In this segment WION Exclusively speaks with Mr. Ray Locker, Senior Journalist over Trump's fresh announcement to stop Preferential trade with India.

WION Exclusive: In Conversation with Mr. Ray Locker, Senior Journalist over India-US Trade

The United States will no longer "tiptoe" around <a href="https://www.wionews.com/world/china-says-us-actions-on-taiwan-south-china-sea-threaten-stability-223372">Chinese behaviour in Asia</a>, with stability in the region threatened on issues ranging from the South China Sea to Taiwan, acting US&nbsp;Defence Secretary Patrick Shanahan said on Saturday.

Shanahan did not directly name China when making accusations of "actors" destabilising the region but went on to say the United States would not ignore Chinese behaviour, the latest in the exchange of acerbic remarks between the world's two biggest economies. He added, however, he was keen to foster a military relationship with Beijing.

"Perhaps the greatest long-term threat to the vital interests of states across this region comes from actors who seek to undermine, rather than uphold, the rules-based international order," Shanahan said at the annual Shangri-La Dialogue in Singapore, Asia's biggest security gathering.

"If the trends in these behaviours continue, artificial features in the global commons could become tollbooths, sovereignty could become the purview of the powerful."

Shanahan's first major speech since taking over as acting defence secretary in January came as the United States and China remain locked in an escalating trade war and at odds over a range of security issues in Asia.

His reference to artificial features was a swipe at islands built by China in the disputed South China Sea, a strategic waterway claimed almost wholly by Beijing.

"We're not going to ignore Chinese behaviour and I think in the past people have kind of tiptoed around that," Shanahan said later in answer to a question.

A senior Chinese military official responded to Shanahan's comments by saying that the United States' actions on Taiwan and the South China Sea were hardly conducive to maintaining stability in the region.&nbsp;

Shanahan said it was in Beijing's interests to have a constructive relationship with the United States.

But he added: "Behaviour that erodes other nations' sovereignty and sows distrust of China's intentions must end."

"Until it does, we stand against a myopic, narrow, and parochial vision of the future, and we stand for the free and open order that has benefited us all - including China."

US&nbsp;lawmakers said Shanahan's speech was impressive.

"I was very impressed and I certainly am looking much more positively on potentially voting for him when his confirmation happens," Democratic Senator Tammy Duckworth told reporters.

The White House said last month that it plans to nominate Shanahan as defence secretary, a job he has been doing in an acting capacity since January, the longest in Pentagon history. His nomination, if and when it comes, will have to be confirmed by the Senate.

"The way he laid out the facts and the United States' position in a firm way, but very upfront, impressed me tremendously," Duckworth added.

Senator Angus King, a political independent from Maine and on the Senate Armed Services Committee, said Shanahan had "distinguished" himself and was hopeful the confirmation hearing would take place within about a month.

Trade war

Shanahan said that he did not see the current trade dispute between China and the United States as a trade war, but rather just part of trade negotiations.

An increase in Chinese tariffs on most US&nbsp;imports on a $60 billion target list took effect as planned on Saturday, after Washington's own tariff increases.

Shanahan also became the latest senior US&nbsp;official to call out Chinese telecoms giant Huawei, saying in his speech that it was too close to the Chinese government.

The United States has accused Huawei of espionage, breaching trade sanctions against Iran and intellectual property theft. Huawei disputes all allegations.

China's Defence Minister Wei Fenghe is due to address Asia's marquee security summit on Sunday when he is expected to criticise the United States over its implied support for a democratic Taiwan.

On Friday, Shanahan held talks with Wei that both sides called "constructive", although their teams later reverted to type with critical comments on each other's defence strategies.

Along with the expected warnings aimed at China, Shanahan referred to cooperation between the two countries in areas like military-to-military exchanges, counter-piracy and joint efforts to reduce the "extraordinary threat" posed by North Korea's military ambitions.

"I am confident that we'll solve problems," Shanahan said.

Shanahan also called on US&nbsp;allies to contribute more to their own defence. Burden-sharing, from Asia to Europe, has long been a demand of President Donald Trump's administration.

"We need you to invest in ways that take more control over your sovereignty and your own ability to exercise sovereign choices."

The United States will no longer "tiptoe" around Chinese behaviour in Asia, with stability in the region threatened on issues ranging from the South China Sea to Taiwan, acting US Defence Secretary Patrick Shanahan said on Saturday.

