China will fight back if US President-elect Donald Trump follows through on his promise to impose a 60 per cent tariff on Chinese imports. Watch this report for more details!

China Prepares to Retaliate if Donald Trump Imposes Tariff

The Euro dropped to its lowest level in nearly seven months against the US dollar on November 11, weighed down by investor worries about possible tariffs by a new White House administration which could hurt the Euro area's economy, according to a detailed report by Reuters.

The Euro has edged lower since Donald Trump won the US presidential election last week, sparking concerns about possible tariffs by his incoming administration, the Reuters report explained further.

Several media outlets reported on November 8, that Trump was lining up Robert Lighthizer, seen as a hawk on trade, to return to his previous post of running trade policy, which further weighed on the currency. Sources familiar with the matter said Trump has not asked Lighthizer to return to the agency overseeing trade policy.

"What's going on today is just an extension or continuation of what's been going on since the election," said Eugene Epstein, head of trading and structured products, North America, at Moneycorp in New Jersey.

"Every country or multi-country union that is facing any potential threat in tariffs is having a hard time against the dollar." The EU's single currency was down 0.61 per cent at $1.0654. It had dropped as low as 1.0629, the lowest level since mid-April this year.

Dollar index has touched its highest level since July<o:p></o:p>

Whereas, the US dollar index, a measure of the dollar's value relative to a basket of foreign currencies - slightly overshot the highs seen right after the US presidential election, with markets still waiting for clarity about future US policy.

The dollar index was 0.48 per cent firmer at 105.51, after hitting 105.70, its highest level since July. Last week, it jumped more than 1.5 per cent to 105.44, after US election results showed Trump's victory.

"It does feel like the markets are pricing in a red wave more and more," said Bipan Rai, managing director at BMO Global Asset Management, referring to Trump's Republican Party. "I think the dollar is the beneficiary of that."

Measures expected to be taken by the US president-elect - including tariffs and tax cuts - should put upward pressure on inflation and bond yields while limiting the Fed's scope to ease policy and supporting the greenback.

Tariffs are going to be the top agenda of Trump<o:p></o:p>

"One of the key questions after the election is, 'What's going to be at the top of the legislative agenda for the Trump administration?'" Rai said. "And it feels more and more like it's going to be tariffs, which, of course, he can pretty much push through without needing Congress on his side to help him do that."

The dollar gained 0.69 per cent on the yen to 153.69, having been dragged off last week's top of 154.70 by the risk of Japanese intervention. Further, on November 6, it hit 154.68, its highest level since July.

Bitcoin has scaled a new record high<o:p></o:p>

Bitcoin soared to a record high above $87,000 on November 11, on expectations that crypto-currencies will boom in a favourable regulatory environment following the election of Trump as president and crypto candidates to Congress.

Bitcoin gained 13.95 per cent to $87,215.00. Ethereum rose 14.27 per cent to $3,363.80. The market participants and global investors will closely follow these developments in the dollar index and the movement in crypto-currencies as it will help them in taking informed investment decisions.

The Euro dropped to its lowest level in nearly seven months against the US dollar on November 11, weighed down by investor worries about possible tariffs by a new White House administration which could hurt the Euro area's economy, according to a detailed report by Reuters.

The Euro dropped to its lowest level in nearly seven months against the US dollar on November 11, weighed down by investor worries about possible tariffs by a new White House administration which could hurt the Euro area's economy, according to a detailed report by Reuters. The Euro has edged lower since Donald Trump won the US presidential election last week, sparking concerns about possible tariffs by his incoming administration, the Reuters report explained further. Several media outlets reported on November 8, that Trump was lining up Robert Lighthizer, seen as a hawk on trade, to return to his previous post of running trade policy, which further weighed on the currency. Sources familiar with the matter said Trump has not asked Lighthizer to return to the agency overseeing trade policy. "What's going on today is just an extension or continuation of what's been going on since the election," said Eugene Epstein, head of trading and structured products, North America, at Moneycorp in New Jersey. "Every country or multi-country union that is facing any potential threat in tariffs is having a hard time against the dollar." The EU's single currency was down 0.61 per cent at $1.0654. It had dropped as low as 1.0629, the lowest level since mid-April this year. Dollar index has touched its highest level since July Whereas, the US dollar index, a measure of the dollar's value relative to a basket of foreign currencies - slightly overshot the highs seen right after the US presidential election, with markets still waiting for clarity about future US policy. The dollar index was 0.48 per cent firmer at 105.51, after hitting 105.70, its highest level since July. Last week, it jumped more than 1.5 per cent to 105.44, after US election results showed Trump's victory. "It does feel like the markets are pricing in a red wave more and more," said Bipan Rai, managing director at BMO Global Asset Management, referring to Trump's Republican Party. "I think the dollar is the beneficiary of that." Measures expected to be taken by the US president-elect - including tariffs and tax cuts - should put upward pressure on inflation and bond yields while limiting the Fed's scope to ease policy and supporting the greenback. Tariffs are going to be the top agenda of Trump "One of the key questions after the election is, 'What's going to be at the top of the legislative agenda for the Trump administration?'" Rai said. "And it feels more and more like it's going to be tariffs, which, of course, he can pretty much push through without needing Congress on his side to help him do that." The dollar gained 0.69 per cent on the yen to 153.69, having been dragged off last week's top of 154.70 by the risk of Japanese intervention. Further, on November 6, it hit 154.68, its highest level since July. Bitcoin has scaled a new record high Bitcoin soared to a record high above $87,000 on November 11, on expectations that crypto-currencies will boom in a favourable regulatory environment following the election of Trump as president and crypto candidates to Congress. Bitcoin gained 13.95 per cent to $87,215.00. Ethereum rose 14.27 per cent to $3,363.80. The market participants and global investors will closely follow these developments in the dollar index and the movement in crypto-currencies as it will help them in taking informed investment decisions.

Euro scales near 7-month low vs dollar as tariff concerns weigh: Report

China is looking to “resolve conflicts” in trade with the next US administration while now facing the increased likelihood of more tariffs being put in place, as advocated by US President-elect Donald Trump, according to a detailed report by South China Morning Post.

“China is willing to strengthen communication, expand cooperation and resolve conflicts with the United States by the principles of mutual respect, peaceful coexistence, and win-win cooperation,” Ministry of Commerce (Mofcom) spokeswoman He Yongqian said on Thursday afternoon – a day after the former US president’s return to power became clear following Tuesday’s election, the South China Morning Post report explained further.

She added that Beijing looks to “jointly promote the development of China-US economic and trade relations in a stable, healthy and sustainable direction that would benefit both countries and the world”.

During the same press conference, Mofcom confirmed that European Union officials arrived in Beijing on Saturday for “intensive trade negotiations” regarding EU tariffs on imported Chinese electric vehicles (EVs) that kicked in last week. The two sides had expressed intentions to talk, but it was not confirmed until Thursday.

Beijing could be facing extra pressure in trade following Trump’s election and at a time when it is already seeing tension growing in expanded fronts with some of its other trade partners.

Trump initiated a trade war with China during his first administration, from 2017-21, and the effects rippled through the global supply chain, spurring a shift that saw production lines diversify away from China.

During Trump’s election campaign, he said he would escalate current tariffs to 60 per cent on all Chinese imports, and add a 10 or 20 per cent blanket tariff on all foreign goods entering the US if granted another term.

Beijing has not directly responded to the possibility of increased tariffs from a new US administration but has condemned Washington for making “unilateralist and protectionist” moves with tariffs, and has retaliated with tariffs on some American imports.

The latest message from Mofcom follows President Xi Jinping’s congratulatory message to Trump on Thursday that included a call for “a stable, healthy and sustainable China-US relationship” as the world’s two largest economies have been engaging in wide-ranging competition in trade, security and tech in recent years.

Jayant Menon, a senior fellow at the ISEAS-Yusof Ishak Institute in Singapore, pointed to the high probability that the incoming Trump administration will raise tariffs on China, but said that Trump’s willingness to subsidise domestic industries, like US President Joe Biden has done through the Chips Act, is “less clear”.

“China may be hoping that these programmes will be replaced by new tariffs, which would essentially mean a less protectionist, and therefore [less] harmful, outcome for China, and the world,” Menon said.

China wants free trade with no tariffs or restrictions ... it knows more are coming Chen Zhiwu, University of Hong Kong Yet, more tariffs have been imposed on China and are expected to be on the way from American allies and trade partners.

In recent months, the US, Canada and the EU have imposed tariffs on Chinese EVs, after accusing China of unfair competition because of heavy state subsidies in the industry.

While EU tariffs as high as 45.3 per cent kicked in last week, Beijing and Brussels are still exploring the possibility of how individual Chinese carmakers could adjust the price and volume of their imports for the European market, despite failing to reach solutions in previous rounds of talks in the past two months.

The two sides are engaging in a price-undertaking negotiation with a “pragmatic” and “balanced” approach, Mofcom’s He said on Thursday. There was no information about how long the talks would last.

“China wants free trade with no tariffs or restrictions,” said Chen Zhiwu, chair professor of finance at the University of Hong Kong. “But realistically, it knows more are coming, due to the threats to developed economies from China’s intrinsic economic system, the South China Morning Post report explained further.

“Officials in Beijing should continue to stress the importance of free trade for world prosperity and be a champion for globalisation even when the global political realities make it hard to restore.”

Market participants and investors will closely follow these developments and how relations between the top two leading economies in the world evolve. This will help them in taking informed investment decisions going ahead.

China is looking to “resolve conflicts” in trade with the next US administration while now facing the increased likelihood of more tariffs being put in place, as advocated by US President-elect Donald Trump, according to a detailed report by South China Morning Post.

