US goods trade deficit with China tumbles to 5-year low
US goods trade deficit with China tumbles to 5-year low
Stocks down again today after Trump says China "broke the deal"
13 May, 2019, 10:00
The US leader continues to argue that tariffs could in some ways be preferable to reaching a trade deal.
Goods in the more than 5700 affected product categories that left Chinese ports and airports before midnight will be subject to the original 10 per cent duty rate, a CBP spokeswoman said. They broke the deal.
Beijing appealed earlier yesterday to Washington to meet it halfway to salvage a deal. Letting other countries economies suffer due to what China and the United States are doing isn't OK.
The Chinese Commerce Ministry responded to the federal notice by warning the USA of countermeasures. "We can't have that", he said. While the United States wants to reduce the scale of its trade deficit with China, it is also seeking stronger protection for American intellectual property and more market access in China for USA companies.
Chinese stock markets rose on Friday, with the Hang Seng index up 1% and the Shanghai Composite almost 2% higher.
Last year, the U.S. imposed duties on $250bn worth of Chinese goods and China levelled duties on $110bn of USA products.
What will be the impact of the tariff rise?
A week ago, it looked like the world's two biggest economies were close to resolving their ongoing trade dispute. "If Trump wants to do anything we can't stop him", said an employee at Tongwei Hainan Aquatic Products, which specialises in tilapia and ships most of its product to the US.
These states have already been hard hit by Chinese retaliation to existing U.S. tariffs directed against American agricultural products.
The 150-page, seven-chapter draft of the trade deal addresses complex issues such as ending Beijing's practice of forced technology transfers, implementing better protections for United States intellectual property, and increasing market access for USA firms.
Nevertheless, the draft agreement remains on the rocks, pending work by sizable teams on both sides.
No breakthrough, and no deal - just, more tariffs.
In the U.S. the prices of imports from China have fallen since September, when Washington imposed the 10 percent tariffs, according to research from trade data firm Panjiva.
They will nearly certainly have to pass on that cost to American consumers - and that means higher prices.
Clearly, even Cook wasn't banking on trade talks between the world's two largest economies to fall apart.
China has responded to the latest United States threats by saying it will retaliate if the U.S. goes ahead.
How will the tariff increase affect negotiations?
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Chinese state media on Thursday published and aired reports quoting US -based organisations and individuals critical of Trump's decision to raise tariffs, though playing down the impact of higher USA tariffs on the Chinese economy.
"The US and Chinese negotiators [will] cut some sort of face-saving deal, with enough progress by Friday to withdraw the tariff threat", said EPI's Scott.
Even with the possibility of further tariffs going into effect, some investors remained optimistic that a trade agreement was within reach.
These have included issues around intellectual property protection, how fast to roll back tariffs and how to enforce a deal.
Gao did not answer directly when asked if China would consider imposing tariffs on imported US services.
Liu, speaking to Chinese state TV upon his arrival Thursday in Washington, said he "came with sincerity".
Such moves would mark a sharp escalation in the trade dispute that has raised prices on goods for consumers and companies.
Gary Clyde Hufbauer, senior fellow at the Peterson Institute for International Economics, said it's likely that "China balked at some of its earlier commitments regarding provincial subsidies and the opening of agriculture - pork and soybeans especially".
"Better for China to play the role of conciliatory statesman than angry retaliator". The US must secure the imposition of so-called "structural reforms" that suppress China's industrial and technological development, which is regarded as an existential threat to the economic, and ultimately military, dominance of the US.
American President Donald Trump has accused China of breaking a deal in the U.S.
The Chinese "don't see themselves as fragile and they see the USA as having grown very quickly as a result of a tax cut that the U.S. can't afford", he said.
While he expects the tariff hike to go ahead on Friday, he says this wouldn't be the "the end of the game".
The situation could worsen still, as Mr Trump has also warned 25% duties on $325bn of Chinese goods could be introduced "shortly".
What sparked his actions, which apparently took China by surprise, is unclear.
That would have major implications for USA exporters who sell goods to China, as well for as American consumers who would bear the brunt of higher tariffs.
Trump has threatened to impose additional tariffs on Chinese goods beginning on Friday after China backtracked on substantial commitments it made during ongoing trade talks, top U.S. trade officials said this week.
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