Earlier, China announced it would impose higher tariffs on a range of US goods including frozen vegetables and liquefied natural gas, a move that followed Washington's decision last week to hike its own levies on $200 billion (£154.27 billion) in Chinese imports.
China will slap import surcharges on 5,140 USA products starting on June 1, with levies of 25 per cent on agricultural products such as honey, vegetables, coffee and various meats.
According to the USDA, U.S. agricultural exports to China reached $23.8 billion in 2017 - or 17% of total U.S. agricultural exports.
In an interview with CTV News Washington Bureau Chief Joy Malbon, economist Douglas Holtz-Eakin said that the U.S.is right to try to pressure China into "behaving better" when it comes to things like currency manipulation and intellectual property.
President Donald Trump threatened that the trade standoff with China will "get worse" if there is retaliation for US tariffs that go into effect on Chinese goods Monday.
Analysts have warned that failed trade talks and the deterioration in relations will put a dent in the US and China's economic prospects.
The economic conflict between the two states started a year ago after the USA administration imposed duties on Chinese steel imports.
"Their is no reason for the U.S. Consumer to pay the Tariffs, which take effect on China today".
"China should not retaliate - will only get worse!".Читайте также: Trump raises tariffs on $200 billion of Chinese goods, prompting Chinese warning
If Trump proceeds with the tariffs, it would see nearly all imports from China covered by punitive import duties. His comments came after the USA more than doubled tariffs on $200bn (£15.4bn) of Chinese goods on Friday.
Trump has railed against the Chinese since the middle of his 2016 presidential campaign, complaining about unfair trade practices that put Beijing at an advantage. The S&P 500 is still up 12.2 per cent of the year with technology stocks blowing away rest of the market with 18.4 per cent gains. "China thinks long-term", said Max Baucus, a former senator from Montana and United States ambassador to China under President Barack Obama.
In a separate post, he also reiterated the Trump administration's claim, denied by Beijing, that the two sides were close to a deal but that China backed away from key, already agreed to concessions.
The tensions reverberated through global financial markets, with the yield curve between three-month U.S. Treasury bills and 10-year notes inverting for the second time in less than a week on Monday. Kudlow said the USA tariffs would remain in place while negotiations continue.
Trump said in another Twitter post that the trade war would not have a significant impact on USA trade.
The U.S. president said he would meet Xi at a G20 summit in Japan in late June.
The response was announced after Trump on Monday warned Beijing not to retaliate.
Trump has also threatened to impose an additional 25 percent tariffs on $325 billion worth of imports from China.
Wall Street stocks plunged on Monday, with losses on Nasdaq exceeding three per cent, after China announced it was ramping up tariffs on United States goods, escalating the year-long trade dispute. That's 70 per cent of the USA economy.При любом использовании материалов сайта и дочерних проектов, гиперссылка на обязательна.
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