China is looking to “resolve conflicts” in trade with the next US administration while now facing the increased likelihood of more tariffs being put in place, as advocated by US President-elect Donald Trump, according to a detailed report by South China Morning Post. “China is willing to strengthen communication, expand cooperation and resolve conflicts with the United States by the principles of mutual respect, peaceful coexistence, and win-win cooperation,” Ministry of Commerce (Mofcom) spokeswoman He Yongqian said on Thursday afternoon – a day after the former US president’s return to power became clear following Tuesday’s election, the South China Morning Post report explained further. She added that Beijing looks to “jointly promote the development of China-US economic and trade relations in a stable, healthy and sustainable direction that would benefit both countries and the world”. During the same press conference, Mofcom confirmed that European Union officials arrived in Beijing on Saturday for “intensive trade negotiations” regarding EU tariffs on imported Chinese electric vehicles (EVs) that kicked in last week. The two sides had expressed intentions to talk, but it was not confirmed until Thursday. Beijing could be facing extra pressure in trade following Trump’s election and at a time when it is already seeing tension growing in expanded fronts with some of its other trade partners. Trump initiated a trade war with China during his first administration, from 2017-21, and the effects rippled through the global supply chain, spurring a shift that saw production lines diversify away from China. During Trump’s election campaign, he said he would escalate current tariffs to 60 per cent on all Chinese imports, and add a 10 or 20 per cent blanket tariff on all foreign goods entering the US if granted another term. Beijing has not directly responded to the possibility of increased tariffs from a new US administration but has condemned Washington for making “unilateralist and protectionist” moves with tariffs, and has retaliated with tariffs on some American imports. The latest message from Mofcom follows President Xi Jinping’s congratulatory message to Trump on Thursday that included a call for “a stable, healthy and sustainable China-US relationship” as the world’s two largest economies have been engaging in wide-ranging competition in trade, security and tech in recent years. Jayant Menon, a senior fellow at the ISEAS-Yusof Ishak Institute in Singapore, pointed to the high probability that the incoming Trump administration will raise tariffs on China, but said that Trump’s willingness to subsidise domestic industries, like US President Joe Biden has done through the Chips Act, is “less clear”. “China may be hoping that these programmes will be replaced by new tariffs, which would essentially mean a less protectionist, and therefore [less] harmful, outcome for China, and the world,” Menon said. China wants free trade with no tariffs or restrictions ... it knows more are coming Chen Zhiwu, University of Hong Kong Yet, more tariffs have been imposed on China and are expected to be on the way from American allies and trade partners. In recent months, the US, Canada and the EU have imposed tariffs on Chinese EVs, after accusing China of unfair competition because of heavy state subsidies in the industry. While EU tariffs as high as 45.3 per cent kicked in last week, Beijing and Brussels are still exploring the possibility of how individual Chinese carmakers could adjust the price and volume of their imports for the European market, despite failing to reach solutions in previous rounds of talks in the past two months. The two sides are engaging in a price-undertaking negotiation with a “pragmatic” and “balanced” approach, Mofcom’s He said on Thursday. There was no information about how long the talks would last. “China wants free trade with no tariffs or restrictions,” said Chen Zhiwu, chair professor of finance at the University of Hong Kong. “But realistically, it knows more are coming, due to the threats to developed economies from China’s intrinsic economic system, the South China Morning Post report explained further. “Officials in Beijing should continue to stress the importance of free trade for world prosperity and be a champion for globalisation even when the global political realities make it hard to restore.” Market participants and investors will closely follow these developments and how relations between the top two leading economies in the world evolve. This will help them in taking informed investment decisions going ahead.

Amid US-China trade tensions, Beijing urges reconciliation

Vowing to introduce a reciprocal tax if elected to power, former US president Donald Trump on Thursday alleged that India, among all major countries, imposes the highest tariffs on foreign products.

“Perhaps the most important element of my plan to make America extraordinarily wealthy again&nbsp;is reciprocity. It's a word that's very important in my plan because we generally don't charge tariffs. I started that process, it was so great, with the vans and the small trucks, etc. We really don't charge. China will charge us a 200 per cent tariff. Brazil is a big charger. The biggest charger of all is India,” Trump said in a major economic policy speech in Detroit.

“India is a very big charger. We have a great relationship with India. I did. And especially the leader, Modi. He's a great leader. Great man. Really is a great man. He's brought it together. He's done a great job. But they probably charge as much,” he said.

Also read:&nbsp;<a data-ved="2ahUKEwi308KXh4iJAxXsT2wGHXAjLnAQxfQBKAB6BAgHEAE" href="https://www.wionews.com/world/trump-reveals-conversation-with-pm-modi-when-someone-threatened-india-766076" jsname="YKoRaf" ping="/url?sa=t&amp;source=web&amp;rct=j&amp;opi=89978449&amp;url=https://www.wionews.com/world/trump-reveals-conversation-with-pm-modi-when-someone-threatened-india-766076&amp;ved=2ahUKEwi308KXh4iJAxXsT2wGHXAjLnAQxfQBKAB6BAgHEAE">Trump reveals conversation with PM Modi when 'someone' threatened India</a>

“I mean, I think they probably charge more than, in many ways, China. But they do it with a smile. They do it... Sort of a nicer charge. They said, thank you so much for purchasing from India. Harley Davidson came to the White House a long time ago during my third year or second year. I met with them. They were based in Wisconsin. I said, how's business? Good, good. What are the bad countries? Well, India is very tough. And they gave me some others. Why? Tariffs. I said, what are they? And they said like 150 per cent, some massive amount,” Trump told the members of the Detroit Economic Club.

“I said so do you sell many motorcycles because you think people want to buy a Harley. No, we sell very few in India, but they want us to go there. They said, if you go there and build your plant there, we're not going to charge you anything. I mean, you can do whatever you want. I said I don't like that. And I see they went, they built the plant, and now they do their business with India. They probably do it outside of India too. They built a very big plant in many countries, they do that. Then all of a sudden, you hear that they're leaving Milwaukee or they're leaving wherever they may be located,” he said.

Thursday's remarks by Trump come following his&nbsp;<a href="https://www.ndtv.com/world-news/donald-trump-praises-pm-modi-says-hes-the-nicest-6754565">praise for Prime Minister Narendra Modi</a>&nbsp;earlier this week.

Trump described Modi as “the nicest human being”, saying the Indian leader is “a friend of mine”.

“Modi, India. He's a friend of mine. He's great. Before him, they were replacing them every year. It's very unstable. He came over. He's a friend of mine. But on the outside, he looks like he's your father. He's the nicest, but he's a total killer,” he said.

Trump recalled Modi's visit to Houston in 2019 to attend the ‘Howdy Modi' event during his tenure and said: “It was beautiful. It's like 80,000 people going crazy. We were walking around.” The Republican candidate said he shared a “very good relationship” with Modi.

Recalling that there were a couple of occasions where somebody was threatening India, Trump said: "I told Modi, let me help as I am very good with those people. To which he aggressively responded, ‘I will do it. I will do it. And I would do anything necessary. We have defeated them for hundreds of years.' I said 'Whoa, what just happened there',” he added.&nbsp;

Disclaimer: This story has been published from a news agency feed with minimal edits for grammar and punctuation. The headline may have been changed to better reflect the content of the story or to make it more suitable for WION&nbsp;audience.

Vowing to introduce a reciprocal tax if elected to power, former US president Donald Trump on Thursday alleged that India, among all major countries, imposes the highest tariffs on foreign products.

Vowing to introduce a reciprocal tax if elected to power, former US president Donald Trump on Thursday alleged that India, among all major countries, imposes the highest tariffs on foreign products. “Perhaps the most important element of my plan to make America extraordinarily wealthy again is reciprocity. It's a word that's very important in my plan because we generally don't charge tariffs. I started that process, it was so great, with the vans and the small trucks, etc. We really don't charge. China will charge us a 200 per cent tariff. Brazil is a big charger. The biggest charger of all is India,” Trump said in a major economic policy speech in Detroit. “India is a very big charger. We have a great relationship with India. I did. And especially the leader, Modi. He's a great leader. Great man. Really is a great man. He's brought it together. He's done a great job. But they probably charge as much,” he said. Also read: Trump reveals conversation with PM Modi when 'someone' threatened India “I mean, I think they probably charge more than, in many ways, China. But they do it with a smile. They do it... Sort of a nicer charge. They said, thank you so much for purchasing from India. Harley Davidson came to the White House a long time ago during my third year or second year. I met with them. They were based in Wisconsin. I said, how's business? Good, good. What are the bad countries? Well, India is very tough. And they gave me some others. Why? Tariffs. I said, what are they? And they said like 150 per cent, some massive amount,” Trump told the members of the Detroit Economic Club. “I said so do you sell many motorcycles because you think people want to buy a Harley. No, we sell very few in India, but they want us to go there. They said, if you go there and build your plant there, we're not going to charge you anything. I mean, you can do whatever you want. I said I don't like that. And I see they went, they built the plant, and now they do their business with India. They probably do it outside of India too. They built a very big plant in many countries, they do that. Then all of a sudden, you hear that they're leaving Milwaukee or they're leaving wherever they may be located,” he said. Thursday's remarks by Trump come following his praise for Prime Minister Narendra Modi earlier this week. Trump described Modi as “the nicest human being”, saying the Indian leader is “a friend of mine”. “Modi, India. He's a friend of mine. He's great. Before him, they were replacing them every year. It's very unstable. He came over. He's a friend of mine. But on the outside, he looks like he's your father. He's the nicest, but he's a total killer,” he said. Trump recalled Modi's visit to Houston in 2019 to attend the ‘Howdy Modi' event during his tenure and said: “It was beautiful. It's like 80,000 people going crazy. We were walking around.” The Republican candidate said he shared a “very good relationship” with Modi. Recalling that there were a couple of occasions where somebody was threatening India, Trump said: "I told Modi, let me help as I am very good with those people. To which he aggressively responded, ‘I will do it. I will do it. And I would do anything necessary. We have defeated them for hundreds of years.' I said 'Whoa, what just happened there',” he added. Disclaimer: This story has been published from a news agency feed with minimal edits for grammar and punctuation. The headline may have been changed to better reflect the content of the story or to make it more suitable for WION audience.

Trump threatens to 'reciprocate tariffs' against 'big charger' India if voted to power

China is expected to respond cautiously to the European Union's recent tariff hikes on Chinese electric cars, aiming for limited and targeted retaliation. The EU's move, which will increase tariffs on Chinese vehicles to as much as 48% starting next month, aligns it with actions taken by the United States, Turkey, and other nations to curb imports from China.&nbsp;

China's Commerce Ministry and its EU chamber of commerce have criticised Brussels' decision following its announcement on Wednesday. The concern for China is that an overly aggressive response could provoke a broader trade conflict and further align trans-Atlantic nations against China, contrary to President Xi Jinping's goal of fostering "strategic autonomy" in Europe.

According to Joe Peissel, an economic analyst at Trivium China, "If China responds with aggressive tariffs, they risk triggering a trade war. Beijing is eager to avoid this scenario." Already facing tensions with the US, China is also navigating increased coordination among advanced economies. China is anticipated to counter the recent increase in tariffs on electric cars from the European Union with cautious measures and an eye on proportional retribution.&nbsp;

Also Read:&nbsp;<a href="https://www.wionews.com/autonews/used-ev-prices-plummet-below-gas-cars-amid-changing-consumer-preferences-732412">Used EV prices plummet below gas cars amid changing consumer preferences</a>

The worry for Beijing is that more assertive response could escalate into a wider trade war, and pull more trans-Atlantic nations against China, which goes against president Xi Jinping’s aspirations. In the opinion of Joe Peissel, an economic analyst at Trivium China, Tariff D, "If China responds with aggressive tariffs, they risk triggering a trade war and Beijing is eager to avoid this."

Even as China struggles to manage its relations with the US, the former is encountering the increased cooperation among developed nations, including the Group of Seven that recently started discussing China while addressing the issues of the skewed global economy.

Merics, a Berlin-based think tank that focuses on the China, expects Chinese reprisals to potentially involve agriculture – most notably cheese and pork. To revenge for the investigation of electric vehicles by the EU, China has also launched an investigation into the European liquor products including brandy and hit the hardest on France which is a major exporter of brandy.

Merics’ lead analyst Jacob Gunter pointed out that Beijing is unlikely to target EU goods considered strategic in Chinese industries including machinery, industrial goods, chemicals and medical technology.

