Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English
»
2-min read

Trump Says no Hurry to Reach Deal With China as Trade War Escalates

The United States early on Friday increased its tariffs on $200 billion in Chinese goods to 25% from 10%, rattling financial markets already worried the 10-month trade war between the world's two largest economies could spiral out of control.

Reuters

Updated:May 10, 2019, 11:26 PM IST
facebookTwitterskypewhatsapp
Trump Says no Hurry to Reach Deal With China as Trade War Escalates
Representative image (Reuters)
Loading...

Washington/Beijing: US President Donald Trump on Friday said he was in no hurry to sign a trade deal with China as Washington imposed a new set of tariffs on Chinese goods and negotiators ended a second day of talks to try to salvage an agreement.

The United States early on Friday increased its tariffs on $200 billion in Chinese goods to 25% from 10%, rattling financial markets already worried the 10-month trade war between the world's two largest economies could spiral out of control. China is expected to retaliate.

The tariffs went into effect just hours before U.S. Trade Representative Robert Lighthizer, U.S. Treasury Secretary Steven Mnuchin and Chinese Vice Premier Liu He held a second day of talks in Washington. The session ended after about 90 minutes.

"They were constructive discussions," Mnuchin told reporters as he left Lighthizer's offices near midday. Mnuchin said the negotiations were done for the day, CNBC reported.

Liu, the lead Chinese negotiator, told reporters at his hotel in Washington that the talks had gone "fairly well," Bloomberg reported.

In a series of morning tweets, Trump defended the tariff hike and said he was in "absolutely no rush" to finalize a deal, adding that the U.S. economy would gain more from the levies than any agreement.

"Tariffs will bring in FAR MORE wealth to our country than even a phenomenal deal of the traditional kind," Trump said in one of the tweets.

Despite Trump's insistence that China will absorb the cost of the tariffs, U.S. businesses will pay them and likely pass them on to consumers. Consumer spending accounts for more than two-thirds of U.S. economic activity.

Global stocks, which have fallen this week on the increased U.S.-China tensions, came under renewed pressure on Friday. Major U.S. stock indexes opened sharply lower but pared losses after the comments by Mnuchin and Liu. Prices of U.S. government debt rose while the U.S. dollar slipped against a basket of currencies.

Trump, who has adopted protectionist policies as part of his "America First" agenda and railed against China for trade practices he labels unfair, said the trade talks, originally due to end on Friday, could drag on beyond this week.

"We will continue to negotiate with China in the hopes that they do not again try to redo deal!" said Trump, who has accused Beijing of reneging on commitments it made during months of negotiations.

Following the U.S. tariff hike, China's Commerce Ministry said it would take countermeasures but did not elaborate.

China's central bank said it was fully able to cope with any external uncertainty.

China responded to Trump's tariffs last year with levies on a range of U.S. goods including soybeans and pork, which has hurt U.S. farmers at a time when their debt has spiked to the highest level in decades.

U.S. Agriculture Secretary Sonny Perdue said on Friday that Trump had asked him to create a plan to support the farmers. The U.S. Department of Agriculture already has rolled out up to $12 billion to help offset farmers' China-related losses.

Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwitterskypewhatsapp

Live TV

Loading...
Countdown To Elections Results
  • 01 d
  • 12 h
  • 38 m
  • 09 s
To Assembly Elections 2018 Results