China Responds to Trump's New Tariffs, Targeting $60 Billion in US Exports

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Earlier, stocks fell in Europe and Asia. He again defended the move to hike US tariffs and said there was no reason why American consumers would pay the costs. "As is often the case, however, the losers will not be the negotiators or presidents, but the people".

Trump lifted tariffs to 25% from 10% on $200 billion worth of Chinese imports last week.

It's also worth remembering that American companies aren't importing only finished products from China. -China trade talks end without a deal. "You can go back long before that and it's been taking out 400, 500, 600 billion dollars a year out of the United States", President Trump said while sitting with Hungarian Prime Minister Viktor Orban ahead of their meeting at the White House Monday.

ANZ Research believes the odds of reaching a "real deal" are "less than half".

Still, the two countries have given themselves something of an escape hatch: The higher Chinese tariffs don't kick in for 2½ weeks. A US importer could, for example, seek a discount or a payment from the Chinese exporter to offset the cost of the tariff.

ENERGY: U.S. benchmark crude oil added 1 cent to $61.67 per barrel in electronic trading on the New York Mercantile Exchange. " Trump admonished in a Monday tweet, suggesting that China was stalling in coming to an agreement in trade negotiations". But nothing has been scheduled.

The president has repeatedly insisted that increased tariffs on Chinese goods don't hurt American consumers. That's because both sides will feel less pressure to do a deal if their economies and markets hold up.

"China will not only act as a kung fu master in response to US tricks, but also as an experienced boxer and can deliver a deadly punch at the end", Wei said.

Investors piled into safe-haven assets, including U.S. Treasuries and the Japanese yen. "Losing a valuable market, losing stable pricing, losing an opportunity to support our families and our communities".

Goldman Sachs economists said in a research note new evidence showed the costs of Washington's tariffs on China previous year had fallen entirely on US businesses and households, with no clear reduction in prices charged by Chinese exporters. The administration past year handed farmers aid worth $11 billion to offset losses from trade conflicts. China is targeting over 5,000 products, including food, building materials, electronics, natural resources, transports, and other consumer goods.

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The president's allies in Congress scrambled to limit the damage to farm country. "China should not retaliate - will only get worse!" he tweeted. "You can't move these goalposts like they're moving them and expect to be respected".

The events have cast doubt on the conventional wisdom, dominant just 10 days ago, that the world's two biggest economies were edging toward a compromise on trade.

"Tariffs are taxes the Americans pay".

The new rates will target a number of American imports with tariffs ranging from five percent to 25 percent, according to a statement by the Tariff Policy Commission of the State Council - China's cabinet.

The latest tariff increases could intensify the economic pain.

FILE - In this March 24, 2019 photo passers-by walk near an art installation, center, in Boston's Seaport district.

Trump tweeted that China was "paying tariffs to the United States of America", that "there is no reason for the US consumer to pay the tariffs", and that "the tariffs can be completely avoided if you buy from a non-tariffed country, or you buy the product inside the USA (the best idea)".

As Beijing promised retaliatory measures, Chinese state media blamed the USA for a lack of progress in trade talks while emphasizing the country's economic resilience. That would pull annual growth below 6%, raising the risk of politically risky job losses. "It is no big deal". Last Friday the president imposed a delayed increase in tariffs on Chinese goods, in addition to those that already existed.

The president started raising tariffs last July over complaints China steals or pressures foreign companies to hand over technology and unfairly subsidizes Chinese businesses that are striving to become global leaders in robotics and other technology.

But stumbling blocks remained - even before the US raised tariffs last week.

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