President Donald Trump more than doubled import taxes on $200 billion worth of Chinese goods Friday - the same day that US and Chinese negotiators ended their 11th round of trade talks without reaching an agreement.
Trump stepped up pressure on China after raising US tariffs on $200 billion worth of Chinese goods to 25 percent from 10 percent earlier Friday, in the biggest escalation yet in Washington's tit-for-tat trade war with Beijing.
Following the US tariff hike, China's Commerce Ministry said it would take countermeasures but did not elaborate.
Equal footing and win-win results are fundamental guarantees for the two sides to reach a final agreement.
The higher USA import taxes don't apply to Chinese goods shipped before Friday. I mean they took, whether it's intellectual property theft, they took many many parts of that deal and they renegotiated. On Monday, two US warships sailed near disputed islands in the South China Sea, challenging Beijing's claims for the third time this year while the USA on Thursday barred China Mobile Ltd. from the US market citing espionage concerns.
China has said it will retaliate.
However, U.S. President Trump made a pledge for talks between the two sides to carry on despite a no deal.
On Monday, hours after Trump said he meant to raise tariffs, the Chinese central bank cut the amount of reserves that some small and medium-sized banks need to hold, freeing up more funds for lending to cash-strapped firms. "In the meantime, China should not renegotiate deals with the U.S.at the last minute", he said.
"Those are all U.S. companies who are suddenly facing a 25% increase in cost, and then you have to remember that the Chinese are going to retaliate".
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"Talks with China continue in a very congenial manner - there is absolutely no need to rush", the US president said on Twitter on Friday.
The world's largest economy will expand by 2.6% this year, according to a May Bloomberg News survey of economists that also showed the second-quarter forecast fell to 2% from 2.6% and second-half estimates little changed at about 2.1%.
Asked about the phone call, Geng Shuang, a spokesperson for the Chinese Foreign Ministry, said on Friday that he was not aware of such a plan but the two leaders have maintained close contact. "All of them are uniform in their assessment that these tariffs are hurting them and its making it more hard for them to stay in business".
He also expressed confidence in China's economy to shoulder the pressure from trade tension.
Trump has said he may put new tariffs on another $325 billion in Chinese imports, which could severely disrupt global supply lines and derail an already-slowing world economy. While to the north, Canada on July 1 imposed tariffs on $12.6 billion worth of USA goods, including steel, aluminum, coffee, ketchup and bourbon whiskey in retaliation for United States tariffs on Canadian steel and aluminum.
Chinese and USA representatives met in Washington over two days, ending on Friday, with plans for further talks to be held in China. The list of items hit by the higher tariffs included everyday consumer items from baby furniture to refrigerators.
A White House spokesman said United States officials had agreed with the vice-premier to resume talks on Friday morning, according to media reports.
Mr. Trump's comments shook the markets.
"A real enforcement mechanism is critical", the American Chamber of Commerce in Shanghai said in a statement.