China Escalates Trade War With Tariffs On $60B Of US Exports

Trump says China is ‘DREAMING’ of a Sleepy Joe Biden presidency

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-China trade talks end without a deal.

With investors anxious about the potential economic damage on all sides from the escalating trade war, the Dow Jones Industrial Average fell 617 points, or 2.4%, and the technology-heavy Nasdaq plunged 270 points, or 3.4%, its biggest drop of the year.

Kudlow also said it could be "a couple of months" before Trump is able to impose 25 percent tariffs on a remaining $300 billion worth of Chinese goods.

The retaliation had been expected. Although he initially called the discussions "candid and constructive, " no further talks were scheduled. But he struck a very different note Saturday, when he came out swinging at a number of targets. "China should not retaliate - will only get worse!" he tweeted.

"The only problem is that they know I am going to win...and the deal will become far worse for them if it has to be negotiated in my second term".

An additional $325 billion of Chinese goods are in line for tariffs if Trump decides to impose them.

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The tariff hike came as the latest talks in Washington concluded in stalemate, with US officials accusing Beijing of backtracking on previous pledges.

"Hopefully China will do us the honour of continuing to buy our great farm product, the best, but if not your Country will be making up the difference", he wrote in post addressing USA farmers directly.

China has vowed retaliation in response to US tariffs, and the president said he plans to send a portion of the funds raised by tariffs to American farmers who are bearing the brunt of the trade war.

The president believed Treasury Secretary Steve Mnuchin and US Trade Representative Robert Lighthizer had cut a deal until the Chinese officials told them no. But markets there are still higher than analysts had predicted. And China's retaliatory tariffs are inflicting pain on American farmers, a key part of Trump's political base.

"But China is not afraid, nor are the Chinese people", he said, adding that "China needs a cooperative agreement with equality and dignity". Not by us. A lot of people try and steer it in a different direction. Hong Kong, Singapore, South Korea, and Taiwan are seen as particularly exposed, along with economies such as Australia that have a large trade weighting toward China.

"We do much less business with China than they do with us", said Trump.

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Kudlow did hold out a prospect on hope over the ongoing trade war on Sunday when he added that there is a "strong possibility" that Trump will meet Chinese President Xi Jinping at a G-20 summit in Japan in late June. "I don't disagree with that", he said to Fox News' Chris Wallace. On Monday, it raised tariffs on $60 billion of those US imports, including batteries, spinach and coffee.

The United States accuses China of resorting to predatory tactics in a drive to give Chinese companies an edge in advanced technologies such as artificial intelligence, robotics and electric vehicles. "You've got to do what you've got to do".

"They've increased consumer costs by $1.4 billion a month, according to experts from the Federal Reserve Bank of NY and Princeton and Columbia University". The tariff increases already in place have disrupted trade in such American products as soybeans and medical equipment and sent shockwaves through other Asian economies that supply Chinese factories.

To continue with the washing machine example, the Congressional Research Service found that Trump's tariffs corresponded to a 12 percent increase in washing machine prices paid by American consumers. And that could grow.

The U.S. tariff hikes on Chinese imports could rise to 8 percent, exceeding the 6 percent increase under the Smoot-Hawley Tariff Act that helped exacerbate the 1930s Great Depression.

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