank again. The America Soybean Association has already urged the president to reach a trade deal with China as the ongoing escalations and uncertainties are "unacceptable" to US farmers.

According to Reuters' sources, China has made reversals to its previous commitments in each of the seven chapters of the trade agreement, and it seems it's no longer willing to resolve the complaints over which the USA government started the trade war in the first place.

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

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

During the past year of tit-for-tat tariff exchanges, China has imposed tariffs on all but US$10b of its purchases from the US.

US Trade Representative Robert Lighthizer released an official notice on Wednesday making the tariff increase a virtual fait accompli.

Mr Lighthizer released an official notice on Wednesday that duty rates on a vast array of Chinese-made electrical equipment, machinery, auto parts and furniture would jump to 25 percent on Friday.

According to Trump the duties have brought in an additional $100 billion a year paid by China and other countries, but in fact the taxes are paid by the importers, and ultimately passed on at least partially to consumers.

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 U.S. intellectual property. And he has renewed his threat to extend the tough tariffs to all products the United States imports from China.

President Donald Trump said on Sunday he might extend penalties to all Chinese goods shipped to the United States.

"The era of economic surrender is over".

In retaliation, China has promised to take "necessary countermeasures" against the USA if Washington follows through with the plan.

"What the Chinese step-back primarily says is they don't want to publicly acknowledge that their existing laws, especially on IP, are flawed", he told AFP.

She doubted the Chinese side had simply miscalculated the potential American reaction, adding that Liu likely still believed he could offer enough concessions to ensure a deal.

A source familiar with the talks said China's changes to the language of the draft trade deal were so extensive it could take a month to fix them, assuming the United States rejects them. "I think there is hope", he said.

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