While the Europeans have raised tariffs on Chinese imports, this may not entirely harm the Chinese Auto makers since they are known to operate efficient production lines and have also been gearing up to build more production facilities in Europe. It may not wish to turn it into a tariff war, at the same time it needs to make sure that the electric vehicles developed by its domestic automotive companies will be able to enter Europe. This could be reversed if overreaction threatens these goals.

China’s response so far has been less of action and more of words; the Ministry of Commerce responded to the EU’s action saying it was protectionism and the Chinese Chamber of Commerce in EU said it was unfounded. The MoC has implied other possible future actions through WTO. Both sides still have the opportunities for direct negotiations and positive political and economic relations despite current tensions.&nbsp;

China is expected to respond cautiously to the European Union's recent tariff hikes on Chinese electric cars, aiming for limited and targeted retaliation. The EU's move, which will increase tariffs on Chinese vehicles to as much as 48% starting next month, aligns it with actions taken by the United States, Turkey, and other nations to curb imports from China.

China is expected to respond cautiously to the European Union's recent tariff hikes on Chinese electric cars, aiming for limited and targeted retaliation. The EU's move, which will increase tariffs on Chinese vehicles to as much as 48% starting next month, aligns it with actions taken by the United States, Turkey, and other nations to curb imports from China. China's Commerce Ministry and its EU chamber of commerce have criticised Brussels' decision following its announcement on Wednesday. The concern for China is that an overly aggressive response could provoke a broader trade conflict and further align trans-Atlantic nations against China, contrary to President Xi Jinping's goal of fostering "strategic autonomy" in Europe. According to Joe Peissel, an economic analyst at Trivium China, "If China responds with aggressive tariffs, they risk triggering a trade war. Beijing is eager to avoid this scenario." Already facing tensions with the US, China is also navigating increased coordination among advanced economies. China is anticipated to counter the recent increase in tariffs on electric cars from the European Union with cautious measures and an eye on proportional retribution. Also Read: Used EV prices plummet below gas cars amid changing consumer preferences The worry for Beijing is that more assertive response could escalate into a wider trade war, and pull more trans-Atlantic nations against China, which goes against president Xi Jinping’s aspirations. In the opinion of Joe Peissel, an economic analyst at Trivium China, Tariff D, "If China responds with aggressive tariffs, they risk triggering a trade war and Beijing is eager to avoid this." Even as China struggles to manage its relations with the US, the former is encountering the increased cooperation among developed nations, including the Group of Seven that recently started discussing China while addressing the issues of the skewed global economy. Merics, a Berlin-based think tank that focuses on the China, expects Chinese reprisals to potentially involve agriculture – most notably cheese and pork. To revenge for the investigation of electric vehicles by the EU, China has also launched an investigation into the European liquor products including brandy and hit the hardest on France which is a major exporter of brandy. Merics’ lead analyst Jacob Gunter pointed out that Beijing is unlikely to target EU goods considered strategic in Chinese industries including machinery, industrial goods, chemicals and medical technology. While the Europeans have raised tariffs on Chinese imports, this may not entirely harm the Chinese Auto makers since they are known to operate efficient production lines and have also been gearing up to build more production facilities in Europe. It may not wish to turn it into a tariff war, at the same time it needs to make sure that the electric vehicles developed by its domestic automotive companies will be able to enter Europe. This could be reversed if overreaction threatens these goals. China’s response so far has been less of action and more of words; the Ministry of Commerce responded to the EU’s action saying it was protectionism and the Chinese Chamber of Commerce in EU said it was unfounded. The MoC has implied other possible future actions through WTO. Both sides still have the opportunities for direct negotiations and positive political and economic relations despite current tensions.

China weighs retaliatory options against Europe over EV tariffs

The European Union’s tariffs on electric vehicles imported from china has ignited a trade dispute. The EU accuses china of unfairly subsidizing its ev industry, giving Chinese manufacturers a competitive edge. China vehemently denies these claims, calling the tariffs "Protectionist."

China considers anti-dumping probe on EU pork imports

Germany's Chancellor Olaf Scholz has spoken out against the European Union's tariffs proposition on Chinese EVs. Scholz emphasized that trade barriers and isolation measures ultimately harm all parties involved, making goods more expensive and everyone poorer.

Germany urges against trade barriers as EU plans EV tariffs

On Friday, electric vehicle (EV) company Xpeng, based in China, voiced its opposition to new US tariffs on Chinese EVs, arguing they hinder global efforts towards carbon neutrality and clean energy adoption.

"These tariffs will lead to price increases," stated Xpeng co-president Brian Gu during a media event in Hong Kong, where the company introduced two new EV models. "While this doesn't currently impact Xpeng directly, for the broader market, I believe greater openness allowing global competition is beneficial in the long run," Gu added.

Currently, Chinese-made light-duty vehicles have a limited presence in the US import market.

Gu's comments came during the Hong Kong launch of Xpeng's G6 electric SUV and X9 flagship seven-seater. This expansion reflects the company's strategy to venture beyond China's saturated car market.

A price war and slowing demand within China are pressuring Chinese automakers, prompting them to accelerate overseas expansion to mitigate these challenges.

Other Chinese EV companies, such as BYD and Great Wall Motor, are already established in Hong Kong. According to consultancy CBRE, the number of Chinese-made EV models sold in Hong Kong has grown significantly, from just one in 2018 to 20 in 2023. This highlights the strong growth potential in this Asian financial hub.

However, this overseas expansion faces headwinds. The European Union (EU) launched an anti-subsidy investigation into Chinese EV imports, while the US recently announced tariff hikes.

"We're evaluating the impact of potential tariff changes in different regions to determine the flexibility we have in our profit margins," Gu said. He added that the company is still assessing the level of EU tariffs that might necessitate production relocation outside of China.

Xpeng currently sells EVs in several European countries, including the Netherlands, Norway, and Germany. The company also plans to enter additional European markets like Italy and the UK. Despite the looming tariffs, Xpeng recently announced its entry into the French market.

Highlighting the intense competition within China, Nio launched the first vehicle under its new budget-friendly brand, Onvo, aiming to compete with Tesla's Model Y.

Volkswagen-backed Xpeng anticipates its upcoming Mona-branded EV to be the first car in China priced under USD 21,000 with advanced self-driving features.

On Friday, electric vehicle (EV) company Xpeng, based in China, voiced its opposition to new US tariffs on Chinese EVs, arguing they hinder global efforts towards carbon neutrality and clean energy adoption.

On Friday, electric vehicle (EV) company Xpeng, based in China, voiced its opposition to new US tariffs on Chinese EVs, arguing they hinder global efforts towards carbon neutrality and clean energy adoption. "These tariffs will lead to price increases," stated Xpeng co-president Brian Gu during a media event in Hong Kong, where the company introduced two new EV models. "While this doesn't currently impact Xpeng directly, for the broader market, I believe greater openness allowing global competition is beneficial in the long run," Gu added. Currently, Chinese-made light-duty vehicles have a limited presence in the US import market. Gu's comments came during the Hong Kong launch of Xpeng's G6 electric SUV and X9 flagship seven-seater. This expansion reflects the company's strategy to venture beyond China's saturated car market. A price war and slowing demand within China are pressuring Chinese automakers, prompting them to accelerate overseas expansion to mitigate these challenges. Other Chinese EV companies, such as BYD and Great Wall Motor, are already established in Hong Kong. According to consultancy CBRE, the number of Chinese-made EV models sold in Hong Kong has grown significantly, from just one in 2018 to 20 in 2023. This highlights the strong growth potential in this Asian financial hub. However, this overseas expansion faces headwinds. The European Union (EU) launched an anti-subsidy investigation into Chinese EV imports, while the US recently announced tariff hikes. "We're evaluating the impact of potential tariff changes in different regions to determine the flexibility we have in our profit margins," Gu said. He added that the company is still assessing the level of EU tariffs that might necessitate production relocation outside of China. Xpeng currently sells EVs in several European countries, including the Netherlands, Norway, and Germany. The company also plans to enter additional European markets like Italy and the UK. Despite the looming tariffs, Xpeng recently announced its entry into the French market. Highlighting the intense competition within China, Nio launched the first vehicle under its new budget-friendly brand, Onvo, aiming to compete with Tesla's Model Y. Volkswagen-backed Xpeng anticipates its upcoming Mona-branded EV to be the first car in China priced under USD 21,000 with advanced self-driving features.

Price wars at home, tariffs abroad: Xpeng seek greener pastures

Goldman Sachs Group has warned that the implementation of steep tariffs on Chinese imports proposed by former President Donald Trump, could hamper the growth of the US economy and lead to a surge in inflation. <o:p></o:p>

According to a Bloomberg report, the investment bank's analysts outlined that every percentage point increase in the effective tariff rate could possibly reduce US growth by up to 0.15 per cent, particularly if China responds with retaliatory measures. <o:p></o:p>

Even if the resulting revenue from tariffs is utilised to finance tax cuts, leading to increased spending and investment, the impact on gross domestic product (GDP) would still be huge, with a projected minimum decline of 0.05 per cent.<o:p></o:p>

Goldman Sachs’s analysis suggests that a major escalation in tariffs could elevate core consumer prices by just over 0.1 per cent. <o:p></o:p>

This increase arises from the likelihood of firms passing on the higher costs of imports to consumers, alongside opportunistic price adjustments by domestic producers. <o:p></o:p>

As a result, heightened tariffs could lead to a temporary surge in inflation lasting for approximately a year, posing additional challenges for policymakers tasked with maintaining price stability and economic growth.<o:p></o:p>

Former President Trump's tenure was marked by an aggressive stance towards trade with China, with the imposition of tariffs on over $300 billion worth of Chinese imports. <o:p></o:p>

This move triggered retaliatory measures from Beijing, contributing to growing trade tensions between the two economic powerhouses. <o:p></o:p>

While President Joe Biden has largely maintained these tariffs, Trump has indicated intentions to further escalate trade measures if re-elected in November's presidential vote, proposing an increase in China tariffs to at least 60 per cent. <o:p></o:p>

Goldman Sachs’s analysis indicates the magnitude of the impact of Trump's proposed tariff hikes. <o:p></o:p>

The effective tariff rate on Chinese imports increased by 1.5 percentage points between 2017 and 2019, and Trump's proposals could worsen this trend, resulting in far-reaching economic consequences. <o:p></o:p>

Although higher tariffs would boost government revenues by approximately $30 billion per year, or 0.1 per cent, Goldman Sachs’s senior economist Ronnie Walker warned that the overall effect on the economy would likely be negative. <o:p></o:p>

Walker noted that the adverse effects of higher tariffs on GDP are expected to outweigh the benefits, with the decline in real income and consumer spending outweighing any reductions in the trade deficit.<o:p></o:p>

Likewise, the indirect repercussions, such as diminished business sentiment and disruptions in global supply chains, could make the negative economic impact far worse.<o:p></o:p>

(With inputs from Bloomberg)<o:p></o:p>

Goldman Sachs Group has warned that the implementation of steep tariffs on Chinese imports proposed by former President Donald Trump, could hamper the growth of the US economy and lead to a surge in inflation.

