Trump's tariff threat leaves Beijing stalling on next talks

06 Mai, 2019, 16:08 | Auteur: Anatole Charbonneau
  • Trump's tariff threat leaves Beijing stalling on next talks

One source told CNBC the threat to lift tariff rates is a message to Chinese Vice Premier Liu He to not come to the U.S. with more "empty offers".

The move prompted sharp falls in stocks in Asia Pacific on Monday with China's blue chip stock index dropping 4% - its biggest fall for two months - while the Hang Seng fell 2.5%. Brent crude, the worldwide benchmark, declined 1.7% to under $70.00.

Wall Street is set to plunge almost 500 points, or 1.8% when trading opens later on Monday.

Asked whether the top Chinese envoy, Vice Premier Liu He, would visit Washington as planned, Geng said, "a Chinese team is preparing to travel to the United States for trade talks".

"Nonetheless, Trump's tweet allusions to tariffs being "partially responsible for. great (US) economic results" does raise the threat of misguided trade policy" from the U.S., it said. It's not clear, she said, whether the threat was a shift in position or a negotiating tactic.

Beijing is "trying to get more information" following Trump's announcement he might impose 25 percent tariffs on more Chinese imports, said the foreign ministry spokesman, Geng Shuang.

These payments are partially responsible for America's great economic results, he said.

"The president is, I think, issuing a warning here, that, you know, we bent over backwards earlier, we suspended the 25 percent tariff to 10 [percent] and then we've left it there".

Mr Trump's latest move will raise duties on more than 5000 products made by Chinese produces, ranging from chemicals to textiles and consumer goods.

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The Trump administration has met with Chinese officials over the last few months in hopes of striking a new trade deal.

The Wall Street Journal, citing unidentified sources, said China's government was considering cancelling this week's talks.

The US has imposed tariffs on Dollars 250 billion of Chinese goods, having accused the country of unfair trade practices.

More on U.S. -China Trade Talks: Chinese Media Remain Silent as Trump Tweets Rock Stocks, Yuan How U.S.

President Trump turned up the heat on Beijing last night by threatening a sharp escalation in the trade war between the world's two largest economies because talks were progressing "too slowly". Such a move could disrupt the USA economy as it would hit products such as smartphones and computers that have been left off lists so far.

US officials did not weigh in on whether China would attend this week's talks.

The two sides have been locked in intense negotiations since past year for an agreement to address US concerns over China's trade surplus, alleged theft of intellectual property and forced technology transfers.

#Trump threat to impose 25% #tariffs on remaining Chinese goods may ironically be a sign of real progress. China shd have been expecting the Trump threat in final stages, could have compromise in back pocket ready.

Chinese Vice-Premier Liu He was scheduled to arrive in Washington on Wednesday with a delegation of about 100 people, but now China is considering delaying that trip, according to people familiar with the matter.

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