China will be ’hurt very badly’ if no trade deal

14 Mai, 2019, 02:29 | Auteur: Auguste Feret
  • U.S. President Donald Trump and Chinese President Xi Jinping meet after the G20 in Buenos Aires

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In the middle of the negotiations last week, Trump hiked tariffs on Chinese goods to 25% from 10%. He also reiterated that Beijing "broke the deal".

The comments from Goldman Sachs cited a widely referenced study from the Federal Reserve Bank of NY and Columbia and Princeton universities, which found that USA companies were paying $3 billion more in taxes due to the tariffs.

But Beijing also appeared to dig in. There will be nobody left in China to do business with'.

Trump has repeatedly slammed China for indulging in what he says are unfair trade practices, particularly with regards to access to its giant market, intellectual property and technology transfers. "China should not retaliate - will only get worse!" Trump and Xi were able to walk away from a previously threatened tariff escalation when they met at the last G20 summit in December of a year ago. Last week, the cash S&P 500 slid 2.2 percent amid the escalating rift between the US and China. But Kudlow told Fox, "In fact, both sides will pay".

The latest trade talks ended Friday with no word of progress after Washington accused Beijing of trying to backtrack on earlier commitments.

China will never surrender to external pressure. Beijing has balked at US demands that it use its legislative process to enshrine changes in law, saying it can use other state directives to accomplish its aims. It was expected that Beijing would raise tariffs on US goods to 25%.

Trump's surprise tariff announcement renewed anxiety in financial markets about global economic growth. Major US stock index futures were down about two percent. Shares also fell in Taiwan and Southeast Asia.

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The next escalation could come within weeks, as US regulators prepare to follow through on Trump's threat to extend penalty tariffs to all Chinese goods. (AP) The Trump administration raised duties on almost half of Chinese imports to 25 from 10 percent. "GREAT! #MAGA", Trump said.

"Talks with China continue in a very congenial manner - there is absolutely no need to rush - as Tariffs are NOW being paid to the United States by China of 25% on 250 Billion Dollars worth of goods & products", Trump tweeted Saturday.

The US on Friday increased tariffs on US$200 billion of Chinese goods to 25 percent from 10 percent, affecting products including electronics, machinery, automobiles, bicycles, petrochemicals, steel, machine tools, hand tools, plastics, and screws and nuts, the Bureau of Foreign Trade said. As a result, they increase costs for importers of the products and can drive up prices for consumers.

Mr Kudlow said he thought the tariffs would also have an impact on China's economy, as the higher cost would reduce United States demand for Chinese goods. "'Once the tariffs go onto cellphones, I mean then you're going to see people scream, '" she says. The impact globally will be 0.15%, while the imposition of tariffs on all Chinese goods could double the pain, O'Hagan said.

"It's no big deal".

No matter what Washington and Beijing decide, "there is an enormous risk in the background that tariffs could come back into play at any moment", he said.

Beijing said on Monday it will raise tariffs on $60 billion worth of U.S. products starting June 1.

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