Trade war: Trump says China 'broke the deal' in trade talks

Trade war: Trump says China 'broke the deal' in trade talks

Trump has said tariffs will be raised on $200 billion in Chinese products from 10% to 25% starting Friday.

Chinese authorities already have extended retaliation beyond imports by targeting operations of American companies in China.

The President's declaration that Beijing is looking to strike an agreement also followed an earlier tweet, in which Trump claimed to know why China backed away from the negotiating table. It gave no details but a ministry spokesman said Beijing has made "all necessary preparations", suggesting it might be bracing for worsening conflict.

In addition, the trade tensions could result in an increasingly fragmented global trading framework, weakening the rules-based system that has underpinned global growth, particularly in Asia, over the past several decades. Businesspeople say Beijing uses that to pressure foreign companies to cut prices of patent licensing or drop complaints that Chinese partners have stolen technology.

"It was their idea to come back" and resume discussion ahead of the Friday deadline for additional tariffs, the president said.

The Commerce Ministry said that negotiations were continuing, and that it "hopes the United States can meet China halfway, make joint efforts, and resolve the issue through cooperation and consultation". The diplomatic cable from China arrived in the USA on Friday with many edits to the 150-page draft trade agreement that would have eliminated all the trade progress the two countries made since past year.


Regulators have targeted operations of American companies in China by slowing customs clearance for their goods and stepping up regulatory scrutiny that can hamper operations. Yet the coercion continued, the US said. The 10% will go up to 25% on Friday.

A 25 percent hike "needs to be passed on to the consumer", said Parker. How about next week?' I said, 'What's this all about?' And I said, 'That's okay, let's - don't worry about it. Let's take in USD100 billion a year.' And we put the tariffs on, we made the statement, and then they upped the meeting.

"We've actually seen an increased sensitivity to USA companies at the local level", he said.

It may take three or four months for American shoppers to feel the pinch from President Donald Trump's latest round of tariff increases, but retailers will have little choice but to raise prices on a wide range of goods to cover the rising cost of imports before too long, according to economists and industry consultants.

By sea, goods sent from China take about three weeks to cross the Pacific.

Negotiators from both countries met Thursday and are continuing to meet Friday.


"Of course, China believes raising tariffs in the current situation is not a solution to the problem, but harmful to China, to the United States and to the whole world".

"We should not hurt innocent people", Mr Liu told CCTV. "I did get last night a very lovely letter from President Xi".

Washington is pressing Beijing to roll back plans for government-led creation of Chinese global competitors in robotics, electric cars and other technologies.

This week's setback was unexpected.

Before this week's acrimony, both sides said negotiations were making progress, which helped to stabilize financial markets.

His comments followed a Reuters report that quoted usa government and private-sector sources as saying China had backtracked on nearly all aspects of a draft trade agreement with the United States. China specialist Derek Scissors, resident scholar at the conservative American Enterprise Institute, said the real "standoff is about how public the Chinese changes are going to be".


Also Thursday, Canadian Prime Minister Justin Trudeau urged Trump in a phone call to press China to release two Canadians who have been held for five months.

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