The United States will no longer "tiptoe" around Chinese behaviour in Asia, with stability in the region threatened on issues ranging from the South China Sea to Taiwan, acting US Defence Secretary Patrick Shanahan said on Saturday. Shanahan did not directly name China when making accusations of "actors" destabilising the region but went on to say the United States would not ignore Chinese behaviour, the latest in the exchange of acerbic remarks between the world's two biggest economies. He added, however, he was keen to foster a military relationship with Beijing. "Perhaps the greatest long-term threat to the vital interests of states across this region comes from actors who seek to undermine, rather than uphold, the rules-based international order," Shanahan said at the annual Shangri-La Dialogue in Singapore, Asia's biggest security gathering. "If the trends in these behaviours continue, artificial features in the global commons could become tollbooths, sovereignty could become the purview of the powerful." Shanahan's first major speech since taking over as acting defence secretary in January came as the United States and China remain locked in an escalating trade war and at odds over a range of security issues in Asia. His reference to artificial features was a swipe at islands built by China in the disputed South China Sea, a strategic waterway claimed almost wholly by Beijing. "We're not going to ignore Chinese behaviour and I think in the past people have kind of tiptoed around that," Shanahan said later in answer to a question. A senior Chinese military official responded to Shanahan's comments by saying that the United States' actions on Taiwan and the South China Sea were hardly conducive to maintaining stability in the region. Shanahan said it was in Beijing's interests to have a constructive relationship with the United States. But he added: "Behaviour that erodes other nations' sovereignty and sows distrust of China's intentions must end." "Until it does, we stand against a myopic, narrow, and parochial vision of the future, and we stand for the free and open order that has benefited us all - including China." US lawmakers said Shanahan's speech was impressive. "I was very impressed and I certainly am looking much more positively on potentially voting for him when his confirmation happens," Democratic Senator Tammy Duckworth told reporters. The White House said last month that it plans to nominate Shanahan as defence secretary, a job he has been doing in an acting capacity since January, the longest in Pentagon history. His nomination, if and when it comes, will have to be confirmed by the Senate. "The way he laid out the facts and the United States' position in a firm way, but very upfront, impressed me tremendously," Duckworth added. Senator Angus King, a political independent from Maine and on the Senate Armed Services Committee, said Shanahan had "distinguished" himself and was hopeful the confirmation hearing would take place within about a month. Trade war Shanahan said that he did not see the current trade dispute between China and the United States as a trade war, but rather just part of trade negotiations. An increase in Chinese tariffs on most US imports on a $60 billion target list took effect as planned on Saturday, after Washington's own tariff increases. Shanahan also became the latest senior US official to call out Chinese telecoms giant Huawei, saying in his speech that it was too close to the Chinese government. The United States has accused Huawei of espionage, breaching trade sanctions against Iran and intellectual property theft. Huawei disputes all allegations. China's Defence Minister Wei Fenghe is due to address Asia's marquee security summit on Sunday when he is expected to criticise the United States over its implied support for a democratic Taiwan. On Friday, Shanahan held talks with Wei that both sides called "constructive", although their teams later reverted to type with critical comments on each other's defence strategies. Along with the expected warnings aimed at China, Shanahan referred to cooperation between the two countries in areas like military-to-military exchanges, counter-piracy and joint efforts to reduce the "extraordinary threat" posed by North Korea's military ambitions. "I am confident that we'll solve problems," Shanahan said. Shanahan also called on US allies to contribute more to their own defence. Burden-sharing, from Asia to Europe, has long been a demand of President Donald Trump's administration. "We need you to invest in ways that take more control over your sovereignty and your own ability to exercise sovereign choices."

US won't 'tiptoe' around China with Asia stability at threat: Defence chief

<a href="https://www.wionews.com/world/dont-say-we-didnt-warn-you-china-ready-to-hit-back-at-us-with-rare-earths-222406">China accused the United States</a> of "naked economic terrorism" on Thursday as Beijing ramps up the rhetoric in their trade war.

The world's <a href="https://www.wionews.com/world/rare-earths-the-latest-weapon-in-the-us-china-trade-war-222578">top two economies are at loggerheads</a> as trade talks have apparently stalled, with US President Donald Trump hiking tariffs on $200 billion in Chinese goods earlier this month and blacklisting telecoms giant Huawei.

