China trade war: Tariff revenue reaches record $7.1B in September

China trade war: Tariff revenue reaches record $7.1B in September

Washington and Beijing have agreed to little by little terminate tariff hikes as their trade negotiations development, a Chinese Commerce Ministry spokesman explained Thursday.

"Given President Trump's love of tariffs, the additional element (of tariff rollbacks) may increase the risk and prolong the phase-one negotiation", said OCBC Bank's head of Greater China research Tommy Xie.

The two sides continue to negotiate over where and when a "Phase One" deal would be signed.

On Tuesday, the UNCTAD released a report titled "Trade and Trade Diversion Effects of United States Tariffs on China", which decried usa tariffs on China as "economically hurting both countries".

The two leaders were expected to sign a partial trade deal that the USA and China reached in ministerial-level talks last month. In return, China will commit to buy more US agricultural products.

Trump is calling for $50 billion in annual imports within two years.

"For nearly two years now, the U.S./China trade tussle has posed the biggest headwind to global growth", BMO Economics said in a research note.

Throughout the report, the United Nations treats Taiwan as a separate country with its own economy that is clearly not subject to tariffs directed at China.

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The official reportedly said that while a deal is likely, there's a small chance that one won't be reached.

In terms of the content of the deal, differences still remain on the scale of American farm products China will purchase.

A source briefed on the talks told Reuters on Tuesday that Chinese negotiators want Washington to drop 15% tariffs on about $125 billion worth of Chinese goods that went into effect on September 1.

The reports also suggested that the planned summit would be delayed until next month. Energy stocks jumped 1.1 percent.

President Donald Trump meets with China's President Xi Jinping at the start of their bilateral meeting at the G20 leaders summit in Osaka, Japan, June 29, 2019.

The Oct. 12 agreement helped ease market jitters, but the two sides have yet to announce progress on major disagreements over technology and other irritants following 13 rounds of talks.

Those issues include USA claims that China forces American companies to share intellectual property as a condition for doing business in the country, as well as allegations of Chinese industrial espionage. He gave no indication whether or not rolling again tariffs was a risk at this stage.

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