Walmart warning it'll raise prices as Trump's China tariffs kick in

Walmart urges Trump administration to roll back new tariffs on Chinese imports: report

Saying the USA has "more bullets", Trump cautioned the world's second-largest economy to think twice before engaging in a trade war with the largest.

Inaction by the US would leave the American economy and consumers worse off over the longer run, a senior administration official told reporters at a briefing on Friday, speaking on the condition of anonymity.

"The new $200 billion of USA tariffs on Chinese goods, mostly consumer-oriented, will depress spending and hurt the retail sector beginning in 2019", Seema Shah and Danielle McIntee, analysts with Bloomberg Intelligence, wrote in a note on Friday.

President Trump appears to be winning the trade war against China. And we will come back with more if they retaliate. We have rebuilt China. China responded cautiously, announcing roughly comparable tariffs on $50 billion of U.S. exports to China in August. "They still have many opportunities despite the trade frictions between China and the US", Ma said. And I've said: "That is okay".

In the past week the slow dribble of tariffs and counter-tariffs has rapidly grown into a full-fledged confrontation between the world's two greatest economic powers.

Trump's biggest strike yet in a growing trade fight between the world's biggest economies will see a 10 percent duty applied to $200 billion of Chinese imports on Monday, which could rise to 25 percent next year.

Trump also threatened to raise the rate of the tariff to 25 percent if there is no US-Chinese deal that meets US requirements by the end of the year. In a separate slap on the wrist, just days after announcing the new $200bn levies, the Trump administration introduced sanctions against China's leading arms acquisition body and its director, over the purchase of Russian Su-35 multi-role fighters and S-400 missile defense systems.

Chinese billionaire and Alibaba founder Jack Ma said a pledge to create 1 million new jobs in the United States won't happen, thanks to President Donald Trump's tough stance on trade with Beijing.

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