"We are against the trade war, but we are not afraid of it," vice foreign minister Zhang Hanhui said at a press briefing to preview President Xi Jinping's trip to Russia next week.

"This premeditated instigation of a trade conflict is naked economic terrorism, economic chauvinism, and economic bullying," Zhang said, stressing that China opposes the systematic use of sanctions, tariffs and protectionism.

"There is no winner in a trade war," he warned.

China has hit back with its own tariff increase on $60 billion in US products that will take effect Saturday, while state media has suggested that Beijing could stop exports of rare earths to the United States, depriving Washington of a key resource used to make hi-tech products.

Watch- US-China Trade War: No End In Sight

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TV debate

Meanwhile, state media and officials have stepped up the rhetoric as the Communist Party digs in for what could be a long fight with the United States.

An anchor for the English-language state broadcaster China Global Television Network (CGTN) even held a rare debate on Thursday with a presenter from Fox Business Network to discuss the trade war after jousting on social media.

The debate between CGTN's Liu Xin and Fox Business's Trish Regan was civil, with the American journalist saying "I appreciate you being here" and the Chinese anchor inviting her to come to China, adding "I'll take you around".

But China's propaganda apparatus has hardened the tone.

The party's mouthpiece, The People's Daily, warned in an editorial on Wednesday that rare earths could be used as a counter-measure, adding that the US shouldn't "say we didn't warn you."

China produces more than 95 per cent of the world's rare earths, and the United States relies on the Asian superpower for upwards of 80 percent of its imports.

"It is unacceptable for any country to use rare earth products exported by China to curb and suppress China's development," commerce ministry spokesman Gao Feng said Thursday.

US Secretary of State Mike Pompeo asked about the rare earths threat during an interview, said that Americans have already "lost and suffered for decades under the current rules" and that Trump's "singular focus is to push back" on China.

He renewed his attack on Huawei, saying there was a "deep connectivity" between the company and the Chinese state.

"If it's the case that the Chinese Communist Party wanted to get information from technology that was in the possession of Huawei, it is almost certainly the case that Huawei would provide that to them," he told the Fox Business Network.

Huawei has rejected the accusations and on Tuesday filed a motion for summary judgment in a US court, hoping it would swiftly win a lawsuit against US legislation that bars federal agencies from using the company's equipment.

"You have seen that for some time, the US government has tried very hard to fabricate various topics, misleading the public in the US or in other countries of the international community, in order to suppress Huawei," Chinese foreign ministry spokesman Lu Kang told reporters.

Russia, China get closer

While Washington and Beijing spar, Xi is preparing to meet with President Vladimir Putin from June 5 to June 7 as the neighbouring giants forge closer ties.

"This trade conflict will also have a serious negative impact on the development and revival of the global economy," Zhang said.

China and Russia have broad consensus and common interests on the trade war issue, and the two countries will "certainly" strengthen their economic cooperation, Zhang said.

"We will certainly respond to various external challenges, do what we have to do, develop our economies, and constantly improve the living standards of our two peoples," he said.

Watch:&nbsp;China's utmost sincerity in trade talks a sign of strength

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&nbsp;

China accused the United States of "naked economic terrorism" on Thursday as Beijing ramps up the rhetoric in their trade war. The world's top two economies are at loggerheads as trade talks have apparently stalled, with US President Donald Trump hiking tariffs on $200 billion in Chinese goods earlier this month and blacklisting telecoms giant Huawei.

