China vows retaliation if Trump raises tariffs

China vows retaliation if Trump raises tariffs

Trump's plan to lift tariffs on $200 billion (£153.52 billion) of Chinese imports to 25 percent from 10 percent is nearly certain to slow US economic growth and, if they stay in place for an extended period, could cost hundreds of thousands of American jobs, one forecaster said.

He also mentioned the figure US$325 billion, seeming to hint at tariffs on remaining imports from China.

Trump says despite being poised to impose the additional tariffs, he is not looking for a trade war with Beijing. The Chinese have retaliated by targeting $110 billion in USA products and are threatening more sanctions if Washington goes ahead with its plan to raise tariffs Friday.

Negotiators from both countries are scheduled to meet Thursday and Friday in Washington for an 11th round of talks aimed at reaching an agreement to ease economic tensions between the world's two biggest economies. "We have to pass that sensitive date", said one Chinese observer with close links to decision-makers in the party. "Let's work together and see if we can get something done", he said, adding that he and Xi likely would speak by telephone later. They deny their plans violate Beijing's trade commitments but have offered to change details that provoke the most foreign opposition. "'How about let's go back to Thursday?'" Trump said referring to the conversation his administration is having with the Chinese.

Oil prices erased much of gains that were made after Trump's comments on Xi's letter raised hopes for a deal.

Several Republican politicians from states that voted for Trump said farmers were "losing patience", in the words of Iowa Senator Joni Ernst.

Trump said he'd received "a lovely letter" from Chinese President Xi Jinping. It said Beijing has measures in place to "minimize losses" for its companies. The situation could become worse still, as Mr Trump has also warned he could "shortly" introduce 25% duties on $325bn of Chinese goods.

The International Monetary Fund repeated its warning on Thursday that the trade battle between the world's top economies was a "threat" to global growth, and called for a rapid resolution.

The renewed tensions roiled global stock markets this week and unnerved exporters.

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In comments to Chinese state media upon arriving in Washington, Liu said that hiking tariffs "is very disadvantageous to both parties". "We've taken well over $100 billion from China in a year". That increase would affect Chinese imports from computer modems and routers to vacuum cleaners, furniture, lighting and building materials.

Chinese investors monitor stock prices at a brokerage house in Beijing.

The higher import taxes apply to Chinese goods shipped on or after Friday.

That could effectively provide a grace period for the sides to avert serious escalation.

China has retaliated with steep tariffs on U.S. agricultural imports, especially soy beans, although the Trump administration paid $12 billion in compensation to help hurting United States farmers. -China Business Council, an industry group.

Perhaps alluding to the United States' criticisms of China's intellectual property theft and ongoing negotiations that have sought to pin down an enforcement mechanism to ensure the Chinese regime curbs such theft, the editorial chastised the administration for "suppressing China's science and technology innovation".

"China is not afraid of conflict", said the Global Times, a newspaper published by the ruling Communist Party's People's Daily that is known for its nationalist tone.

"What the Chinese step-back primarily says is they don't want to publicly acknowledge that their existing laws, especially on IP, are flawed", he told AFP. -China trade war would bring.

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