Trump warns China not to retaliate against tariff hike

Trump warns China not to retaliate against tariff hike

"It's clear that there is a lot of nervousness around the U.S". The Dow Jones Industrial Average lost 622.10 points or 2.4%, while the Standard & Poor's 500 sank 2.5% in early trading.

China's finance ministry said it plans to set import tariffs ranging from 5 percent to 25 percent on a target list worth about $60 billion.

The retaliation had been expected.

"We're dealing with them".

Trump might meet his Chinese counterpart, Xi Jinping, during next month's meeting of the Group of 20 major economies in Osaka, said Kudlow, his economic adviser, Larry Kudlow.

"I think that China felt they were being beaten so badly in the recent negotiation that they may as well wait around for the next election, 2020, to see if they could get lucky & have a Democrat win", Trump tweeted Saturday.

They added that the effects of the tariffs had spilled over noticeably to the prices charged by US producers competing with goods affected by the levies. "Fox News Sunday" host Chris Wallace pressed Kudlow about this apparent contradiction on Sunday. -China trade war on agriculture.

Trump said in another Twitter post that the trade war would not have a significant impact on United States trade.

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Trump has also complained repeatedly about America's huge trade deficit with China - a record $379 billion past year - which he blames on weak and naive negotiating by previous USA administrations.

State media also kept up a steady drum beat of strongly-worded commentary on Monday, reiterating that China's door to talks was always open, but vowing to defend the country's interests and dignity. "Equities markets fell Monday after the Chinese response", reports CNBC. But markets there are still higher than analysts had predicted. China first imposed the tariffs a year ago. US officials said the Chinese negotiators have been reversing themselves on commitments made in earlier trade talks. Shipments take about three weeks to cross the Pacific Ocean by sea, giving negotiators more time to reach a settlement before importers may have to pay the increased charges. Not by us. A lot of people try and steer it in a different direction.

Talks in Washington broke off on Friday without a deal, but both sides have indicated that future talks are likely.

On Sunday, Trump sought to portray the United States as being in an advantageous position. "You've got to do what you've got to do". To do so would be an unacceptable concession for the country that is still sensitive to what it considers years of subjugation from foreign powers until at least the mid part of the last century - a topic that is not only still taught to every Chinese student but which has become part of the Chinese national psyche.

Mr. Kudlow acknowledged that Americans will feel the brunt of consequences from the tariffs, in having to pay high taxes on Chinese goods.

Trump has since defended the tariff hike and said he was in "absolutely no rush" to finalize a deal. And that could grow.

May 17, 2019 is the deadline for President Trump to decide on imposing tariffs on vehicle imports from the EU.

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