Newsdeck: Trump vows tariff hike on Chinese goods, escalating tension in trade talks By Reuters reuters
* China vice premier due in Washington this week, may not goThe move marked a major escalation in tensions between the world’s largest economies and a shift in tone from Trump, who had cited progress in trade talks as recently as Friday. Stock markets sank and oil prices tumbled as negotiations were thrown into doubt.
U.S. Treasury Secretary Steven Mnuchin had described last week’s negotiations in Beijing as “productive.” Trump said tariffs on $200 billion of goods would increase to 25 percent on Friday from 10 percent, reversing a decision he made in February to keep them at the 10 percent rate after progress between the two sides.
Tariffs on Chinese goods are actually paid to the United States by the companies importing the goods. Most of those companies are U.S.-based. American businesses, while largely supportive of Trump’s crackdown on China’s trade practices, are eager for the tariffs to be removed, not expanded. “The urgency is gone. So, it’s likely to see a longer trade war,” the expert said, speaking on condition of anonymity citing the sensitivity of the topic.Trump’s latest threat could be counter-productive, said Tai Hui, Asia-Pacific chief market strategist at J.P. Morgan Asset Management.
White House economic adviser Larry Kudlow told Fox News that the president’s tweet was a warning to China.
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