New U.S. tariffs kick in for Chinese goods; Beijing retaliates

Last month the U.S. electric vehicle maker announced plans to build a new plant in Shanghai, the first in China that will be wholly owned by a foreign company.

"Here we are three months later and if anything during that time the hawk's position has been consolidated because we drove over the cliff and discovered our auto can fly with the USA economy still doing fairly well and President Trump still popular among Republicans", said Scott Kennedy, an expert on U.S.

The two countries have now targeted $50 billion of each other's goods and threatened duties on most of the rest of their bilateral trade, raising concerns that the conflict could dent global economic growth.

"U.S. trade tensions with China are more likely to worsen this year, weighing on global growth in 2019", according to a research report from analysts at Moody's Investors Service.

The combined value of products slapped with tit-for-tat tariffs by the USA and China since early last month.

In the first round of tariff hikes on July 6, US President Donald Trump imposed 25 percent duties on US$34 billion of Chinese imports.

"The Trump administration has attempted to limit the application of tariffs to manufacturing goods, so it's really masked the impact on consumers even though it raises the costs for inputs to American manufacturers and service providers, that will ultimately be felt by the consumers", Jake Colvin, a vice president at the National Foreign Trade Council and one of the people who testified at this week's tariff hearings, told NPR's David Greene. They were the first face-to-face U.S.

China has accused the United States of starting the "largest trade war in economic history". The Chinese side seemed unready to offer new ways to address the Trump administration's concerns that the bilateral trade deficit was too steep and that Beijing was coercing US companies into transferring technology to Chinese partners, they said.

U.S. Treasury's David Malpass, undersecretary for global affairs, is leading two days of talks, which began Wednesday, with China's Vice Commerce Minister Wang Shouwen and Chinese Vice Finance Minister Liao Min.

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The dispute centres around Mr Trump's demand for Beijing to drop its protectionist economic stance and buy more U.S. goods.

The official Xinhua news agency said in a commentary on Thursday that China approached the latest round of talks in good faith, but that Washington remains vague about what it wants.

But a pessimistic Mr Trump yesterday claimed the talks would make no real progress, saying: "I don't anticipate much". -China relations at the Center for Strategic and International Studies in Washington.

Adding to the $34 billion targeted in July, that brings the total two-way trade weighed down by the steep tariffs to $100 billion, and the United States now is considering hitting another $200 billion.

"China firmly opposes it and has to once again take necessary counter-measures", it said.

In an interview with the business channel CNBC, he said, "I'm willing to go to 500", referring roughly to the $505.5 billion in goods imported past year from China.

The initial list of USA demands presented to China in May included a call for a US$200 billion reduction in America's annual goods trade deficit with China by 2020 - which stood at about US$375 billion previous year - and an end to industrial policies that the USA claims violates global trading rules.

The video was yanked without explanation on Wednesday, just hours before representatives from China and the United States met in Washington to discuss the trade situation.

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