China vows retaliation against USA for higher tariffs as talks continue

China vows retaliation against USA for higher tariffs as talks continue

The U.S. trade deficit with China past year was $378.6 billion, not $500 billion.

President Donald Trump ordered trade officials to begin the process of drawing up a new round of tariffs, said US Trade Representative Robert Lighthizer in a statement on Friday. And the USA is to blame for the risky turn of events, Chinese officials and analysts stressed.

President Trump's latest move came less than a day after he ramped up punitive duties on United States dollars 200 billion worth of Chinese imports, raising them to 25 per cent from 10 per cent, and Beijing vowed to retaliate.

When asked about domestic concerns on how the latest tariffs could further pressure the economy, Liu said he was optimistic about China's economy in the longer term, adding that it had entered an up-cycle after bottoming out somewhat a year ago. Beijing has promised countermeasures.

Talks on Thursday night and Friday failed to break the deadlock over President Trump's insistence that Beijing agree to make structural reforms to its economy in additional to buying more American goods to redress the trade imbalance between the world's two biggest economies. Farmers are frustrated by the trade war.

President Donald Trump's fresh tariffs on Chinese goods are likely to weigh on a USA expansion already set to slow and further scramble readings from key economic indicators. China will also restrain itself and both sides should not indefinitely escalate the tension. "For us, the longer this continues the more risky it becomes". "That would be risky".

Speaking of distrust, it can't be forgotten that President Trump's economic team was negotiating with China in parallel with his military one provocatively sailing through the Taiwan Strait and clinching arms deals with the province, which were very unfriendly moves that made China question the real US motives.

Trump also noted that the massive tariffs he levied on China "may or may not be removed depending on what happens with respect to future negotiations!"

Liu voiced a measured optimism on reaching a deal, but said there were "issues of principle" on which China would not back down.

Drake Unveils New Private Plane ‘Air Drake’
The unveiling of Drake's plane is occurring at the same time Cargojet Inc. announced a partnership with the rapper. While he didn't reveal the price tag, planes like this one typically run anywhere from $75 to a $100 million.

Kim Kardashian criminal justice doc coming; fashion star explains Met Gala outfit
She doesn't elaborate on that plan but says it may have to be put to use - she gets a nervous bladder at events like this.

New PlayStation "State of Play" coming May 9th
Unlike the previous State of Plays , this one will only run 10 minutes and appears to only be focusing on two games. Sony have tonight announced that a new episode of their State of Play stream will be broadcast this week.

"The most direct countermeasure would be raising existing tariffs on United States goods or imposing tariffs on more U.S. products", Song said. We have borrowed from our life insurance policy, that's how desperate we are. -Chinese relations may be testing a new low. "Why retaliate? All we need to do is boycotting U.S. products", one internet user said on Sina Weibo.

"A major rift between the USA and China is that they see "fairness" differently".

"Although there will be some pressure, I believe China's economy will continue to develop smoothly, healthily, in a good state", he said.

"Such an impact on USA companies and industries will not be less severe than from the tariffs", Song said. On Wall Street, US stocks have also suffered losses in the past few days, as have stocks in major bourses across the world.

The talks came to a conclusion Friday with no deal. The two sides now have differing views on the volumes, Liu said.

"Negotiations have not broken down, but rather on the contrary, this is only a normal twist in the negotiations between the two countries".

Hu Xijin, editor-in-chief of the Chinese newspaper Global Times, citing "an authoritative source", tweeted that "talks didn't break down".

A tech industry group says tariffs are taxes, and "higher tariffs are only higher taxes", in response to President Donald Trump's decision to increase tariffs on $200 billion worth of Chinese imports to 25%.

Related Articles