China says it may retaliate against new U.S. tariffs

Donald Trump meets with Chinese President Xi Jinping in June

Donald Trump meets with Chinese President Xi Jinping in June

American and Chinese negotiators are engaged in "productive" trade talks, US President Donald Trump said on Thursday, adding that he expects the two sides to meet in September.

"We're doing this for Christmas season, just in case some of the tariffs would have an impact on USA customers, which, so far, they've had virtually none", President Donald Trump told reporters in New Jersey on August 13.

Earlier, US President Donald Trump said that he may delay the introduction of new 10 percent tariffs on some of the remaining $300 billion in Chinese imports not yet taxed, saying he didn't want to hurt US shoppers ahead of the Christmas holidays.

The new 10 per cent levies have taken the US and China off the track of resolving their dispute through negotiation, according to a short Thursday statement from the State Council Tariff Committee.

Financial markets around the world have rallied amid cooling tensions in the US-China trade war.

"We're having very good discussions with China".

Trump wrote in a Tweet Wednesday China President Xi Jinping is a "great leader who very much has the respect of his people". If this continues, says Trump, the Chinese economy will buckle.

"Trucking and trade are synonymous and we are happy with this most recent announcement by the United States Trade Representative that these 53-foot domestic containers won't be subject to tariffs", ATA Chief Economist Bob Costello said. "I have a feeling it's going to go fairly short".

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China will retaliate if Washington moves forward with earlier plans to slap tariffs on Chinese imports, since these tariffs "derail" efforts to resolve bilateral disputes via negotiations, China's Ministry of Finance has announced.

China's Foreign Ministry spokeswoman, Hua Chunying, said, "We hope the USA will meet China halfway, and implement the consensus of the two heads of the two countries in Osaka".

China hopes the US will meet "half-way" to reach a "mutually acceptable solutions through dialogue on the basis of equality and mutual respect". "Otherwise, what's the objective?"

Mr Trump, who is seeking re-election next year and had made the economy and his tough stance on China a key part of his 2016 campaign for the White House, on Thursday said any agreement must meet U.S. demands. Trump said in an interview on New Hampshire radio station WGIR.

"By not turning back, they will ultimately hit the wall and break their heads". The situation is not a pretty one, but a peaceful resolution of it, if tied to the trade war, might be a good strategy to keep Hong Kong independent and relatively undamaged in the coming months.

On the protests in Hong Kong which have been going on since early June, the U.S. president said that Xi can "humanely" solve the problem so that "everybody is happy".

This means everything that China sells to the U.S., including clothes and iPhones to chemicals and construction equipment, will have levies of between 10 and 25 per cent on them starting from September 1, escalating the trade tensions between the world's two largest economies. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. It is not a solicitation to make any exchange in commodities, securities or other financial instruments.

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