Goldman Sachs Group has warned that the implementation of steep tariffs on Chinese imports proposed by former President Donald Trump, could hamper the growth of the US economy and lead to a surge in inflation. According to a Bloomberg report, the investment bank's analysts outlined that every percentage point increase in the effective tariff rate could possibly reduce US growth by up to 0.15 per cent, particularly if China responds with retaliatory measures. Even if the resulting revenue from tariffs is utilised to finance tax cuts, leading to increased spending and investment, the impact on gross domestic product (GDP) would still be huge, with a projected minimum decline of 0.05 per cent. Goldman Sachs’s analysis suggests that a major escalation in tariffs could elevate core consumer prices by just over 0.1 per cent. This increase arises from the likelihood of firms passing on the higher costs of imports to consumers, alongside opportunistic price adjustments by domestic producers. As a result, heightened tariffs could lead to a temporary surge in inflation lasting for approximately a year, posing additional challenges for policymakers tasked with maintaining price stability and economic growth. Former President Trump's tenure was marked by an aggressive stance towards trade with China, with the imposition of tariffs on over $300 billion worth of Chinese imports. This move triggered retaliatory measures from Beijing, contributing to growing trade tensions between the two economic powerhouses. While President Joe Biden has largely maintained these tariffs, Trump has indicated intentions to further escalate trade measures if re-elected in November's presidential vote, proposing an increase in China tariffs to at least 60 per cent. Goldman Sachs’s analysis indicates the magnitude of the impact of Trump's proposed tariff hikes. The effective tariff rate on Chinese imports increased by 1.5 percentage points between 2017 and 2019, and Trump's proposals could worsen this trend, resulting in far-reaching economic consequences. Although higher tariffs would boost government revenues by approximately $30 billion per year, or 0.1 per cent, Goldman Sachs’s senior economist Ronnie Walker warned that the overall effect on the economy would likely be negative. Walker noted that the adverse effects of higher tariffs on GDP are expected to outweigh the benefits, with the decline in real income and consumer spending outweighing any reductions in the trade deficit. Likewise, the indirect repercussions, such as diminished business sentiment and disruptions in global supply chains, could make the negative economic impact far worse. (With inputs from Bloomberg)

Goldman Sachs warns of economic consequences of Trump's proposed tariffs on China

US President Joe Biden's visit to India has also removed additional import duties on several US products. The tariff has dropped on a dozen US products including chickpeas, lentils, apples, and walnuts among others.

India-US disputes at WTO nearly resolved

Lebanon's government moved to increase tariffs on imported goods about ten-fold in a country that ships in more than 80 percent of what it consumes. With foreign currency coffers dwindling, the state has already lifted subsidies on fuel and most medication.

Lebanese government increases tariffs on imported goods

President Joe Biden's administration is reviewing the removal of some tariffs on China and a pause on the federal gas tax as well. This is after the United States struggles to tackle soaring gasoline prices and inflation.

The US looks at reducing China tariffs amid soaring inflation in the country

The European Union and the United States are set to commit at a summit in Brussels next week to end their transatlantic metals and aircraft trade disputes and call for progress on a new study into the origins of COVID-19, according to a draft communique. 
 
The seven-page draft, seen by Reuters, aims to show concrete results of the "new dawn" hailed by EU leaders when U.S. President Joe Biden took over from Donald Trump in January. 
 
The draft, which was discussed by EU ambassadors on Wednesday, commits to ending a long-running dispute over subsidies to aircraft makers before July 11 and setting a Dec. 1 deadline to end punitive tariffs related to a steel and aluminium trade dispute. 
 
Despite pressure by U.S. steel industry groups to keep the "Section 232" national security tariffs imposed by Trump, the draft said: "We commit to working towards lifting before 1 December 2021 all additional/punitive tariffs on both sides linked to our steel and aluminium dispute."

<a href="https://www.wionews.com/videos/us-prez-joe-biden-to-meet-55-world-leaders-during-his-visit-390419">Also Read |&nbsp;US Prez Joe Biden to meet 55 world leaders during his visit</a>

Steel industry sources told Reuters the language may be aimed at retaliatory tariffs on both sides such as those on whiskey and motorbikes, not necessarily the underlying 25% U.S. tariffs on steel and 10% on aluminum. A U.S.-EU deal in May to avert escalation of the dispute left these in place while the two sides negotiate for six months to address global excess metals capacity largely centred in China.

Some 12 EU countries are weighing a proposal to extend their own steel "safeguard" quotas beyond the end of June to protect European steelmakers from a flood of imports. 
 
Biden will meet the EU's chief executive, Ursula von der Leyen, and European Council President Charles Michel, who represents EU governments, and will also pledge to promote international cooperation to fight global warming. 
 
The EU and the United States are the world's top trading powers, along with China, but Trump sought to sideline the EU. 
 
After scotching a free-trade agreement with the EU, the Trump administration focused on shrinking a growing U.S. deficit in goods trade. Biden, however, sees the EU as an ally in promoting free trade, as well as in fighting climate change and ending the COVID-19 pandemic. 
 
COVID ORIGINS 
 
At the Brussels summit, both sides will agree to cooperate on China policy and call for a new study into the origins of the pandemic, first detected in the Chinese city of Wuhan, the draft said.

"We call for progress on a transparent, evidence-based, and expert-led WHO-convened phase 2 study on the origins of COVID-19, that is free from interference," the draft said. 
 
The two prevailing theories are that the virus jumped from animals, possibly bats, to humans, or that it escaped from a virology laboratory in Wuhan. Members of a WHO team that visited China this year to investigate COVID-19's origin said they were not given access to all data.

Despite the pledge of support, the EU is "not going to launch our own probe," one EU diplomat said. "We are not anti-China".

A second EU diplomat said the group "doesn't have intelligence services, and we are not going to try to do this origins search through our member states agencies," adding, "The Americans can still talk to European services in member states, but we are not going to get involved."

Despite the caveats, if agreed the joint stance on China will be a boost for the Biden administration, which seeks friends to stand up to Beijing but has said it will not force any ally to choose sides.

In a concession to the EU, the draft makes no mention of Biden's proposals for vaccine patent waivers to boost global production. Instead, it pledges to reduce U.S. export restrictions and promote the voluntary transfer of technologies.

The task of fully inoculating the world is expected to belong. The text says the United States and the EU "aspire to vaccinate at least two-thirds of the world's population by the end of 2022". This means as many as 2.5 billion people in the world may not get a shot before 2023.

EU states have until now tried to maintain a strategic balance that avoids alienating either China or the United States.

But China's military expansion, its claims to sovereignty in most of the South China Sea, and the mass detentions of Muslim Uyghurs in northwestern China have shifted the mood in Brussels.

"We intend to closely consult and cooperate on the full range of issues in the framework of our respective similar multi-faceted approaches to China, which include elements of cooperation, competition, and systemic rivalry," the draft said.

The European Union and the United States are set to commit at a summit in Brussels next week to end their transatlantic metals and aircraft trade disputes and call for progress on a new study into the origins of COVID-19, according to a draft communique.

The European Union and the United States are set to commit at a summit in Brussels next week to end their transatlantic metals and aircraft trade disputes and call for progress on a new study into the origins of COVID-19, according to a draft communique. The seven-page draft, seen by Reuters, aims to show concrete results of the "new dawn" hailed by EU leaders when U.S. President Joe Biden took over from Donald Trump in January. The draft, which was discussed by EU ambassadors on Wednesday, commits to ending a long-running dispute over subsidies to aircraft makers before July 11 and setting a Dec. 1 deadline to end punitive tariffs related to a steel and aluminium trade dispute. Despite pressure by U.S. steel industry groups to keep the "Section 232" national security tariffs imposed by Trump, the draft said: "We commit to working towards lifting before 1 December 2021 all additional/punitive tariffs on both sides linked to our steel and aluminium dispute." Also Read | US Prez Joe Biden to meet 55 world leaders during his visit Steel industry sources told Reuters the language may be aimed at retaliatory tariffs on both sides such as those on whiskey and motorbikes, not necessarily the underlying 25% U.S. tariffs on steel and 10% on aluminum. A U.S.-EU deal in May to avert escalation of the dispute left these in place while the two sides negotiate for six months to address global excess metals capacity largely centred in China. Some 12 EU countries are weighing a proposal to extend their own steel "safeguard" quotas beyond the end of June to protect European steelmakers from a flood of imports. Biden will meet the EU's chief executive, Ursula von der Leyen, and European Council President Charles Michel, who represents EU governments, and will also pledge to promote international cooperation to fight global warming. The EU and the United States are the world's top trading powers, along with China, but Trump sought to sideline the EU. After scotching a free-trade agreement with the EU, the Trump administration focused on shrinking a growing U.S. deficit in goods trade. Biden, however, sees the EU as an ally in promoting free trade, as well as in fighting climate change and ending the COVID-19 pandemic. COVID ORIGINS At the Brussels summit, both sides will agree to cooperate on China policy and call for a new study into the origins of the pandemic, first detected in the Chinese city of Wuhan, the draft said. "We call for progress on a transparent, evidence-based, and expert-led WHO-convened phase 2 study on the origins of COVID-19, that is free from interference," the draft said. The two prevailing theories are that the virus jumped from animals, possibly bats, to humans, or that it escaped from a virology laboratory in Wuhan. Members of a WHO team that visited China this year to investigate COVID-19's origin said they were not given access to all data. Despite the pledge of support, the EU is "not going to launch our own probe," one EU diplomat said. "We are not anti-China". A second EU diplomat said the group "doesn't have intelligence services, and we are not going to try to do this origins search through our member states agencies," adding, "The Americans can still talk to European services in member states, but we are not going to get involved." Despite the caveats, if agreed the joint stance on China will be a boost for the Biden administration, which seeks friends to stand up to Beijing but has said it will not force any ally to choose sides. In a concession to the EU, the draft makes no mention of Biden's proposals for vaccine patent waivers to boost global production. Instead, it pledges to reduce U.S. export restrictions and promote the voluntary transfer of technologies. The task of fully inoculating the world is expected to belong. The text says the United States and the EU "aspire to vaccinate at least two-thirds of the world's population by the end of 2022". This means as many as 2.5 billion people in the world may not get a shot before 2023. EU states have until now tried to maintain a strategic balance that avoids alienating either China or the United States. But China's military expansion, its claims to sovereignty in most of the South China Sea, and the mass detentions of Muslim Uyghurs in northwestern China have shifted the mood in Brussels. "We intend to closely consult and cooperate on the full range of issues in the framework of our respective similar multi-faceted approaches to China, which include elements of cooperation, competition, and systemic rivalry," the draft said.

EU, US to end trade tariffs, call for new study into COVID-19 origins, says summit draft

The US has agreed on a four-month suspension of retaliatory tariffs imposed on UK exports including scotch whisky over a long-running aircraft subsidy row.

