US tariff decision makes things 'worse, not better'

US tariff decision makes things 'worse, not better'

China's top trade negotiator, Liu He, said Friday that talks would continue in Beijing at an unspecified date.

Jon Taylor, a political science professor at the University of St. Thomas in Houston, told Xinhua that ranting about deal-breaking and increasing tariffs "is not a normal negotiation strategy with one of the world's preeminent powers".

Friday's increase raised US duties on $200 billion of Chinese goods to 25% from 10%. "We have the confidence and the ability to protect our lawful and legitimate rights", Geng said, responding to a question on Trump's threat of putting duties on all Chinese imports. But he said the Trump administration has "helped them before on lost exports" with $12 billion in subsidies and that "we'll do it again if we have to and if the numbers show that out".

Larry Kudlow, the director of President Trump's National Economic Council, said yesterday that trade talks continued, and went out of his way to say there was a chance of a meeting between President Trump and China's Xi Jinping.

The tariffs are not paid by the Chinese government or by firms located in China.

"They know I am going to win. and the deal will become far worse for them if it has to be negotiated in my second term", Trump tweeted. Having blamed the setback on China, which allegedly demanded that some of the previously agreed terms be renegotiated, Trump has praised his tariff hike as "easier and quicker" than making a deal.

Wei Jianguo, a former vice-minister at the Ministry of Commerce who handled foreign trade, told the South China Morning Post that China was prepared for a long trade war. "Would be wise for them to act now, but love collecting BIG TARIFFS!" "The US-instigated trade war against China is just a hurdle in China's development process".

Beijing has vowed to respond to the latest U.S. tariffs, but has announced no details yet.

The offshore Chinese yuan fell to its lowest levels in more than four months at 6.88 to the dollar.

Officials appeared to be studying the potential impact on China's economy before picking their next steps, said Jake Parker, vice president of the US-China Business Council, an industry group.

He then ordered a tariff hike on nearly all remaining imports from China, which are worth about $300 billion, according to US Trade Representative Robert Lighthizer.

'Also, the Tariffs can be completely avoided if you by from a non-Tariffed Country, or you buy the product inside the US (the best idea),' Trump added. "The United States' economy is in a boom", he said.

"We have to change the trading relationship between two countries for the benefit of the United States and its workforce and its ranchers and farmers and so forth". "Meanwhile, the escalation in tariffs is also likely to undermine the global growth outlook (and) create more acute pressures on global equities", it said.

This latest round of tariffs will add another $500 a year in costs for the average American household, says Katheryn Russ, an economics professor at the University of California at Davis.

Though Trump wants a deal just as badly - the tariff hikes will push up prices in the USA and an average American family of could be paying $767 more a year as a result, according to one estimate - he probably feels emboldened to stay the course because of the surging economy and bipartisan support he is getting to taking the fight to China.



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