Economy

Trade Representative: Trump Orders Hikes In All Remaining China Import Tariffs

Trade Representative: Trump Orders Hikes In All Remaining China Import Tariffs

On Friday, US President Donald Trump more than doubled import tariffs on hundreds of billions of dollars' worth of Chinese goods.

"While the administration is right to take on the serious trade challenges our country has with China, I have always been skeptical that the president will deliver for American workers without coordinating with our economic and political allies", Senator Ron Wyden of OR, the top Democrat on the Finance Committee, said in a statement on Friday.

A Chinese official has said that though talks are in their final stages, the sides are still "sprinting".

Autry was cheerleading for Trump on the BBC's Today programme last week after the president increased the tariff from 10% to 25% on Chinese goods worth $200bn on Friday, including transport equipment, chemicals and an array of foods.

Tariffs are taxes paid by US companies - such as manufacturers and chemical producers - that bring in products from overseas.

The additional tariffs kicked in while a Chinese delegation led by Vice Premier Liu He was in Washington, DC for an 11th round of negotiations.

He dismissed the idea that talks had broken down.

The talks will continue, but so will the tariffs. The two sides now have differing views on the volumes, Liu said.

FILE - Clothing from American brand Abercrombie & Fitch, which was made in China, is seen for sale at a store in Beijing. The government will have to get public comment before it can target more Chinese goods.

The developments sent stocks tumbling on Wall Street.

Trump said he is in no rush to conclude trade talks with China.

The United States has thrown what it hopes will be the punch that forces its main economic rival, China, to change its trade practices.

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After weeks of rising optimism about the chances for an agreement, the tone out of the White House has veered from anger to nonchalance.

"Build your products in the United States and there are NO TARIFFS!" he added.

Trump defended the tariffs in tweets Friday morning, signaling that he would be willing to enact even steeper penalties in the future.

Trump has also complained angrily about America's gaping trade deficit with China for which he blames weak and naive negotiating by previous USA administrations.

"China clearly requires that the trade procurement figures should be realistic; the text must be balanced and expressed in terms that are acceptable to the Chinese people and do not undermine the sovereignty and dignity of the country", the People's Daily newspaper said in a commentary on Saturday.

Tariffs will bring in "far more" wealth to the United States than even a phenomenal deal of the traditional kind.

"Investors are starting to fear that trade wars aren't as easy to win as the president has been declaring", said Ed Yardeni, president of Yardeni Research.

Three differences remain between the two countries, according to China's account of the latest talks.

China clarified its list of demands before signing an agreement.

Oxford Economics estimates the "tariff punch" from all existing duties will cut 0.3 percentage points off U.S. growth and warns recession risks are on the rise.

Through leading by example, China offers the world a visible alternative to a hostile approach which in the context of hard trade talks could dramatically worsen the global economic situation and in the context of Korea or Iran style de-escalation talks, could lead to the outbreak of violent conflict.

The International Monetary Fund has sounded the alarm that the conflict and the loss of confidence it creates will have a wider impact on the global economy and is a major risk to growth.