Trump behaves like a street-fighter in trade policy: Chinese media

Trump behaves like a street-fighter in trade policy: Chinese media

Trump behaves like a street-fighter in trade policy: Chinese media

Late on Friday, China's finance ministry unveiled new sets of additional tariffs on 5,207 goods imported from the United States, with the extra levies ranging from five to 25 percent on a total value of goods less than half of that proposed by U.S. President Donald Trump's administration.

The meeting took place amid heightened trade tensions between China and USA after the Trump administration proposed to impose a higher 25 percent tariff on US$200bn worth of Chinese imports instead of the previously announced 10 percent, on August 1.

China announced earlier Friday it plans to impose tariffs of up to 25 percent on $60 billion of us goods, as the trade salvos between the world's two largest economies continued.

In July, Washington fired the first salvo in the escalating trade war with Beijing by introducing 25 percent tariffs on Chinese imports worth $34 billion.

After months of economic tensions, the US and China are continuing trade talks, said President Trump, who on Saturday touted the effectiveness of tariffs in a series of tweets.

And Washington is expected to impose additional levies on $16 billion worth of Chinese goods that Beijing promised it would immediately match. "China knows what we are asking, they just have not made satisfactory responses".

Trump has at times said he likes this idea, and some White House officials had hoped that this might cool conservative angst in Congress.

The ministry also said that the United States measures violated the World Trade Organization rules and damaged China's interests.

"China thinks that negotiations based on mutual respect and mutual benefit are the efficient way to solve trade conflicts", the ministry said in a statement. But Bloomberg pointed out that USA stocks have yet to regain strong January performances since the escalating trade war. That's a negligible amount for China, which imported 17 million tons total previous year, according to the US Census Bureau.

The Commerce Department said on Friday the trade gap surged 7.3 per cent to $46.3 billion.

These tariffs will become effective if the U.S. further hinders bilateral trade by renewing tariffs on more Chinese products, the commission said in a statement.

China has struck back with tariffs on $34 billion of US imports, especially farm products.

US President Donald Trump has defended his controversial use of tariffs against China and other countries, saying the trade measures are "working far better than anyone ever anticipated".

"The money comes after farmers, especially soybean growers, have felt the brunt of retaliatory tariffs placed on agriculture by China and other nations that the Trump administration has penalized with tariffs on imports", NPR's Brian Naylor reported.

Already, the trade war has begun to take a toll: For instance, China has lost its status as the world's second-largest stock market, falling behind Japan, The Financial Times reported on Friday.

Wang said that "accuracy" meant using tariffs to maximize the pain for targeted countries while protecting United States consumers and companies.

In addition, more than 500 goods on the lists aren't traded at all, and China imported less than a million dollars worth of about another 2,000 items, according to a Bloomberg analysis of 2016 trade flows.

"Given China's huge market, its systemic advantage of being able to concentrate resources on big projects, its people's tenacity in enduring hardships and its steadiness in implementing reform and opening-up policies, the country can survive a trade war".

The trade friction between China and the U.S.is growing bitter.

The president claims his tariffs are "working big time" in helping pay down the debt, reducing taxes and aiding in trade deals.

He predicted that the U.S. market will "go up dramatically" after the "horrible Trade Deals" are successfully renegotiated.

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