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11 May 2019, 01:23 | Hattie Nash
Chinese investors monitor stock prices at a brokerage house
President Donald Trump's latest tariff hike on Chinese goods took effect on Friday and Beijing said it would retaliate, escalating a battle over China's technology ambitions and other trade strains.
"This evening, Ambassador Lightizer and Secretary Mnuchin met with President Trump to discuss the ongoing trade negotiations with China", White House Deputy Press Secretary Judd Deere said in a statement. Chinese Vice Premier Liu He departed the U.S. Trade Representative's office at around 11:30 a.m., after a two-hour meeting with U.S. officials.
Overnight Friday, amid increasing fears of a trade war, the United States hiked tariffs on $200 billion in Chinese goods to 25 percent from 10 percent following a sit-down between both sides Thursday in Washington.
The US leader continues to argue that tariffs could in some ways be preferable to reaching a trade deal. Check back for updates.
The latest increase extends 25% duties to a total of $250 billion of Chinese imports, including $50 billion already taxed at 25% before the new hike.
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However, any funds from U.S. tariffs go into the U.S. Treasury's general fund, and Congress - not the White House - directs U.S. spending.
India, the world's biggest buyer of USA almonds, on June 21, 2018 raised import duties on the nuts by 20% and increased tariffs on a range of other farm products and United States iron and steel, in retaliation for U.S. tariffs on Indian steel.
The move "exacerbates the uncertainty in the global trading environment, further raises tensions between the U.S. and China, negatively affects global sentiment and adds to risk aversion globally", said Michael Taylor, managing director for credit strategy and standards at Moody's Investors Service in Hong Kong.
A range of consumer products - including cell phones, computers, clothing and toys - were hit by the tariff rate increases from 10% to 25% on Friday. "Or it could be felt through retaliatory actions by the Chinese".
"I don't expect too much from this round of talks", a source in Washington familiar with the talks told the Global Times on Friday, noting that US President Donald Trump had miscalculated.
The U.S. on Friday raised tariffs on $200 billion in Chinese imports to 25 percent from 10 percent.
"A trade war, with across-the-board tariffs on U.S". By sea, shipments across the Pacific take about three weeks, which gives negotiators a few more days to reach a settlement before importers may have to pay the increased charges. He appealed to Washington to avoid more tariff hikes, saying they are "not a solution" and would harm the world.
"We are now at a very delicate place, where further negotiations have become significantly more hard... the risk of a further escalation also increased", Song Guoyou, director of Fudan University's Center for Economic Diplomacy, told the Global Times on Friday.
He expects China will hit back, and said people across the US will feel the backlash. They wouldn't identify the specific issues involved. But CEOs stressed that any "final agreement should take tariffs down".
"A real enforcement mechanism is critical", the American Chamber of Commerce in Shanghai said in a statement.
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