Trump says talks with China to continue as trade war escalates

U.S. and Chinese flags at the Qingdao free trade port area in China's Shandong province on May 8

They also include Section 301 of the Trade Act, which Trump used previous year to apply 25 percent tariffs on $50 billion worth of Chinese goods and 10 percent tariffs on $200 billion of goods.

It's certainly possible in principle that the exporter - in this case Chinese enterprises - could "pay" by having to accept a lower price for good, so that the total cost to the importer was unchanged.

In two days of meetings, Liu tried to persuade US Trade Representative Robert Lighthizer that China could accomplish the policy changes through decrees issued by its State Council, or cabinet, news agencies report.

Goods that left Chinese ports prior to the deadline of Friday won't be hit by the import taxes. China said it would take countermeasures. Trump warned they would get "far worse" terms if a deal was negotiated in his second term.

Republican Senator Chuck Grassley, from the farm state of Iowa, cautiously welcomed the new tariffs but urged negotiators to reach a quick solution "so we can avoid prolonged tariffs, which we know have an impact on the USA economy".

This means the earliest that additional new tariffs could be imposed is mid-to-late June, they said.

The developments are a bracing rebuke to the optimists in America who assumed that China's 2001 entry into the World Trade Organization would lead Beijing to embrace economic and perhaps political openness, that China would become more like world's industrialized democracies.

US President Donald Trump yesterday ordered the US trade representative to start the process of raising tariffs on all remaining imports from China.

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Kudlow said on Sunday he expected retaliatory tariffs to kick in but that it had not yet happened. "But China is anxious as well, because its economy is continuing to slow and President Xi Jinping is also aware that Trump has the support of the Democrats on this issue".

Meanwhile, President Donald Trump has said that the deal may be worked out in about a month.

In a transcript of the press interview published on the website of Phoenix Television, a Hong Kong-based broadcaster, Chinese Vice President Liu said there were several issues on which the two sides still disagreed. Underscoring a lack of progress in the talks, Trump ordered a further escalation of tariffs.

China's top trade negotiator, Vice Premier Liu He, had warned earlier that Beijing "must respond" to any United States tariffs. And officials have targeted American companies operating in China by slowing customs clearance and stepping up regulatory scrutiny.

Outside of trade, the most visible catalyst for growing tensions is the Trump administration's increasing willingness to push China on sensitive areas, including offers of greater military support to Taiwan and harsh rebukes of China's policies in Xinjiang and Tibet. An increase in tariffs on all remaining Chinese goods, worth some $300 billion, is also on its way.

The two countries held high-level discussions in Washington on Thursday and Friday over trade that ended without a deal but avoided a breakdown. Yet, he added that "right now, both sides have reached mutual understanding in many things, but frankly speaking, there are also differences". The Trump administration would like to maintain tariffs on imports to keep leverage over Beijing. After Xi took office, Beijing announced an initiative called Made in China 2025 created to make Chinese companies world leaders in advanced fields like robotics and artificial intelligence.

"We need to rationally approach this, China is not afraid, and the Chinese nation is not afraid", he said.

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