World Business Watch: US suspends tariffs on UK exports including Scotch

U.S. trade officials said on Wednesday they were increasing tariffs on certain European Union products, including aircraft-related parts and wines from France and Germany, amid an ongoing civil aircraft dispute between Washington and Brussels.

US slaps tariffs on French and German products

US increases tariffs on French and German wines, aircraft parts amid EU dispute

U.S has escalated tariff war at the end of the year with its one time biggest trade ally European union amid an ongoing civil aircraft dispute between Washington and brussels. The U.S has increased tariffs on certain EU products including aircraft related parts and wine from France and Germany

U.S. hikes tariffs amid EU disputes, slaps tariffs on French ,German products as well

The <a href="https://www.wionews.com/photos/united-states-china-trade-war-in-10-dates-230517">United States&nbsp;and Chinese officials</a> are working on a deal to postpone a round of tariffs set to hit Chinese imports in five days, according to a media report on Tuesday.

Delaying the new duties, which cover about $160 billion in imports, including consumer favourites like mobile phones, could help reassure markets the two sides are making progress towards ending their trade war.

Officials on both sides say they now expect to continue talking past December 15, when the tariffs are due to kick in, according to The Wall Street Journal.

The report helped move Wall Street futures into positive territory.

US officials have reiterated that any final decision by the American camp belongs to President Donald Trump.

For two months, the two sides have struggled to finalise a partial deal that Trump announced in October.

Statements by US officials have run hot and cold in recent days, with markets swooning last week after Trump said a deal could wait until after next year's elections.

But Larry Kudlow, a top White House economic aide, said Friday a deal was "still close."

<a href="https://www.wionews.com/world/ready-for-more-united-states-prisoner-swaps-iran-267212">Trump</a> launched his trade war in March 2018, demanding that China end practices widely seen as unfair,&nbsp;such as forced technology transfers from US firms, and massive subsidies given to Chinese firms.

But observers say Beijing is highly unlikely to make profound changes to the structure of its economy sought by Washington, which could politically undermine the Communist Party.

<a href="https://www.wionews.com/world/witnesses-named-for-trump-impeachment-hearing-in-united-states-house-265830">Trump has also sought pledges</a> from Beijing to make enormous purchases of US farm exports that experts say may exceed demand in China.

Should the December 15 tariffs take effect, virtually all the merchandise the United States imports annually from China will be covered by punitive tariffs.

The United States and Chinese officials are working on a deal to postpone a round of tariffs set to hit Chinese imports in five days, according to a media report on Tuesday.

The United States and Chinese officials are working on a deal to postpone a round of tariffs set to hit Chinese imports in five days, according to a media report on Tuesday. Delaying the new duties, which cover about $160 billion in imports, including consumer favourites like mobile phones, could help reassure markets the two sides are making progress towards ending their trade war. Officials on both sides say they now expect to continue talking past December 15, when the tariffs are due to kick in, according to The Wall Street Journal. The report helped move Wall Street futures into positive territory. US officials have reiterated that any final decision by the American camp belongs to President Donald Trump. For two months, the two sides have struggled to finalise a partial deal that Trump announced in October. Statements by US officials have run hot and cold in recent days, with markets swooning last week after Trump said a deal could wait until after next year's elections. But Larry Kudlow, a top White House economic aide, said Friday a deal was "still close." Trump launched his trade war in March 2018, demanding that China end practices widely seen as unfair, such as forced technology transfers from US firms, and massive subsidies given to Chinese firms. But observers say Beijing is highly unlikely to make profound changes to the structure of its economy sought by Washington, which could politically undermine the Communist Party. Trump has also sought pledges from Beijing to make enormous purchases of US farm exports that experts say may exceed demand in China. Should the December 15 tariffs take effect, virtually all the merchandise the United States imports annually from China will be covered by punitive tariffs.

United States, China working to delay December 15 tariffs: Report

President Trump said today that "effective immediately" the US would be restoring "tariffs on all steel and aluminium" on Brazil and Argentina.

Trump blamed "massive devaluation of currencies" for the recent tariffs, adding, "the Federal Reserve should likewise act so that countries, of which there are many, no longer take advantage of our strong dollar by further devaluing their currencies."

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Brazil and Argentina have been presiding over a massive devaluation of their currencies. which is not good for our farmers. Therefore, effective immediately, I will restore the Tariffs on all Steel &amp; Aluminum that is shipped into the U.S. from those countries. The Federal....
— Donald J. Trump (@realDonaldTrump) <a href="https://twitter.com/realDonaldTrump/status/1201455858636472320?ref_src=twsrc%5Etfw">December 2, 2019</a></blockquote>
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Trump said the devaluation was "not good for our farmers".

"US Markets are up as much as 21 per cent since the announcement of tariffs on 3/1/2018 - and the US is taking in massive amounts of money (and giving some to our farmers, who have been targeted by China)," the US president said in a tweet.

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.....Reserve should likewise act so that countries, of which there are many, no longer take advantage of our strong dollar by further devaluing their currencies. This makes it very hard for our manufactures &amp; farmers to fairly export their goods. Lower Rates &amp; Loosen - Fed!
— Donald J. Trump (@realDonaldTrump) <a href="https://twitter.com/realDonaldTrump/status/1201455859731238912?ref_src=twsrc%5Etfw">December 2, 2019</a></blockquote>
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The US president said a strong dollar makes it "very hard for our manufactures &amp; farmers to fairly export their goods," while imploring the Federal Reserve to "lower rates &amp; loosen".

Trump has been fighting a tariff battle with China in the past one year with Beijing insisting US tariffs must be rolled back as part of any phase one trade deal with Washington.

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U.S. Markets are up as much as 21% since the announcement of Tariffs on 3/1/2018 - and the U.S. is taking in massive amounts of money (and giving some to our farmers, who have been targeted by China)!
— Donald J. Trump (@realDonaldTrump) <a href="https://twitter.com/realDonaldTrump/status/1201458758934781953?ref_src=twsrc%5Etfw">December 2, 2019</a></blockquote>
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Last week, Trump had said the US was in the "final throes" of a deal which has hit the world economy amid global uncertainty.

Trump had warned that failure to get a trade deal with China will prompt "more tariffs".

"If we don’t make a deal with China, I’ll just raise the tariffs even higher," Trump had said.

Experts fear failure to reach a deal would hamper sales in the run-up to Christmas.

In September, Trump had imposed 15 per cent tariff on $125 billion of Chinese goods. According to reports, China has asked for the September 1 tariffs to be removed completely during trade talks with US officials.

President Trump said today that "effective immediately" the US would be restoring "tariffs on all steel and aluminium" on Brazil and Argentina. Trump blamed "massive devaluation of currencies" for the recent tariffs, adding, "the Federal Reserve should likewise act so that countries, of which there are many, no longer take advantage of our strong dollar by further devaluing their currencies.

President Trump said today that "effective immediately" the US would be restoring "tariffs on all steel and aluminium" on Brazil and Argentina. Trump blamed "massive devaluation of currencies" for the recent tariffs, adding, "the Federal Reserve should likewise act so that countries, of which there are many, no longer take advantage of our strong dollar by further devaluing their currencies." Brazil and Argentina have been presiding over a massive devaluation of their currencies. which is not good for our farmers. Therefore, effective immediately, I will restore the Tariffs on all Steel & Aluminum that is shipped into the U.S. from those countries. The Federal.... — Donald J. Trump (@realDonaldTrump) December 2, 2019 × Trump said the devaluation was "not good for our farmers". "US Markets are up as much as 21 per cent since the announcement of tariffs on 3/1/2018 - and the US is taking in massive amounts of money (and giving some to our farmers, who have been targeted by China)," the US president said in a tweet. .....Reserve should likewise act so that countries, of which there are many, no longer take advantage of our strong dollar by further devaluing their currencies. This makes it very hard for our manufactures & farmers to fairly export their goods. Lower Rates & Loosen - Fed! — Donald J. Trump (@realDonaldTrump) December 2, 2019 × The US president said a strong dollar makes it "very hard for our manufactures & farmers to fairly export their goods," while imploring the Federal Reserve to "lower rates & loosen". Trump has been fighting a tariff battle with China in the past one year with Beijing insisting US tariffs must be rolled back as part of any phase one trade deal with Washington. U.S. Markets are up as much as 21% since the announcement of Tariffs on 3/1/2018 - and the U.S. is taking in massive amounts of money (and giving some to our farmers, who have been targeted by China)! — Donald J. Trump (@realDonaldTrump) December 2, 2019 × Last week, Trump had said the US was in the "final throes" of a deal which has hit the world economy amid global uncertainty. Trump had warned that failure to get a trade deal with China will prompt "more tariffs". "If we don’t make a deal with China, I’ll just raise the tariffs even higher," Trump had said. Experts fear failure to reach a deal would hamper sales in the run-up to Christmas. In September, Trump had imposed 15 per cent tariff on $125 billion of Chinese goods. According to reports, China has asked for the September 1 tariffs to be removed completely during trade talks with US officials.

Effective immediately, US to restore steel & aluminium tariffs on Brazil, Argentina: Trump

U.S-China to roll back tariffs in trade truce.

U.S-China agree to lift 'Some Tariffs'

A <a href="https://www.wionews.com/world/us-japan-trade-agreement-will-be-model-for-indo-pacific-pence-177013">US-Japan trade deal</a> hit a last-minute snag as Japanese officials sought assurances that the Trump administration will not impose national security tariffs on Japanese-built cars and auto parts, people familiar with the talks said on Monday.

US President Donald Trump and Japanese Prime Minister <a href="https://www.wionews.com/world/us-japan-agree-trade-deal-in-principle-245579">Shinzo Abe</a> have been aiming to sign a trade deal at a meeting this week during the United Nations General Assembly in New York that provides increased access to Japan for US agricultural goods and bilateral cuts in industrial goods tariffs.

But the limited trade deal is not expected to include changes to tariffs and trade rules governing autos, the biggest source of the $67.6 billion US&nbsp;trade deficit with Japan.

Trump has refrained thus far from following through on his threat to impose tariffs of up to 25 per cent&nbsp;on Japanese and European car and parts imports, citing ongoing trade negotiations with these partners.

The New York Times earlier reported that Japan was demanding a "sunset clause" that would cancel any trade benefits for the United States if Trump imposes the auto tariffs on Japanese vehicles.

Japanese Foreign Ministry spokesman Masato Ohtaka said that Japan still hoped to sign the US&nbsp;trade deal by the end of September and that there was still time to work out remaining issues.

"Frankly speaking, we still have some time and all my colleagues in the government are making their best efforts to actually meet this target," Ohtaka said.

"With the UN&nbsp;General Assembly meeting in mind, we are accelerating the remaining work, including the wording of a trade agreement", Japanese Chief Cabinet Secretary Yoshihide Suga said.

Executives at two automakers briefed on the matter said Japan has expressed concerns about signing a deal without assurances that Trump will refrain from imposing tariffs on Japanese automotive exports as he benefits from Japanese agricultural concessions.