China accused the United States of "naked economic terrorism" on Thursday as Beijing ramps up the rhetoric in their trade war. The world's top two economies are at loggerheads as trade talks have apparently stalled, with US President Donald Trump hiking tariffs on $200 billion in Chinese goods earlier this month and blacklisting telecoms giant Huawei. "We are against the trade war, but we are not afraid of it," vice foreign minister Zhang Hanhui said at a press briefing to preview President Xi Jinping's trip to Russia next week. "This premeditated instigation of a trade conflict is naked economic terrorism, economic chauvinism, and economic bullying," Zhang said, stressing that China opposes the systematic use of sanctions, tariffs and protectionism. "There is no winner in a trade war," he warned. China has hit back with its own tariff increase on $60 billion in US products that will take effect Saturday, while state media has suggested that Beijing could stop exports of rare earths to the United States, depriving Washington of a key resource used to make hi-tech products. Watch- US-China Trade War: No End In Sight × TV debate Meanwhile, state media and officials have stepped up the rhetoric as the Communist Party digs in for what could be a long fight with the United States. An anchor for the English-language state broadcaster China Global Television Network (CGTN) even held a rare debate on Thursday with a presenter from Fox Business Network to discuss the trade war after jousting on social media. The debate between CGTN's Liu Xin and Fox Business's Trish Regan was civil, with the American journalist saying "I appreciate you being here" and the Chinese anchor inviting her to come to China, adding "I'll take you around". But China's propaganda apparatus has hardened the tone. The party's mouthpiece, The People's Daily, warned in an editorial on Wednesday that rare earths could be used as a counter-measure, adding that the US shouldn't "say we didn't warn you." China produces more than 95 per cent of the world's rare earths, and the United States relies on the Asian superpower for upwards of 80 percent of its imports. "It is unacceptable for any country to use rare earth products exported by China to curb and suppress China's development," commerce ministry spokesman Gao Feng said Thursday. US Secretary of State Mike Pompeo asked about the rare earths threat during an interview, said that Americans have already "lost and suffered for decades under the current rules" and that Trump's "singular focus is to push back" on China. He renewed his attack on Huawei, saying there was a "deep connectivity" between the company and the Chinese state. "If it's the case that the Chinese Communist Party wanted to get information from technology that was in the possession of Huawei, it is almost certainly the case that Huawei would provide that to them," he told the Fox Business Network. Huawei has rejected the accusations and on Tuesday filed a motion for summary judgment in a US court, hoping it would swiftly win a lawsuit against US legislation that bars federal agencies from using the company's equipment. "You have seen that for some time, the US government has tried very hard to fabricate various topics, misleading the public in the US or in other countries of the international community, in order to suppress Huawei," Chinese foreign ministry spokesman Lu Kang told reporters. Russia, China get closer While Washington and Beijing spar, Xi is preparing to meet with President Vladimir Putin from June 5 to June 7 as the neighbouring giants forge closer ties. "This trade conflict will also have a serious negative impact on the development and revival of the global economy," Zhang said. China and Russia have broad consensus and common interests on the trade war issue, and the two countries will "certainly" strengthen their economic cooperation, Zhang said. "We will certainly respond to various external challenges, do what we have to do, develop our economies, and constantly improve the living standards of our two peoples," he said. Watch: China's utmost sincerity in trade talks a sign of strength ×

China accuses US of 'naked economic terrorism'

China has demonstrated more than enough sincerity to reach a mutually beneficial deal and end trade tensions with the United States. However, trapped in hegemonic ideology, the U.S. has responded by unilateral and protectionist tariff hikes that put world economy in danger, according to a commentary published by China's Xinhua News Agency on Sunday.

China's utmost sincerity in trade talks a sign of strength

China's Communist Party newspaper warned the United States on Wednesday that the country was ready to use rare earths to strike back in their <a href="https://www.wionews.com/world/china-says-any-us-trade-talks-must-be-based-on-mutual-respect-221968">bitter trade war</a>, saying in an extremely strongly worded commentary "don't say we didn't warn you".

President Xi Jinping's visit to a rare earths plant last week fuelled speculation that <a href="http://wionews.com/world/us-treasury-again-says-china-is-not-manipulating-currency-222375">China</a> would use its dominant position as a supplier of rare earths for leverage in the trade war.

Rare earths are a group of 17 chemical elements used in everything from high-tech consumer electronics to military equipment.

While China has so far not explicitly said it will restrict rare earths exports to the United States, Chinese media has strongly implied this will happen, including remarks from the editor of influential paper the Global Times on Twitter late on Tuesday.

In a commentary headline "United States, don't underestimate China's ability to strike back", the ruling Communist Party's official People's Daily noted the "uncomfortable" dependence on rare earths from China of the United States.

Watch: China's utmost sincerity in trade talks a sign of strength

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"Will rare earths become a counter weapon for China to hit back against the pressure the United States has put on for no reason at all? The answer is no mystery," it said.

"Undoubtedly, the US&nbsp;side wants to use the products made by China's exported rare earths to counter and suppress China's development. The Chinese people will never accept this!" the paper added.

The industrial chain between China and the United States is highly integrated and highly complementary, and there are no winners in a trade war, it said.

