U.S. President Donald Trump said on Friday that trade talks with China would con...
WASHINGTON - U.S. President Donald Trump said on Friday that trade talks with China would continue even after Washington moved to hike tariffs on Chinese goods, avoiding the worst-case scenario of a complete breakdown in negotiations between the world’s two largest economies.
“In the meantime, the United States has imposed Tariffs on China, which may or may not be removed depending on what happens with respect to future negotiations!” Trump said. Despite his insistence that China will absorb the cost of the tariffs, it’s U.S. businesses that will pay them and likely pass them on to consumers. Consumer spending accounts for more than two-thirds of U.S. economic activity.
Trump, who has adopted protectionist policies as part of his “America First” agenda and railed against China for trade practices he labels unfair, has accused Beijing of reneging on commitments it made during months of negotiations. U.S. Agriculture Secretary Sonny Perdue said on Friday that Trump had asked him to create a plan to support American farmers. The U.S. government already has rolled out up to $12 billion to help offset their China-related losses.The new 25% U.S. duty is being imposed on more than 5,700 categories of products, applied to products leaving China after 12:01 a.m. EDT on Friday. The biggest sector affected is a $20 billion-plus category of internet modems, routers and other data transmission devices.
The higher tariffs could reduce U.S. gross domestic product by 0.3% and China’s by 0.8% in 2020, consultancy Oxford Economics said.
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