China considers cancelling trade talks with US

China considers cancelling trade talks with US

Trump tweeted Sunday that tariffs on $200 billion of Chinese goods will rise from 10 percent to 25 percent on Friday and that additional tariffs on $325 billion worth of now untaxed goods will be imposed at a rate of 25 percent "shortly".

Beijing was surprised by U.S. President Donald Trump's threat to levy new tariffs on trade with the country, the Journal reported, citing a person it didn't identify.

Trump's announcement Sunday on Twitter caused financial markets to plunge. It prompted suggestions Beijing might pull out of talks planned for this week to avoid looking weak in the face of American pressure.

Trump's comments came a Chinese delegation was due to resume talks in Washington on Wednesday aimed at resolving a tariffs battle that has rattled world markets.

By the end of a year ago, the study found, they were paying $3 billion a month in higher taxes and absorbing $1.4 billion a month in lost efficiency.

Trump asserted that so far the tariffs he slapped on Chinese goods "are partially responsible" for the robust USA economy, which in the first quarter grew at an annual rate of 3.2 percent.

That has disrupted trade in goods from soybeans to medical equipment.

Trump has threatened to increase those tariffs before but has pushed back plans to raise them twice. American businesses, while supportive of Trump's crackdown on China's trade practices, are eager for the tariffs to be removed, not expanded. "Sorry, we're not going to be doing that anymore!" he tweeted early Monday.

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Shares were down between 1.6% and 2.2% in early trading in Germany, France, Italy and Spain, according to Reuters.

Contracts on the S&P 500 Index and Dow Jones Industrial Average extended declines, falling 2.1 percent each at 9 p.m.in NY.

In his Twitter post, Trump criticized the trade talks for progressing too slowly, "as they [China] attempt to renegotiate"-then capped off his message with an assertive "No!" But Trump and Chinese leader Xi Jinping agreed to a truce in December to refrain from further escalation.

"All that depends on the attitude of the United States", the official said. They say those violate the communist government's market-opening commitments. The fight between the world's two biggest economies is raising worries about global economic growth.

Tariffs on Chinese goods are actually paid to the United States by the companies importing the goods, and most of those companies are US -based.

United States stock futures also pointed to a slump. He also warned he would tax almost all of China's exports to the United States.

While Trump's tweets could suggest trade talks have hit a brick wall, analysts said the threat likely represents a shift in negotiating strategy. -China Business Council. He said the Chinese public might "view this as a capitulation" if Beijing reached an agreement before Trump's Friday deadline. Trump was apparently tweeting out of frustration over Chinese resistance to some of his bigger demands; he succeeded in rattling USA investors, at least.

FILE PHOTO: U.S. President Donald Trump answers a question during an Oval Office meeting with Slovakia's Prime Minister Peter Pellegrini at the White House in Washington, U.S. May 3, 2019.

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