USA targets $300B of Chinese goods for new tariff hikes

China to impose tariffs on US goods despite Trump warning

Bad policy begets bad policy in pursuit of ends that are always one step away-all we need is one more tweak, one more adjustment to correct an unintended effect, one more intrusion into the marketplace.

The expanded list of Chinese goods targeted by the U.S. "covers essentially all products" not already affected by punitive tariffs, although it excludes pharmaceuticals and rare-earths minerals used in electronics and batteries, the Office of the U.S. Trade Representative said.

The flags of China, US and the Chinese Communist Party are displayed in a flag stall at the Yiwu Wholesale Market in Yiwu, Zhejiang province, China, May 10, 2019.

The Chinese government's top diplomat, State Councilor Wang Yi, said during a trip to Russian Federation that China-U.S. talks were not a "one-way street" and needed to be conducted on the basis of equality, according to China's Foreign Ministry.

Trump said he could make a deal with Beijing now, but said he would not be burned again and criticized China for last-minute attempt to renegotiate.

Earlier, Trump said an agreement could be reached "when the time is right" but not unless Washington can narrow last year's $419 billion trade deficit with Beijing.

Deepening a trade battle and sending financial markets into a tailspin, China announced Monday it was raising tariffs on $60bn of U.S. goods in retaliation for the latest hike in U.S. tariffs on its exports.

The move was announced in a statement by the Tariff Policy Commission of China's cabinet, the State Council.

"Many tariffed companies will be leaving China for Vietnam and other such countries in Asia".

"We're having a little squabble with China because we've been treated very unfairly for many, many decades", Trump told reporters, referring to USA complaints about Chinese intellectual property and subsidy practices. Both the S&P 500 index and the Dow Jones Industrial Average lost around 2.4 percent on Monday, while the Nasdaq Composite Index fell 3.4 percent.

Escalating US-China Trade War Sends Stocks Plunging
But China has taken so advantage of the US for so many years, that they are way ahead (Our Presidents did not do the job). After that, Washington and Beijing repeatedly slapped billions of dollars' worth of retaliatory tariffs on each other.

But that just takes into account the increased cost of buying things produced in China.

Early Tuesday morning, the president tweeted, "Our great Patriot Farmers will be one of the biggest beneficiaries of what is happening now", adding that the funding for the new subsidies would be paid for by the "massive Tariffs" currently leveled against China and others.

"The proposed product list covers essentially all products not now covered by action in this investigation", the USTR office says.

The ruling Communist Party's official People's Daily said in a commentary that the United States needed to "give it a rest" with the complaints that it was losing out to China in the trade relationship because China was a hugely profitable market for US companies.

He added that "Many companies are leaving China so that they will be more competitive for United States of America buyers".

U.S. President Donald Trump has denied that the trade talks with China have collapsed and characterized the trade tension between the world's two largest economies as "a little squabble".

Trump later tweeted that "there will be nobody left in China to do business with. China should not retaliate-will only get worse!" "They have not been fair traders".

And the president has publicly complained about government subsidies that lower Chinese companies' operating costs, along with a sustained effort to devalue the Yuan, tactics that make Chinese products progressively cheaper to buy.

"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".

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