Economy

U.S. targets $300B of Chinese goods for new tariff hikes

U.S. targets $300B of Chinese goods for new tariff hikes

The partial recovery was spurred by tweets from U.S. President Donald Trump in which he said the U.S. was in a "much better position" to strike a deal.

"Make your product at home in the United States of America and there is no tariff", Trump said.

And over the a year ago, they have been targeted not only by China but also the European Union, Canada and Mexico. We are the "piggy bank" that everyone wants to raid and take advantage of.

Asian shares took another beating on Tuesday but closed off their lows, following the more upbeat tone from US and Chinese officials.

Sources have said the trade talks hit an impasse after China tried to delete commitments from a draft agreement that said its laws would be changed to enact new policies on issues from intellectual property protection to forced technology transfers.

U.S. President Donald Trump insisted on Tuesday that trade talks with China have not collapsed and called the widening U.S. "In May a year ago, the two sides reached consensus and released a joint statement but few days later U.S. went back on the consensus", he said.

As exporters struggled to digest the news of Mr Trump's move last week on US$200 billion (S$274 billion) of Chinese exports, the affected group was set to get even bigger.

Speaking several hours later at a dinner gathering at the White House, Trump said it should be clear in "three or four weeks" if ongoing trade negotiations will yield good results.

"It went up, as of Friday, very substantially".

China is not to blame of the huge trade deficit the United States runs, and China is a hugely profitable market for U.S. companies, the paper said, in commentary published under the pen name "Zhong Sheng", meaning "voice of China". Analysts fear a confrontation which started when rising power China challenged the dominance of global economic leader U.S. has now developed into a battle of wills between two of the world's most powerful men. "No way!" Trump wrote.

"We don't see any quick end to this state of the markets until we see some resolution, constructive dialogue and something very solid in terms of deals".

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Soybeans, which was the most valuable US export crop, bounced off a decade low on Tuesday as the market's focus shifted to weather-related planting delays that could reduce the crop size.

The US argues that China's trade surplus with the US is the result of unfair practices, including state support for domestic companies. Purchases dropped significantly past year after China imposed retaliatory tariffs on US agricultural products.

"Our great Patriot Farmers will be one of the biggest beneficiaries of what is happening now", Trump said on Twitter.

He refuted Trump's allegation that China is going back on agreements reached in earlier rounds of talks and accused the United States president of violating the consensus reached between the two sides.

The U.S. leader claimed that tariffs on steel imports into the United States had "rebuilt our steel industry".

U.S. Agriculture Secretary Sonny Perdue said on May 10 that Trump had asked him to create a plan for supporting farmers.

In July 2018, the government unveiled a $12 billion bailout fund and United States farmers already receive about $20 billion in annual assistance through various aid programs.

As trade tensions escalated between the two countries, Donald Trump on Monday told reporters that he expects to meet with the president of China and Russian Federation next month at the Group of 20 summit in Japan.

Trump on Monday said that his administration was planning to provide about $15 billion in aid to help USA farmers whose products were targeted by Chinese retaliatory tariffs.

In another tweet on May 13, Rubio acknowledged that the trade war will cause economic pain, "but so too will returning to the status quo".