"We advise the US&nbsp;side not to underestimate the Chinese side's ability to safeguard its development rights and interests. Don't say we didn't warn you!"

The expression "don't say we didn't warn you" is generally only used by official Chinese media to warn rivals over major areas of disagreement, for example during a border dispute with India in 2017 and in 1978 before China invaded Vietnam.

China accounted for 80% of rare earth imports between 2014 and 2017 by the United States, which has excluded them from recent tariffs along with some other critical Chinese minerals.

Beijing, however, has raised tariffs on imports of US&nbsp;rare earth metal ores from 10% to 25% from June 1, making it less economical to process the material in China.

China's Communist Party newspaper warned the United States on Wednesday that the country was ready to use rare earths to strike back in their bitter trade war, saying in an extremely strongly worded commentary "don't say we didn't warn you".

China's Communist Party newspaper warned the United States on Wednesday that the country was ready to use rare earths to strike back in their bitter trade war, saying in an extremely strongly worded commentary "don't say we didn't warn you". President Xi Jinping's visit to a rare earths plant last week fuelled speculation that China would use its dominant position as a supplier of rare earths for leverage in the trade war. Rare earths are a group of 17 chemical elements used in everything from high-tech consumer electronics to military equipment. While China has so far not explicitly said it will restrict rare earths exports to the United States, Chinese media has strongly implied this will happen, including remarks from the editor of influential paper the Global Times on Twitter late on Tuesday. In a commentary headline "United States, don't underestimate China's ability to strike back", the ruling Communist Party's official People's Daily noted the "uncomfortable" dependence on rare earths from China of the United States. Watch: China's utmost sincerity in trade talks a sign of strength "Will rare earths become a counter weapon for China to hit back against the pressure the United States has put on for no reason at all? The answer is no mystery," it said. "Undoubtedly, the US side wants to use the products made by China's exported rare earths to counter and suppress China's development. The Chinese people will never accept this!" the paper added. The industrial chain between China and the United States is highly integrated and highly complementary, and there are no winners in a trade war, it said. "We advise the US side not to underestimate the Chinese side's ability to safeguard its development rights and interests. Don't say we didn't warn you!" The expression "don't say we didn't warn you" is generally only used by official Chinese media to warn rivals over major areas of disagreement, for example during a border dispute with India in 2017 and in 1978 before China invaded Vietnam. China accounted for 80% of rare earth imports between 2014 and 2017 by the United States, which has excluded them from recent tariffs along with some other critical Chinese minerals. Beijing, however, has raised tariffs on imports of US rare earth metal ores from 10% to 25% from June 1, making it less economical to process the material in China.

'Don't say we didn't warn you!' China ready to hit back at US with 'rare earths'

<a href="https://www.wionews.com/business-economy/oil-prices-fall-on-surging-us-crude-stockpiles-economic-concerns-221236">Oil prices</a> were mixed on Tuesday as supply cuts, led by producer club OPEC, and US&nbsp;sanctions on fuel exports from Iran and Venezuela supported crude, while concerns about an economic slowdown weighed on the market.

Front-month Brent crude futures, the international benchmark for oil prices, were at $69.99 at 0637 GMT, down 12 cents, or 0.2%, from the last session's close, when they rose 2.1%.

US West Texas Intermediate (WTI) crude futures were at $59.03 per barrel, up 40 cents, or 0.7%, from their last close on Friday. WTI did not trade on Monday due to a US&nbsp;public holiday.

Prices have been supported by supply cuts led by the Organisation of the Petroleum Exporting Countries (OPEC) since the start of the year, and by political tensions in the Middle East.

OPEC and some allies including Russia are due to meet on June 25 and 26 to discuss output policy.

Beyond the output cuts, US&nbsp;bank, Citi said, "Geopolitical turmoil across the Middle East ... are likely to encourage financial investors to realign with their bullish physical counterparties."

In physical oil markets, the Middle East crude premiums hit their highest levels in years earlier this month amid falling supply.

Beyond the OPEC cuts, US&nbsp;sanctions on petroleum exports from Iran and Venezuela have tightened markets.

"Iran exports remain under pressure as US sanctions bite. This comes as OPEC appears to be heading towards extending the current production cut agreement," Citi added.

Trump last year withdrew the United States from a 2015 international nuclear deal with Iran, and Washington is ratcheting up sanctions seeking to end Tehran's international sales of crude oil and strangle its economy.

