Trump warns China against dragging its feet in trade talks

Trump warns China against dragging its feet in trade talks

Another round of 15% tariffs will target Chinese products like laptops and mobile phones on December 15.

In the currency market, the dollar dipped slightly against the yen to 106.12 yen.

The E-mini futures for US S&P 500 fell as much as 1.06% in early trade and last stood down 0.39%. "You can see that China has continued to open not for the U.S.'s sake and interest, but for China itself".

Some Trump administration officials are trying to keep talks from breaking down because global financial markets are moving with every positive and negative twist in a trade war that looks likely to extend into Trump's 2020 reelection campaign.

But with prices of many retail goods now likely to rise, the administration's move threatens the United States economy's main driver: consumer spending. Trump said. "This is about American Freedom. When more and more Americans feel the pain, maybe it will be time for Washington to recover rationality". Chinese and USA authorities are working together to handle drug crimes, he said, adding that cooperation on fentanyl has no bearing on ongoing trade negotiations between the two countries.

There's some hope for tariff truce: Talks are still scheduled this month between Chinese and American trade negotiators, Trump told reporters Friday before going to the Camp David presidential retreat.

The trade tariffs on China have contributed a slowing of the Chinese economy, as well as other countries' economies in the region. One thing that "White House tariff men should learn is that the Chinese economy is strong and resilient enough to resist the pressure brought about in the ongoing trade war". Most of them, including US-based footwear companies, the National Retail Federation and the American Chamber of Commerce (AmCham) in China, have warned that retailers will be forced to raise prices and have stressed that the tariffs would thus hit average American families hard.

That followed a JPMorgan Chase & Co note to clients estimating that the latest round of tariffs will increase the average cost per U.S. household to $1 000 a year - up from $600 for duties enacted last year.

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The US Trade Representative's Office said on Thursday it would collect public comments through September 20 on a planned tariff increase to 30 percent on a $250bn list of goods already hit with a 25 percent tariff set for October 1. Roughly 40% of its annual sales come in the fourth quarter during the holiday shopping season.

Trump ran for president in part on a promise to shrink US trade deficits all around the world.

The tariffs are also harming the global economy.

The tweet comes as Chinese and United States officials are struggling to agree on the schedule for a planned meeting this month after Washington rejected Beijing's request to delay tariffs that took effect over the weekend, according to people familiar with the discussions.

For all of the "geniuses" out there, many who have been in other administrations and "taken to the cleaners" by China, that want me to get together with the European Union and others to go after China Trade practices remember, the European Union & all treat us VERY unfairly on Trade also.

Beijing hit back immediately with measures of its own, slapping tariffs of up to 10 percent on over 1,700 United States goods including crude oil and soybeans. These extra tariffs were levied on 1,717 items of a total of 5,078 USA products. Tariffs of 15% on cellphones, laptop computers, toys and clothing are to take effect on December 15. With existing general duties on autos taken into account, the total tariff charged on US-made cars would be as high as 50%.

'While I am sure they would love to be dealing with a new administration so they could continue their practice of "ripoff USA"($600 B/year), 16 months PLUS is a long time to be hemorrhaging jobs and companies on a long-shot, ' he tweeted. To take on China, there has to be a multilateral approach. "We'll see what happens", he said.

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