Trump says tariffs battle will help USA farmers

China says will'never surrender as U.S. trade row heats upMore

China says will'never surrender as U.S. trade row heats upMore

The slightly more optimistic comments came after both sides ramped up their trade war, with China announcing details of new tariffs against U.S. imports on Monday, following the United States' move last week to target Chinese imports. The list includes a wide range of consumer goods, from cellphones and computers to clothing and footwear, but it excludes pharmaceuticals, some specialty compounds and rare-earth minerals.

Chinese tariffs announced Monday don't take effect until June 1, 2 1/2 weeks from now.

However, the onshore yuan weakened 0.1% to its lowest level since December 27, 2018, trading at 6.8874 per dollar, after the foreign ministry said it hoped the United States would not underestimate China's determination to defend its interests.

Trump is expected to speak directly to China's President Xi Jinping at the G-20 summit in Japan, which will take place late next month.

"The sentiment out in farm country is getting grimmer by the day", said John Heisdorffer, the chairman of the American Soybean Association. "I think it's going to turn out extremely well". -China trade war stalled last week, the United States raised the pressure by increasing tariffs to 25% from 10% on a previous, $200 billion list of Chinese imports.

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"I have a feeling it's going to be very successful", he said.

The Chinese government's top diplomat, State Councilor Wang Yi, said during a trip to Russian Federation that China-U.S. talks were not a "one-way street" and needed to be conducted on the basis of equality, according to China's Foreign Ministry.

The new exchange of tariffs comes almost a year after the Trump administration imposed the first set of tariffs on Chinese goods last summer.

Trump warned Xi on Twitter that China "will be hurt very badly" if it doesn't agree to a trade deal. In an academic study published in March, economists from the Federal Reserve Bank of New York, Princeton University and Columbia University concluded that "the full incidence of the tariff falls on domestic consumers, with a reduction in USA real income of 1.4 billion us dollars per month by the end of 2018".

He said he was considering adding 25 percent duties on the remaining $325 billion in Chinese exports not now subject to United States tariffs. China responded by upping tariffs on $60 billion of US goods. The move affected 5,700 categories of Chinese products, including internet modems and routers.

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In reaction to the announcement by China, US equity futures tumbled with the S&P 500 down 1.8%, while the US Dollar also dropped.

In a commentary, state TV said the effect on the Chinese economy from the U.S. tariffs was "totally controllable".

"China will be pumping money into their system and probably reducing interest rates, as always, in order to make up for the business they are, and will be, losing", the president said in a tweet Tuesday.

The U.S.' heavy dependence on Chinese products has made the situation even worse. And while Beijing has retaliated with tariffs of up to 25 per cent on $60 billion of United States imports, it at least waited until after its negotiators had returned from talks in Washington on Saturday rather than simply refuse to show up.

Top White House economic adviser Larry Kudlow said on Sunday that China has invited U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin to Beijing.

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In a Monday commentary and accompanying online video, the editor-in-chief of nationalistic daily Global Times Hu Xijin said: "For China it is the whole country and all the people who are being coerced, and for us this is a real people's war".

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