Washington has also imposed sanctions on Venezuela's oil exports, in a bid to topple the government under President Nicolas Maduro there.

Despite this, markets remain cautious amid an economic slowdown as a result of the ongoing trade war between the United States and China, which is also expected to dent fuel consumption.

"We really need to see some strong demand figures, which so far this year has not happened before we can really start listening to the bulls," said Matt Stanley, a broker at Starfuels in Dubai.

Oil prices were mixed on Tuesday as supply cuts, led by producer club OPEC, and US sanctions on fuel exports from Iran and Venezuela supported crude, while concerns about an economic slowdown weighed on the market.

Oil prices were mixed on Tuesday as supply cuts, led by producer club OPEC, and US sanctions on fuel exports from Iran and Venezuela supported crude, while concerns about an economic slowdown weighed on the market. Front-month Brent crude futures, the international benchmark for oil prices, were at $69.99 at 0637 GMT, down 12 cents, or 0.2%, from the last session's close, when they rose 2.1%. US West Texas Intermediate (WTI) crude futures were at $59.03 per barrel, up 40 cents, or 0.7%, from their last close on Friday. WTI did not trade on Monday due to a US public holiday. Prices have been supported by supply cuts led by the Organisation of the Petroleum Exporting Countries (OPEC) since the start of the year, and by political tensions in the Middle East. OPEC and some allies including Russia are due to meet on June 25 and 26 to discuss output policy. Beyond the output cuts, US bank, Citi said, "Geopolitical turmoil across the Middle East ... are likely to encourage financial investors to realign with their bullish physical counterparties." In physical oil markets, the Middle East crude premiums hit their highest levels in years earlier this month amid falling supply. Beyond the OPEC cuts, US sanctions on petroleum exports from Iran and Venezuela have tightened markets. "Iran exports remain under pressure as US sanctions bite. This comes as OPEC appears to be heading towards extending the current production cut agreement," Citi added. Trump last year withdrew the United States from a 2015 international nuclear deal with Iran, and Washington is ratcheting up sanctions seeking to end Tehran's international sales of crude oil and strangle its economy. Washington has also imposed sanctions on Venezuela's oil exports, in a bid to topple the government under President Nicolas Maduro there. Despite this, markets remain cautious amid an economic slowdown as a result of the ongoing trade war between the United States and China, which is also expected to dent fuel consumption. "We really need to see some strong demand figures, which so far this year has not happened before we can really start listening to the bulls," said Matt Stanley, a broker at Starfuels in Dubai.

Oil mixed as OPEC cuts, US sanctions prop up prices while trade war weighs

The IMF sounded the alarm on Thursday about the escalating US-China trade war, warning it will "jeopardize" 2019 global growth, undermine confidence and raise prices for consumers.

Gita Gopinath, the International Monetary Fund's chief economist, directly refuted President Donald Trump's claim that tariffs are paid by China and provide a windfall for the US treasury, and that his aggressive posture will help reduce the US trade deficit.

She and her co-authors warned in a blog post that the economic damage will be even worse if Trump goes through with the threat to impose steep tariffs on all goods imported from China, as that "will subtract about one-third of a percentage point of global GDP in the short term."

Optimism was high earlier this month that a deal was within striking distance but tensions erupted after Trump accused Beijing of backtracking on its commitments made over the year of negotiations.

He then more than doubled tariffs on $200 billion in Chinese goods to 25 per cent and threatened to hit the remaining $300 billion in products imported each year with duties at the same level.

"Consumers in the US and China are unequivocally the losers from trade tensions," Gopinath stated, noting that the "tariff revenue collected has been borne almost entirely by US importers."

IMF chief Christine Lagarde and other fund officials have repeatedly raised concerns about the trade war but the blog post quantified the realized and expected damage, presenting the case with greater urgency.

Trump says a primary goal of the aggressive tariff strategy is to reduce the trade imbalance with China, which totaled $379 billion last year.

But Gopinath argues that while the tensions have damaged both countries, reducing overall trade and hurting companies, "the bilateral trade deficit remains broadly unchanged."

'Delicate year'

Meanwhile, total US imports have not changed significantly since importers simply shifted their purchases to other countries.

