Trump Claims New China Tariffs Help, Not Hurt, United States

Donald Trump has raised import duties on US$250 billion of Chinese goods

EVAN VUCCI APDonald Trump has raised import duties on US$250 billion of Chinese goods

A barge pushes a container ship to the dockyard in Qingdao in eastern China's Shandong province.

The latest tariff hike increase extends 25 percent duties to a total of US$250 billion of Chinese imports, including US$50 billion already taxed at 25 percent before the new hike.

US and Chinese negotiators ended the second and final day of trade talks Friday, without reaching an agreement to end a trade conflict that's been going for more than a year.

This morning, Reuters published a report detailing how China edited the trade deal agreement the Trump administration had already negotiated with them.

Judd Deere, a White House spokesman, said, "This evening, Ambassador Lightizer and Secretary Mnuchin met with President Trump to discuss the ongoing trade negotiations with China".

Meanwhile, stocks in China rallied Friday despite the us hiking tariffs on Chinese goods at midnight.

Negotiators are expected to meet for a second day of talks on Friday.

If they go ahead, the Chinese have said they will retaliate in kind.

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"We hope the United States can meet China halfway, take care of each others' concerns and resolve existing problems through cooperation and consultations", Gao said.

The tension between Washington and Beijing has risen after a major setback in negotiations last week when China revised a draft deal and weakened commitments to meet U.S. demands for trade reform.

"They broke the deal. And so if it's not the deal that he's talking about, then I can't see him going through with it", Bartiromo said.

It comes as high-level officials from both sides are attempting to salvage a trade deal in Washington.

"It's possible to do it", Trump said.

Trump said he'd received "a attractive letter" from Chinese President Xi Jinping.

While he expects the tariff hike to go ahead on Friday, he says this wouldn't be the "the end of the game".

The uncertainty isn't being driven by any single company's quarterly performance, but by the looming imposition of fresh tariffs on Chinese goods.

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Liu had said on Thursday on his arrival in Washington that the prospects for the talks were "promising" but warned raising tariffs would be "harmful to both sides".

"I hope to engage in rational and candid exchanges with the U.S. side", he told Chinese state media. Similarly, after Trump's tariff hike warnings to China, the NASDAQ Composite Index turned negative after ending the previous six weeks in the green territory.

Furniture, lighting products, auto parts, vacuum cleaners and building materials are also high on the list of products subject to the higher duties.

Mainland Chinese stocks soared.

The US decision to more than double tariff on United States dollars 200 billion Chinese imports to 25 per cent "exacerbates the uncertainty" in the global trading environment and could lead to tighter financing conditions as well as slower growth, Moody's Investors Service said on Friday.

That could effectively provide a grace period for the sides to avert serious escalation. Trump has also threatened to extend tariffs to an additional $325 billion in Chinese goods - taxing virtually everything the US imports from China.

'China will not capitulate to any pressure, and we have the determination and ability to defend our own interests'.

The two countries are sparring over USA allegations that China steals technology and pressures American companies into handing over trade secrets, part of an aggressive campaign to turn Chinese companies into world leaders in robotics, electric cars and other advanced industries. Asked by reporters at the White House how the meeting had gone, U.S. Treasury Secretary Steven Mnuchin said tersely, "Constructive". The prior tariff level amounted to a tax of about $20 billion per year on USA importers.

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Trade data released Thursday showed the USA trade deficit with China decreased to the narrowest in nearly three years as imports slowed and exports advanced.

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