These people, speaking on condition of anonymity, confirmed that the issue could delay the signing of a US-Japan trade deal until subsequent weeks.

Japanese Foreign Minister Toshimitsu Motegi told reporters after talks with US&nbsp;Trade Representative Robert Lighthizer that significant work was underway to finalise the deal but that he did not expect much delay beyond an end-September target signing off on the deal. He added that he expected a "good ceremony" when Abe and Trump meet.

"I think the content will not be something to worry about", Motegi said about the US threat of added tariffs on Japanese autos.

Details of the US-Japan trade deal have not been disclosed, but people familiar with it say that it will provide US&nbsp;farmers who have been battered by the <a href="https://www.wionews.com/world/us-japan-to-open-trade-talks-amid-china-deal-optimism-210692">US&nbsp;trade war with China</a> some relief through increased access to Japan, including for American beef and pork.

But some people say it will provide less than the access they would have received had the United States remained in the Trans-Pacific Partnership trade deal, which Trump pulled the United States out of on his third day in office in January 2017.

The deal also includes a modernization of digital trade rules, which is expected to reinforce the US&nbsp;model of internet development, prohibiting cross-border taxation of e-commerce and data localization requirements.

Trump and Abe, a year ago at the UN&nbsp;General Assembly agreed to discuss an arrangement that protects Japanese automakers from further tariffs while negotiations are underway.

The trade deal would not require congressional approval, using a trade law provision that allows the US&nbsp;President to make executive agreements to mutually reduce tariffs with a foreign trading partner.

A US-Japan trade deal hit a last-minute snag as Japanese officials sought assurances that the Trump administration will not impose national security tariffs on Japanese-built cars and auto parts, people familiar with the talks said on Monday.

A US-Japan trade deal hit a last-minute snag as Japanese officials sought assurances that the Trump administration will not impose national security tariffs on Japanese-built cars and auto parts, people familiar with the talks said on Monday. US President Donald Trump and Japanese Prime Minister Shinzo Abe have been aiming to sign a trade deal at a meeting this week during the United Nations General Assembly in New York that provides increased access to Japan for US agricultural goods and bilateral cuts in industrial goods tariffs. But the limited trade deal is not expected to include changes to tariffs and trade rules governing autos, the biggest source of the $67.6 billion US trade deficit with Japan. Trump has refrained thus far from following through on his threat to impose tariffs of up to 25 per cent on Japanese and European car and parts imports, citing ongoing trade negotiations with these partners. The New York Times earlier reported that Japan was demanding a "sunset clause" that would cancel any trade benefits for the United States if Trump imposes the auto tariffs on Japanese vehicles. Japanese Foreign Ministry spokesman Masato Ohtaka said that Japan still hoped to sign the US trade deal by the end of September and that there was still time to work out remaining issues. "Frankly speaking, we still have some time and all my colleagues in the government are making their best efforts to actually meet this target," Ohtaka said. "With the UN General Assembly meeting in mind, we are accelerating the remaining work, including the wording of a trade agreement", Japanese Chief Cabinet Secretary Yoshihide Suga said. Executives at two automakers briefed on the matter said Japan has expressed concerns about signing a deal without assurances that Trump will refrain from imposing tariffs on Japanese automotive exports as he benefits from Japanese agricultural concessions. These people, speaking on condition of anonymity, confirmed that the issue could delay the signing of a US-Japan trade deal until subsequent weeks. Japanese Foreign Minister Toshimitsu Motegi told reporters after talks with US Trade Representative Robert Lighthizer that significant work was underway to finalise the deal but that he did not expect much delay beyond an end-September target signing off on the deal. He added that he expected a "good ceremony" when Abe and Trump meet. "I think the content will not be something to worry about", Motegi said about the US threat of added tariffs on Japanese autos. Details of the US-Japan trade deal have not been disclosed, but people familiar with it say that it will provide US farmers who have been battered by the US trade war with China some relief through increased access to Japan, including for American beef and pork. But some people say it will provide less than the access they would have received had the United States remained in the Trans-Pacific Partnership trade deal, which Trump pulled the United States out of on his third day in office in January 2017. The deal also includes a modernization of digital trade rules, which is expected to reinforce the US model of internet development, prohibiting cross-border taxation of e-commerce and data localization requirements. Trump and Abe, a year ago at the UN General Assembly agreed to discuss an arrangement that protects Japanese automakers from further tariffs while negotiations are underway. The trade deal would not require congressional approval, using a trade law provision that allows the US President to make executive agreements to mutually reduce tariffs with a foreign trading partner.

US-Japan trade deal hits snag as Tokyo seeks assurances on car tariffs

White House economic adviser <a href="https://www.wionews.com/world/china-us-talks-likely-to-heat-up-in-october-meeting-kudlow-248069">Larry Kudlow </a>said on Friday the United States wants "near term" results from the US, China trade talks in September and October but cautioned that the trade conflict could take years to resolve.

Speaking to reporters outside the White House, Kudlow said that although the United States and China have been negotiating on trade and intellectual property issues for 18 months, that was a short period of time in terms of what was at stake and negotiations could go on much longer.

"A deal of this size and scope and central global importance, I don't think 18 months is a very long time," Kudlow said.

"The stakes are so high, we have to get it right, and if that takes a decade, so be it," Kudlow added, drawing parallels to US&nbsp;Cold War competition against the Soviet Union.

But in confirming talks between the high-level US&nbsp;and Chinese officials in early October, Kudlow declined to predict outcomes or a specific timeline for reaching any agreements.

The plans for the first in-person US and&nbsp;China trade meetings since late July were set during a phone call on Thursday between Chinese Vice Premier Liu He, US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin. Trade deputies are due to meet in mid-September.

'Back to May'

The 14-month <a href="https://www.wionews.com/world/us-china-trade-war-to-knock-05-points-off-global-growth-french-finance-minister-247859">US and China trade war</a> has escalated sharply since May when talks broke down after Beijing backtracked on earlier commitments to make changes in the law to improve intellectual property protections, curb the forced transfer of US technology to Chinese firms and improve the US access to Chinese markets.

Since then, <a href="https://www.wionews.com/world/donald-trump-bullish-on-china-tariffs-but-aide-warns-of-long-haul-248138">US&nbsp;President Donald Trump</a> has sharply increased existing tariffs on $200 billion worth of Chinese goods and imposed or scheduled new tariffs on virtually all remaining imports from China to increase his negotiating leverage.

Kudlow told Bloomberg TV that he could not speculate on whether the September or October talks could delay a planned tariff increase on October&nbsp;1 to 30 per cent&nbsp;from 25 per cent&nbsp;on $250 billion worth of Chinese goods.

"We would like to go back to where we were last May, but I don't know if that's possible, and I don't want to predict any outcomes. This is a difficult matter," told reporters at the White House.

He also said that it was important that Chinese reforms be reflected in changes to its laws and that any deal must have enforcement provisions to ensure that China lives up to its commitments.

'Everything on table'

He said on Fox Business Network that the September and October talks would cover all of the core issues in the dispute.

"Everything will be on the table. You can rest assured, for example, the absolute key structural issues the IP theft, the forced transfer of technology, the cyberspace, the clouds, financial services, all of that will be on the table&nbsp;agriculture purchases, industrial purchases, energy purchases, getting tariff and non-tariff barriers down," Kudlow said.

While there were no precondition talks, Kudlow told Bloomberg TV that the Trump administration wants "to see results in the near term."

"When we don't see results, we take additional actions," Kudlow said. "On the other hand, if we do see results from these upcoming meetings, then progress will be made."

Trump said on Twitter that China was hurting economically from the US&nbsp;tariffs but that the new round of talks was positive.

"'China is eating the Tariffs,'" Trump tweeted. "Billions pouring into the USA. Targeted Patriot Farmers getting massive Dollars from the incoming Tariffs!

Good Jobs Numbers, No Inflation(Fed). China having the worst year in decades. Talks happening, good for all!"

White House economic adviser Larry Kudlow said on Friday the United States wants "near term" results from the US, China trade talks in September and October but cautioned that the trade conflict could take years to resolve.

White House economic adviser Larry Kudlow said on Friday the United States wants "near term" results from the US, China trade talks in September and October but cautioned that the trade conflict could take years to resolve. Speaking to reporters outside the White House, Kudlow said that although the United States and China have been negotiating on trade and intellectual property issues for 18 months, that was a short period of time in terms of what was at stake and negotiations could go on much longer. "A deal of this size and scope and central global importance, I don't think 18 months is a very long time," Kudlow said. "The stakes are so high, we have to get it right, and if that takes a decade, so be it," Kudlow added, drawing parallels to US Cold War competition against the Soviet Union. But in confirming talks between the high-level US and Chinese officials in early October, Kudlow declined to predict outcomes or a specific timeline for reaching any agreements. The plans for the first in-person US and China trade meetings since late July were set during a phone call on Thursday between Chinese Vice Premier Liu He, US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin. Trade deputies are due to meet in mid-September. 'Back to May' The 14-month US and China trade war has escalated sharply since May when talks broke down after Beijing backtracked on earlier commitments to make changes in the law to improve intellectual property protections, curb the forced transfer of US technology to Chinese firms and improve the US access to Chinese markets. Since then, US President Donald Trump has sharply increased existing tariffs on $200 billion worth of Chinese goods and imposed or scheduled new tariffs on virtually all remaining imports from China to increase his negotiating leverage. Kudlow told Bloomberg TV that he could not speculate on whether the September or October talks could delay a planned tariff increase on October 1 to 30 per cent from 25 per cent on $250 billion worth of Chinese goods. "We would like to go back to where we were last May, but I don't know if that's possible, and I don't want to predict any outcomes. This is a difficult matter," told reporters at the White House. He also said that it was important that Chinese reforms be reflected in changes to its laws and that any deal must have enforcement provisions to ensure that China lives up to its commitments. 'Everything on table' He said on Fox Business Network that the September and October talks would cover all of the core issues in the dispute. "Everything will be on the table. You can rest assured, for example, the absolute key structural issues the IP theft, the forced transfer of technology, the cyberspace, the clouds, financial services, all of that will be on the table agriculture purchases, industrial purchases, energy purchases, getting tariff and non-tariff barriers down," Kudlow said. While there were no precondition talks, Kudlow told Bloomberg TV that the Trump administration wants "to see results in the near term." "When we don't see results, we take additional actions," Kudlow said. "On the other hand, if we do see results from these upcoming meetings, then progress will be made." Trump said on Twitter that China was hurting economically from the US tariffs but that the new round of talks was positive. "'China is eating the Tariffs,'" Trump tweeted. "Billions pouring into the USA. Targeted Patriot Farmers getting massive Dollars from the incoming Tariffs! Good Jobs Numbers, No Inflation(Fed). China having the worst year in decades. Talks happening, good for all!"

US, China trade conflict could take years to resolve: White House economic adviser Larry Kudlow

When President Donald Trump said on Sunday that he had second thoughts about escalating the<a href="https://www.wionews.com/world/china-hits-out-at-bullying-us-over-new-tariffs-245352"> trade war with China</a>, he meant that he wished he had raised tariffs on Beijing even higher, the White House said.