"While the impact on global growth is relatively modest at this time, the latest escalation could significantly dent business and financial market sentiment, disrupt global supply chains and jeopardize the projected recovery in global growth in 2019," she warned in the blog post.

"This type of scenario is among the reasons why we referred to 2019 as a delicate year for the global economy."

In addition, if tariffs escalate this will make a host of consumer goods less affordable, "harming low-income households disproportionately."

A growing number of US companies and industries have come out to urge Trump to dial back the confrontation, including major shoe manufacturers and retailers who say new tariffs would be "catastrophic."

But Trump has not been receptive to concerns of business executives, nor research on the harm being done.

The New York Federal Reserve Bank issued research Thursday showing the total annual cost of the new round of tariffs to a typical household would rise to $831 from $132 in 2018.

"In sum, according to our estimates, these higher tariffs are likely to create large economic distortions," the study showed.

No new talks have been scheduled between Beijing and Washington, and China earlier Thursday accused the United States of "bullying," and called for a show of "sincerity" before negotiations can resume.

Foreign Minister Wang Yi on Wednesday warned that Beijing was ready to "fight to the very end."

The IMF sounded the alarm on Thursday about the escalating US-China trade war, warning it will "jeopardize" 2019 global growth, undermine confidence and raise prices for consumers.

The IMF sounded the alarm on Thursday about the escalating US-China trade war, warning it will "jeopardize" 2019 global growth, undermine confidence and raise prices for consumers. Gita Gopinath, the International Monetary Fund's chief economist, directly refuted President Donald Trump's claim that tariffs are paid by China and provide a windfall for the US treasury, and that his aggressive posture will help reduce the US trade deficit. She and her co-authors warned in a blog post that the economic damage will be even worse if Trump goes through with the threat to impose steep tariffs on all goods imported from China, as that "will subtract about one-third of a percentage point of global GDP in the short term." Optimism was high earlier this month that a deal was within striking distance but tensions erupted after Trump accused Beijing of backtracking on its commitments made over the year of negotiations. He then more than doubled tariffs on $200 billion in Chinese goods to 25 per cent and threatened to hit the remaining $300 billion in products imported each year with duties at the same level. "Consumers in the US and China are unequivocally the losers from trade tensions," Gopinath stated, noting that the "tariff revenue collected has been borne almost entirely by US importers." IMF chief Christine Lagarde and other fund officials have repeatedly raised concerns about the trade war but the blog post quantified the realized and expected damage, presenting the case with greater urgency. Trump says a primary goal of the aggressive tariff strategy is to reduce the trade imbalance with China, which totaled $379 billion last year. But Gopinath argues that while the tensions have damaged both countries, reducing overall trade and hurting companies, "the bilateral trade deficit remains broadly unchanged." 'Delicate year' Meanwhile, total US imports have not changed significantly since importers simply shifted their purchases to other countries. "While the impact on global growth is relatively modest at this time, the latest escalation could significantly dent business and financial market sentiment, disrupt global supply chains and jeopardize the projected recovery in global growth in 2019," she warned in the blog post. "This type of scenario is among the reasons why we referred to 2019 as a delicate year for the global economy." In addition, if tariffs escalate this will make a host of consumer goods less affordable, "harming low-income households disproportionately." A growing number of US companies and industries have come out to urge Trump to dial back the confrontation, including major shoe manufacturers and retailers who say new tariffs would be "catastrophic." But Trump has not been receptive to concerns of business executives, nor research on the harm being done. The New York Federal Reserve Bank issued research Thursday showing the total annual cost of the new round of tariffs to a typical household would rise to $831 from $132 in 2018. "In sum, according to our estimates, these higher tariffs are likely to create large economic distortions," the study showed. No new talks have been scheduled between Beijing and Washington, and China earlier Thursday accused the United States of "bullying," and called for a show of "sincerity" before negotiations can resume. Foreign Minister Wang Yi on Wednesday warned that Beijing was ready to "fight to the very end."

IMF warns US-China trade war will 'jeopardize' 2019 global growth

The US has hit China where it hurts by going after its <a href="https://www.wionews.com/world/us-department-of-homeland-security-warns-of-data-threat-from-chinese-made-drones-220524">telecom champion Huawei</a>, but Beijing's control of the global supply of rare earths used in smartphones and electric cars gives it a powerful weapon in their escalating tech war.

A seemingly routine visit by President Xi Jinping to a Chinese rare earths company this week is being widely read as an obvious threat that Beijing is standing ready for action.

