No trade agreement: China and the United States stopped talking

Source Yahoo Finance

President Donald Trump's combative approach to trade has been one of the constants among his often-shifting political views.

"In a trade war, there are never any winners". Trump has accused China of going back on most of the assurances it had given during 10 months of talks and seeking to re-negotiate even settled issues like stopping the theft of intellectual property. He cited the nation's Founding Fathers, Abraham Lincoln and Ronald Reagan as leaders whose footsteps he was following when it came to trade and tariffs. "Instead, it had tariffs, emphasizing taxation of foreign, not domestic production".

As a result, he said, "there is absolutely no need to rush" to make a weak deal with China. I love saying this.

Georgetown University's Charles Skuba, a former global trade official under President George W. Bush, says President Trump is playing hardball with China, and Skuba says China has not played by the rules.

As trade tensions between the United States and China escalated in the week following President Donald Trump's surprise announcement of a tariff hike on Chinese imports, China's state-run media soon cranked up its propaganda efforts, criticizing the actions of the United States.

On Sunday, Trump said on Twitter he'd raise the fee to 25% per cent, effective Friday.

Second, Chinese President Xi Jinping and US President Donald Trump agreed to a preliminary figure for purchases of US goods when they declared a trade truce in Argentina previous year, he said.

"Such an easy way to avoid Tariffs?" That's good for those producers but bad for nearly everyone else. "It's very simple!" Trump tweeted on Saturday.

"It has been troubling for our farmers... but a lot of the farmers support the President because they see the risk and the threat from China", he said on Thursday.

Trump's philosophy on some issues has evolved over the years.

The talks will continue, but so will the tariffs.

Some analysts say the dispute could force China to make reforms that will eventually strengthen its economy. "Would be wise for them to act now, but love collecting BIG TARIFFS!"

The US imports some $540B worth of goods from China per year, and Beijing was on Friday still mulling countermeasures for the $120B it imports from the US each year. "China needs a cooperative agreement with equality and dignity". "If they hit tech names like Apple, Americans will feel that because those companies are more visible". "You can't do that", Trump said on Thursday. "That doesn't sound like much, but if it happens when there's a broader slowdown, it adds to the momentum and can make matters much worse", he says. This is why China and its ASEAN partners have been engaging in dialogue with the aim of finalizing a win-win Code of Conduct (CoC) for the South China Sea.

He added that talks would continue in Beijing, but gave no details. But that's not the case with his supporters.

FILE - Mike Starkey offloads soybeans from his combine as he harvests his crops in Brownsburg, Ind., Sept. 21, 2018. That 10 percent was increased to 25 percent on May 10, 2019.

China reacted to before USA tariff drops by imposing penalties on $110 billion of markets however is running out of merchandise for retaliation due to their lopsided trade balance. "One can not indefinitely demonstrate wrath", Liu said in an interview with the Chinese CCTV broadcaster on Friday after the two-day trade talks in Washington, DC. "Just sit back and watch!"

Trump defended the tariffs in tweets Friday morning, signaling that he would be willing to enact even steeper penalties in the future.



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