Trade deal now or 'far worse' in 2020: Trump to China


The Trump administration has raised tariffs from 10 to 25 percent on 200 billion dollars' worth of imports from China.

"Wrong", O'Donnell tweeted. "Your tariffs are being paid by American consumers".

Details on the process for public notice and comment will be posted Monday, ahead of a final decision on the new tariffs, Lighthizer said.

China earlier said that it would retaliate with "necessary countermeasures" to the new barrage of American tariffs.

In April 2019, the United States said it wanted to put tariffs on $11.2 billion worth of goods from the EU.

The tariffs on China "may or may not be removed depending on what happens with respect to future negotiations!" he said.

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Meanwhile, the recent round of US-Chinese trade talks concluded Friday without any agreement, but the sides have agreed to meet for the next round of negotiations in Beijing.

Speaking to reporters in Washington on Friday, Vice Premier Liu He for the first time gave details on where the negotiations stood following two days of talks with United States counterparts, with tariffs and how much China should import from America among the disagreements.

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The United States and China appear to be further apart on a trade deal than ever before after Beijing named its price for ending the tariff war.

The amount of purchases by China should be "in line with reality", according to a commentary by state news agency Xinhua on Saturday.

Yang Delong, chief economist at First Seafront Fund Management in Shanghai, told AFP that the "sudden hardening" of Trump's tone is likely linked to the 2020 presidential election. But he also said he believed the two countries would manage to cooperate for the sake of all.

To complement his "or else" tactics, Trump has been cranking up tariffs on Chinese imports.

"Those new tariffs would be added leverage for Trump to hold over Xi at a G-20 meeting, making it unlikely that he would deploy them in advance - unless Beijing ups the ante by pursuing aggressive non-tariff punitive measures", they said.

On Friday, Trump issued orders for the tariff increase, saying China "broke the deal" by reneging on earlier commitments made during months of negotiations. While to the north, Canada on July 1 imposed tariffs on $12.6 billion worth of USA goods, including steel, aluminum, coffee, ketchup and bourbon whiskey in retaliation for United States tariffs on Canadian steel and aluminum. And officials have targeted American companies operating in China by slowing customs clearance and stepping up regulatory scrutiny. Yet, he added that "right now, both sides have reached mutual understanding in many things, but frankly speaking, there are also differences".

Likewise, Michael Swaine of Carnegie Endowment for International Peace declared in January that "the US-China relationship is confronting its most daunting challenge in the 40 years since the normalization of relations".

The EU imposed import duties of 25% on a $2.8 billion range of imports from the United States in retaliation for U.S. tariffs on European steel and aluminum. 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. The North American Free Trade Agreement remains in place, and an overhaul of the pact Trump negotiated past year called the U.S. -Mexico-Canada Agreement faces opposition in Congress.

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