White House economic adviser Larry Kudlow said on Friday the United States wants "near term" results from US-China trade talks in September and October but cautioned that the trade conflict could take years to resolve. "Meanwhile, the global trade weakness looks set to linger, which will continue to weigh on demand for China's exports".
Aside from that, Sunday's (Sept. 8th) data also displayed a dwindling trade surplus for China, as the world's second-largest economy reported a trade surplus of $34.84 billion on August, roughly a quarter percentage down from a trade surplus of $45.06 billion on July.
China's trade surplus with the United States stood at US$26.95-billion in August, narrowing from July's US$27.97-billion. If a trade agreement isn't reached, it plans to hike existing tariffs on $250 billion of Chinese goods from 25% to 30% at the start of October, and impose duties on another $160 billion of imports in mid-December.
China and the United States have agreed to hold high-level talks in early October in Washington, the first in-person discussions since a failed meeting on trade at the end of July.
China and the US will hold face-to-face trade negotiations in Washington in the coming weeks, after a rapid deterioration in relations last month left global investors reeling amid increasing evidence the conflict is harming both nations.
TrendMacro CIO Donald Luskin reacts to the August jobs report and the U.S. That would extend penalties to nearly everything the United States buys from China.
China has imposed or announced penalties on an estimated $US120 billion of USA imports.
The contraction came despite a persistent weakening of the yuan, and is evidence that exporters are not "front-loading" sales to try to beat oncoming higher tariffs.
Many of these products now face tariffs when they arrive in the U.S. Some have been hit with increases a couple of times, while about $50 billion of United States goods is unaffected, possibly to avoid disrupting Chinese industries.
Facing downward pressure and headwinds from trade frictions, China vowed to take further steps to ensure the stability of employment, the financial sector, foreign trade, foreign investment, domestic investment and expectations, according to a statement released after a State Council executive meeting Wednesday. So, the fact that they buy things 15 percent cheaper means China is paying for indeed the tariff because when you look at the net economics, it's not costing USA companies anything because of the depreciation.
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