Trump Economic Official Admits Americans 'Will Suffer' From China Tariffs

Donald Trump

China's top negotiator said the two sides would meet again in Beijing at an unspecified date, but warned that China would make no concessions on "important principles".

Talks broke down Friday between the two countries after two days of negotiations because China's reluctance to concede USA demand that it must codify into law the changes it was undertaking to make as part of the deal and detail them, which Beijing saw as a sovereignty issue.

Kudlow also said it could be "a couple of months" before Trump is able to impose 25 percent tariffs on a remaining $300 billion worth of Chinese goods. "I've got these tariffs on your goods right now, '" Bannon continued, adding that Trump "stood tall". Kudlow said nothing has been scheduled, but Chinese officials have invited US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin to visit Beijing.

The question on their minds now is whether both sides would continue to have subsequent rounds of discussion after the current one.

The US President increased tariffs on Chinese imports by 25 percent last week in a move which heightened tensions between the two states. It brings to an end the trade war truce brokered by Presidents Donald Trump and Xi Jinping in December a year ago.

"They know I am going to win. and the deal will become far worse for them if it has to be negotiated in my second term", Trump tweeted.

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Behind many key sticking points are years of entrenched economic policies and very different priorities of the American and Chinese economies and companies, said experts.

Sen. Rand Paul, R-Ky., told ABC's "This Week" on Sunday that he advised the president to finalise a trade deal with China soon, "because the longer we're involved in a tariff battle or a trade war, the better chance there is that we could actually enter into a recession because of it". Only a week earlier, the United States and China had seemed poised to complete a sweeping agreement. But that consensus is laced with anxiety.

In an attack on both Beijing and his Presidential rivals, Trump released a statement where he accused Beijing of hoping for Joe Biden or any of his rivals to take over as the next President.

Mnuchin made the "final laps" comment last month as a United States delegation headed to Beijing in anticipation of a deal being struck.

Analysts say Vietnam offers the most competitive cost and skills as well as access to a range of other countries with which Hanoi has, or is negotiating, free-trade agreements.

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