Trump, who announced higher tariffs on Chinese goods last week, raised eyebrows during a meeting with British Prime Minister Boris Johnson at the G7 when he responded in the affirmative to questions from reporters on whether he had any second thoughts about the tariff move.

White House spokeswoman Stephanie Grisham sought to explain the remark.

"His answer has been greatly misinterpreted. <a href="https://www.wionews.com/world/i-order-us-companies-to-immediately-look-for-an-alternative-to-china-trump-245191">President Trump</a> responded in the affirmative - because he regrets not raising the tariffs higher," she said in a statement.

Trump on Friday set an additional 5% duty on some $550 billion in targeted Chinese goods, hours after China unveiled retaliatory tariffs on $75 billion worth of US goods.

The moves were the latest round in a tit-for-tat trade war between the world`s two largest economies that has damaged global growth, upset allies, and raised market fears that the world economy will tip into a recession.

Watch: Trump slaps new tariffs on China, Additional 5% Tariff On Chinese Imports

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During his meeting with Johnson on Sunday in France, Trump was asked if he had second thoughts about his latest escalation.

"Yeah, sure. Why not?" he said.

The reporter repeated the question and Trump replied: "Might as well. Might as well."

A second reporter followed up again, asking if he had second thoughts about escalating the trade war with China.

"I have second thoughts about everything," Trump responded. 
The president's responses were unusual because he has been largely resolute in his demands that China changes its trade practices and that tariffs were a successful tool to encourage Beijing to do so.

On Friday, upset about China`s retaliation, the president said he was ordering U.S. companies to find alternatives to doing business in China and move operations back to the United States.

It was unclear what Trump could do to legally compel US companies to abandon China.

Asked on Sunday if he would declare a national emergency over the issue, Trump said he had the right to do so but had no plans in the works.

"I could declare a national emergency. I think when they steal and take out, and -- intellectual property theft, anywhere from $300 billion to $500 billion a year, and where we have a total loss of almost a trillion dollars a year ... in many ways, that`s an emergency," he said.

"I have no plan right now. We're getting along very well with China right now. We're talking. I think they want to make a deal much more than I do."

When President Donald Trump said on Sunday that he had second thoughts about escalating the trade war with China, he meant that he wished he had raised tariffs on Beijing even higher, the White House said.

When President Donald Trump said on Sunday that he had second thoughts about escalating the trade war with China, he meant that he wished he had raised tariffs on Beijing even higher, the White House said. Trump, who announced higher tariffs on Chinese goods last week, raised eyebrows during a meeting with British Prime Minister Boris Johnson at the G7 when he responded in the affirmative to questions from reporters on whether he had any second thoughts about the tariff move. White House spokeswoman Stephanie Grisham sought to explain the remark. "His answer has been greatly misinterpreted. President Trump responded in the affirmative - because he regrets not raising the tariffs higher," she said in a statement. Trump on Friday set an additional 5% duty on some $550 billion in targeted Chinese goods, hours after China unveiled retaliatory tariffs on $75 billion worth of US goods. The moves were the latest round in a tit-for-tat trade war between the world`s two largest economies that has damaged global growth, upset allies, and raised market fears that the world economy will tip into a recession. Watch: Trump slaps new tariffs on China, Additional 5% Tariff On Chinese Imports × During his meeting with Johnson on Sunday in France, Trump was asked if he had second thoughts about his latest escalation. "Yeah, sure. Why not?" he said. The reporter repeated the question and Trump replied: "Might as well. Might as well." A second reporter followed up again, asking if he had second thoughts about escalating the trade war with China. "I have second thoughts about everything," Trump responded. The president's responses were unusual because he has been largely resolute in his demands that China changes its trade practices and that tariffs were a successful tool to encourage Beijing to do so. On Friday, upset about China`s retaliation, the president said he was ordering U.S. companies to find alternatives to doing business in China and move operations back to the United States. It was unclear what Trump could do to legally compel US companies to abandon China. Asked on Sunday if he would declare a national emergency over the issue, Trump said he had the right to do so but had no plans in the works. "I could declare a national emergency. I think when they steal and take out, and -- intellectual property theft, anywhere from $300 billion to $500 billion a year, and where we have a total loss of almost a trillion dollars a year ... in many ways, that`s an emergency," he said. "I have no plan right now. We're getting along very well with China right now. We're talking. I think they want to make a deal much more than I do."

Trump's only regret on China is 'not raising the tariffs higher': White House

Chinese companies have stopped buying US agricultural products, China's Commerce Ministry said on Tuesday (August 06), a blow to US farmers who have already seen their exports slashed by the more than year-old trade war.

US farmers suffer 'body blow' as China slams door on farm purchases

China's foreign minister said Friday tariffs are "not a constructive" way to solve the US trade war after <a href="https://www.wionews.com/world/us-to-hit-300-billion-worth-of-chinese-goods-with-10-tariff-donald-trump-240021">President Donald Trump</a> threatened to hit $300 billion worth of Chinese goods with new duties.

"Slapping on tariffs is definitely not a constructive way to resolve economic and trade frictions, it's not the correct way," Wang Yi said on the sidelines of a meeting of Southeast Asia's top diplomats in Bangkok, according to footage broadcast on a Chinese television station.

US President Donald Trump had announced on Thursday he will hit China with punitive tariffs on another $300 billion in goods, prompting Beijing to warn it was the wrong way to resolve the trade war.

Watch Video:

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The sudden deterioration meant the world's two largest economies have now erected trade barriers covering virtually all of their $660 billion in annual trade in merchandise - confirming economists' fears and sending shudders through Wall Street.

The 10 per cent duties will take effect September 1, and come on top of the 25 per cent tariffs on $250 billion in imports already in place.

He later raised the possibility he could increase the duties further.

"The 10 per cent is... for a short-term period and then I can always do much more or I can do less, depending on what happens with respect to a deal," Trump said at the White House, adding, "it could be lifted up to well beyond 25 per cent."

China has yet to say whether and how it will retaliate, but it has hinted in recent months that it could restrict exports of rare earths, which are vital to the US tech industry, and it is also working on a blacklist of "unreliable" companies that could target US firms.

China's foreign minister said Friday tariffs are "not a constructive" way to solve the US trade war after President Donald Trump threatened to hit $300 billion worth of Chinese goods with new duties.

China's foreign minister said Friday tariffs are "not a constructive" way to solve the US trade war after President Donald Trump threatened to hit $300 billion worth of Chinese goods with new duties. "Slapping on tariffs is definitely not a constructive way to resolve economic and trade frictions, it's not the correct way," Wang Yi said on the sidelines of a meeting of Southeast Asia's top diplomats in Bangkok, according to footage broadcast on a Chinese television station. US President Donald Trump had announced on Thursday he will hit China with punitive tariffs on another $300 billion in goods, prompting Beijing to warn it was the wrong way to resolve the trade war. Watch Video: The sudden deterioration meant the world's two largest economies have now erected trade barriers covering virtually all of their $660 billion in annual trade in merchandise - confirming economists' fears and sending shudders through Wall Street. The 10 per cent duties will take effect September 1, and come on top of the 25 per cent tariffs on $250 billion in imports already in place. He later raised the possibility he could increase the duties further. "The 10 per cent is... for a short-term period and then I can always do much more or I can do less, depending on what happens with respect to a deal," Trump said at the White House, adding, "it could be lifted up to well beyond 25 per cent." China has yet to say whether and how it will retaliate, but it has hinted in recent months that it could restrict exports of rare earths, which are vital to the US tech industry, and it is also working on a blacklist of "unreliable" companies that could target US firms.

Slapping tariffs not a constructive way to solve trade war: China to US

U.S President Donald Trump will impose fresh tariffs on China that will come into effect from 1st September 2019.

Wion Dispatch: Trump to Impose fresh tariffs on China

WION Dispatch: Trump to Impose fresh tariffs on China

As US and China continue talks on ways to end the trade war, President Trump in a tweet said today that <a href="https://www.wionews.com/world/after-trump-xi-g20-meeting-us-china-resume-talks-to-resolve-trade-war-234508">US tariffs have had a major effect</a> on companies wanting to leave China for "non-tariffed countries" with "thousands leaving" the country.

"We are receiving billions of dollars in tariffs from China, with possibly much more to come. These tariffs are paid for by China devaluing and pumping, not by the US taxpayer!" the US president said in a tweet.

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China’s 2nd Quarter growth is the slowest it has been in more than 27 years. The United States Tariffs are having a major effect on companies wanting to leave China for non-tariffed countries. Thousands of companies are leaving. This is why China wants to make a deal....
— Donald J. Trump (@realDonaldTrump) <a href="https://twitter.com/realDonaldTrump/status/1150717474624692224?ref_src=twsrc%5Etfw">July 15, 2019</a></blockquote>
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"Thousands of companies are leaving. This is why China wants to make a deal with the US and wishes it had not broken the original deal in the first place," Trump added.

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....with the U.S., and wishes it had not broken the original deal in the first place. In the meantime, we are receiving Billions of Dollars in Tariffs from China, with possibly much more to come. These Tariffs are paid for by China devaluing &amp; pumping, not by the U.S. taxpayer!
— Donald J. Trump (@realDonaldTrump) <a href="https://twitter.com/realDonaldTrump/status/1150717475421663233?ref_src=twsrc%5Etfw">July 15, 2019</a></blockquote>
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At the G20 summit in Japan last month, Trump had vowed not to<a href="https://www.wionews.com/business-economy/slower-china-gross-domestic-product-growth-nudges-oil-prices-lower-236066"> impose new tariffs on China</a>. Trump had said the trade issue was "back on track" during the summit. The US president had said he was ready for "historic deal" with China. President Xi told Trump that "dialogue" was better than confrontation.

However, on Monday in a tweet, Trump said: "China’s second-quarter growth is the slowest it has been in more than 27 years. The United States tariffs are having a major effect on companies wanting to leave China for non-tariffed countries."

Trump's latest attack on China comes even as White House officials had informed that US officials were set for face-to-face trade talks in China. US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin are expected to go to Beijing to resume talks which have seen little progress over larger issues.

Reports said Lighthizer and Mnuchin had spoken with Chinese Vice Premier Liu He and Commerce Minister Zhong Shan over the phone, but details of the conversation were not available.

Trump had earlier accused China of reneging on its commitments, however, hopes were revived after Trump met President Xi in Osaka, Japan with both leaders agreeing to remain "fully engaged" on the trade issue. 
&nbsp;

As US and China continue talks on ways to end the trade war, President Trump in a tweet said today that US tariffs have had a major effect on companies wanting to leave China for "non-tariffed countries" with "thousands leaving" the country.

As US and China continue talks on ways to end the trade war, President Trump in a tweet said today that US tariffs have had a major effect on companies wanting to leave China for "non-tariffed countries" with "thousands leaving" the country. "We are receiving billions of dollars in tariffs from China, with possibly much more to come. These tariffs are paid for by China devaluing and pumping, not by the US taxpayer!" the US president said in a tweet. China’s 2nd Quarter growth is the slowest it has been in more than 27 years. The United States Tariffs are having a major effect on companies wanting to leave China for non-tariffed countries. Thousands of companies are leaving. This is why China wants to make a deal.... — Donald J. Trump (@realDonaldTrump) July 15, 2019 × "Thousands of companies are leaving. This is why China wants to make a deal with the US and wishes it had not broken the original deal in the first place," Trump added. ....with the U.S., and wishes it had not broken the original deal in the first place. In the meantime, we are receiving Billions of Dollars in Tariffs from China, with possibly much more to come. These Tariffs are paid for by China devaluing & pumping, not by the U.S. taxpayer! — Donald J. Trump (@realDonaldTrump) July 15, 2019 × At the G20 summit in Japan last month, Trump had vowed not to impose new tariffs on China. Trump had said the trade issue was "back on track" during the summit. The US president had said he was ready for "historic deal" with China. President Xi told Trump that "dialogue" was better than confrontation. However, on Monday in a tweet, Trump said: "China’s second-quarter growth is the slowest it has been in more than 27 years. The United States tariffs are having a major effect on companies wanting to leave China for non-tariffed countries." Trump's latest attack on China comes even as White House officials had informed that US officials were set for face-to-face trade talks in China. US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin are expected to go to Beijing to resume talks which have seen little progress over larger issues. Reports said Lighthizer and Mnuchin had spoken with Chinese Vice Premier Liu He and Commerce Minister Zhong Shan over the phone, but details of the conversation were not available. Trump had earlier accused China of reneging on its commitments, however, hopes were revived after Trump met President Xi in Osaka, Japan with both leaders agreeing to remain "fully engaged" on the trade issue.

Thousands of companies leaving China, that is why they want to make a deal: Trump

U.S trade representatives were in New Delhi for talks. United States is India's largest trading partner. U.S ended India' preferential status then India retaliated. India slapped tariffs on U.S almonds and 27 other U.S products. Commerce Minister Piyush Goyal will visit U.S soon. Watch this video to know more.

Sources: No breakthrough in India-U.S trade talks

U.S. President Trump continues to wage tariff wars against India, says that India has been having a field day imposing retaliatory tariffs on U.S. products. In fact, India's retaliatory tariffs are taking a toll of America's almond farmers. Watch this video to know more on the story.

Donald Trump targets India, hurts own farmers

Washington is planning <a href="https://www.wionews.com/world/will-slap-huge-new-tariffs-on-china-if-president-xi-doesnt-show-up-trump-ahead-of-g20-meeting-226081">another tidal wave of tariffs on Chinese imports</a> that represent a worst-case scenario for markets and major industries on both sides of the Pacific.

And on Monday, seven days of public hearings are due to begin as major businesses issue their loudest warnings yet about layoffs, lost business and America's waning industrial predominance.

Some industries, such as steel and aluminum producers, have benefitted from President Donald Trump's trade policies and strongly support tariffs.

But the lion's share so far are pleading with his administration to spare the imports they depend on -- if not to step back from the brink of an unprecedented all-out trade conflict that economists say would prove dire for global growth.

Should they take effect, the newest $300 billion round of tariffs -- which follow last month's sudden crackup in trade negotiations with Beijing -- would mean stinging duties cover just about all of the more than half trillion dollars in goods that Americans buy from China every year.

Major trade bodies share Trump's principle grievances with Beijing, accusing it of rampant industrial espionage and massive state intervention in markets.

But in a letter to Trump on Thursday, hundreds of US companies large and small, including retail giants Target and Walmart, warned Trump the new tariff round could cost two million jobs and cut US GDP growth by a full percentage point.

Watch:&nbsp;India imposes retaliatory tariffs on 28 US goods

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So far, Trump has imposed tariffs on more than $250 billion in Chinese goods but this has spared most consumer items from major price increases.

Still, William Reinsch, a trade policy expert at the Center for Strategic and International Studies, told AFP the new tariffs were likely to pinch ordinary consumers far more.&nbsp;

"Unlike the previous times, I think there'll be a sharp negative reaction from the public," he said.&nbsp;

"If these things go into effect in July, what you're going to see is fairly immediate price increases on a whole bunch of things right at the point where people are gearing up to shop for the fall season, for winter clothes and for Christmas."

Trump has pinned hopes for resolving the impasse on a planned meeting with his Chinese counterpart Xi Jinping later this month at the Group of 20 summit in Japan.

America makes no tea

Should Xi fail to attend, Trump told CNBC this week, he could impose the new tariffs "immediately" -- although the period for public comment on the tariffs extends beyond the conclusion of the summit.

At the hearings, more than 300 people are scheduled to testify. And the US Trade Representative's office has collected more than 1,200 written comments and requests to appear in person.

"We are not able to quickly or simply shift all manufacturing to other sourcing countries, resulting in price increases for the average US consumer," wrote Patrice Louvet, CEO of Ralph Lauren Corporation. "This ultimately undermines American competitiveness."

Oilfield services giant Halliburton warned of job cuts and decreased US oil-and-gas exploration if duties rise to 25 per cent on barite, a key mineral used in drilling fluids for which China has the world's largest reserves.

Smaller businesses also came forward.&nbsp;

"We would like it to be known that the retail segment of the economy is preparing for a big hit and pray that the present administration consults God," said an anonymous retailer in western Kentucky that imports outdoor seating and artificial Christmas trees, among other items, but supported Trump's trade policies overall.

Lu Yu, vice president of the China Chamber of Commerce of Food Stuffs, Native Produce and Animal Byproducts, said putting tariffs on Chinese tea made no sense.

"The USA is not a tea producing country," she wrote.

"The tea industry of the USA does not need to be protected by tariffs and there is not any tea grower or group that would be protected."

Trump's departing chief economist Kevin Hassett told CNBC on Friday the possible Trump-Xi meeting at the G20 summit could yield rapid improvements.

"I think the hope is that at the G20 meeting the two presidents can get together to start to get closer to where we were a few months ago where we really, really close to having a deal," he said.

But Trump's commerce secretary, Wilbur Ross, told the Wall Street Journal on Sunday he thinks "the most that will come out of the G-20 might be an agreement to actively resume talks."

"At the presidential level they're not going to talk about the details of how do you enforce a trade agreement," Ross said.

And the spectre of such a massive hit to consumers' wallets holds political peril for Trump.&nbsp;

Polling last month by Monmouth and Quinnipiac universities showed majorities disapproved of Trump's trade policies and expected his tariffs to raise prices.

Reinsch of CSIS said Trump was left with a dilemma, as Beijing was not likely to meet his toughest demands.

"The president has a choice: accept a weaker agreement or continue the war," he said, adding that either outcome would leave him vulnerable to attacks from Democrats.&nbsp;

"I don't see a clean way out of this."

Washington is planning another tidal wave of tariffs on Chinese imports that represent a worst-case scenario for markets and major industries on both sides of the Pacific.

Washington is planning another tidal wave of tariffs on Chinese imports that represent a worst-case scenario for markets and major industries on both sides of the Pacific. And on Monday, seven days of public hearings are due to begin as major businesses issue their loudest warnings yet about layoffs, lost business and America's waning industrial predominance. Some industries, such as steel and aluminum producers, have benefitted from President Donald Trump's trade policies and strongly support tariffs. But the lion's share so far are pleading with his administration to spare the imports they depend on -- if not to step back from the brink of an unprecedented all-out trade conflict that economists say would prove dire for global growth. Should they take effect, the newest $300 billion round of tariffs -- which follow last month's sudden crackup in trade negotiations with Beijing -- would mean stinging duties cover just about all of the more than half trillion dollars in goods that Americans buy from China every year. Major trade bodies share Trump's principle grievances with Beijing, accusing it of rampant industrial espionage and massive state intervention in markets. But in a letter to Trump on Thursday, hundreds of US companies large and small, including retail giants Target and Walmart, warned Trump the new tariff round could cost two million jobs and cut US GDP growth by a full percentage point. Watch: India imposes retaliatory tariffs on 28 US goods So far, Trump has imposed tariffs on more than $250 billion in Chinese goods but this has spared most consumer items from major price increases. Still, William Reinsch, a trade policy expert at the Center for Strategic and International Studies, told AFP the new tariffs were likely to pinch ordinary consumers far more. "Unlike the previous times, I think there'll be a sharp negative reaction from the public," he said. "If these things go into effect in July, what you're going to see is fairly immediate price increases on a whole bunch of things right at the point where people are gearing up to shop for the fall season, for winter clothes and for Christmas." Trump has pinned hopes for resolving the impasse on a planned meeting with his Chinese counterpart Xi Jinping later this month at the Group of 20 summit in Japan. America makes no tea Should Xi fail to attend, Trump told CNBC this week, he could impose the new tariffs "immediately" -- although the period for public comment on the tariffs extends beyond the conclusion of the summit. At the hearings, more than 300 people are scheduled to testify. And the US Trade Representative's office has collected more than 1,200 written comments and requests to appear in person. "We are not able to quickly or simply shift all manufacturing to other sourcing countries, resulting in price increases for the average US consumer," wrote Patrice Louvet, CEO of Ralph Lauren Corporation. "This ultimately undermines American competitiveness." Oilfield services giant Halliburton warned of job cuts and decreased US oil-and-gas exploration if duties rise to 25 per cent on barite, a key mineral used in drilling fluids for which China has the world's largest reserves. Smaller businesses also came forward. "We would like it to be known that the retail segment of the economy is preparing for a big hit and pray that the present administration consults God," said an anonymous retailer in western Kentucky that imports outdoor seating and artificial Christmas trees, among other items, but supported Trump's trade policies overall. Lu Yu, vice president of the China Chamber of Commerce of Food Stuffs, Native Produce and Animal Byproducts, said putting tariffs on Chinese tea made no sense. "The USA is not a tea producing country," she wrote. "The tea industry of the USA does not need to be protected by tariffs and there is not any tea grower or group that would be protected." Trump's departing chief economist Kevin Hassett told CNBC on Friday the possible Trump-Xi meeting at the G20 summit could yield rapid improvements. "I think the hope is that at the G20 meeting the two presidents can get together to start to get closer to where we were a few months ago where we really, really close to having a deal," he said. But Trump's commerce secretary, Wilbur Ross, told the Wall Street Journal on Sunday he thinks "the most that will come out of the G-20 might be an agreement to actively resume talks." "At the presidential level they're not going to talk about the details of how do you enforce a trade agreement," Ross said. And the spectre of such a massive hit to consumers' wallets holds political peril for Trump. Polling last month by Monmouth and Quinnipiac universities showed majorities disapproved of Trump's trade policies and expected his tariffs to raise prices. Reinsch of CSIS said Trump was left with a dilemma, as Beijing was not likely to meet his toughest demands. "The president has a choice: accept a weaker agreement or continue the war," he said, adding that either outcome would leave him vulnerable to attacks from Democrats. "I don't see a clean way out of this."

US planning more tariffs on Chinese goods, represent worst scenario for both countries

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