"We should firmly grasp the strategic basis of technological innovation, master more key core technologies and seize the commanding heights of industry development," Xi said during the visit, the official Xinhua news agency reported Wednesday.

"Rare earth is not only an important strategic resource, but also a non-renewable resource," he added, in comments likely to further fuel speculation.

However, analysts say China appears apprehensive to target the minerals just yet, possibly fearful of shooting itself in the foot by hastening a global search for alternative supplies of the commodities.

Watch: Huawei says it's a 'victim of bullying by the US administration'

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Xi's inspection tour "is no accident, this didn't happen by chance," said Li Mingjiang, China programme coordinator at the Rajaratnam School of International Studies (RSIS) in Singapore.

"At this moment, clearly the policy circles in China are considering the possibility of using a rare earth exports ban as a policy weapon against the US."

The United States last week threatened to cut supplies of US technology needed by Chinese telecom champion Huawei, which Washington suspects is in bed with China's military.

The US move has fanned speculation that Xi could impose retaliatory measures and in an indication of the importance of rare earths to the US, Washington did not include them in a tariffs increase on Chinese goods this month.

China has leverage

China occupies a commanding position, producing more than 95 per cent of the world's rare earths, and the United States relies on China for upwards of 80 per cent of its imports.

Rare earths are 17 elements critical to manufacturing everything from smartphones and televisions to cameras and lightbulbs.

That gives Beijing tremendous leverage in what is shaping up largely as a battle between the US and China over who will own the future of high-tech.

"China could shut down nearly every automobile, computer, smartphone and aircraft assembly line outside of China if they chose to embargo these materials," James Kennedy, president of ThREE Consulting, wrote Tuesday in National Defense, a US industry publication.

China has been accused of using its rare earth leverage for political reasons before.

Japanese industry sources said it temporarily cut off exports in 2010 as a territorial row flared between the Asian rivals, charges that Beijing denied.

In 2014, the World Trade Organization ruled the country had violated global trade rules by restricting exports of the minerals.&nbsp;

The case was brought by the United States, European Union and Japan, which accused China of curbing exports to give its tech companies an edge over foreign rivals. China has cited environmental damage from mining and the need to conserve supplies as the reason for any past limits on output.

While disruptive, any leverage gained from a supply block may be short-lived, experts said.

"This would accelerate moves to find alternative supply sources," said Kokichiro Mio, who studies China's economy at NLI Research Institute.

Empty threat?

China is not the only country with sizeable reserves of rare earths.

The United States Geological Survey estimated last year there were 120 million tons of deposits worldwide including 44 million in China, 22 million in Brazil and 18 million in Russia.

China is the leading producer partly because the environmental risks deter some countries from harvesting their own deposits. Mining rare earths creates toxic waste and the potential release of harmful radioactive tailings.

"There is a possibility that China would go ahead (with export curbs) but chances are what we are seeing now is just a threat," Mio said.

"The US would be in trouble over a short period of time. But it is unlikely that they (China) want to pour oil on the flames."

During Monday's visit, Xi was accompanied by Vice Premier Liu He, who has led China in fraught trade negotiations with Washington -- a fact not lost on China-watchers.

State media coverage of the visit was dry, but a commentary on a social media account run by the Communist Party mouthpiece, the People's Daily, stressed China's dominance in the global supply chain and the relative paucity of US output.

Meanwhile, cutting off the United States would mark a sharp escalation that Beijing may not have the stomach for, said Li of the RSIS.

"The difference is the US is targeting specific Chinese companies. If China targets the US as a country... that may be regarded by the US and the world as a significant escalation of the trade war," he said.

The US has hit China where it hurts by going after its telecom champion Huawei, but Beijing's control of the global supply of rare earths used in smartphones and electric cars gives it a powerful weapon in their escalating tech war.

The US has hit China where it hurts by going after its telecom champion Huawei, but Beijing's control of the global supply of rare earths used in smartphones and electric cars gives it a powerful weapon in their escalating tech war. A seemingly routine visit by President Xi Jinping to a Chinese rare earths company this week is being widely read as an obvious threat that Beijing is standing ready for action. "We should firmly grasp the strategic basis of technological innovation, master more key core technologies and seize the commanding heights of industry development," Xi said during the visit, the official Xinhua news agency reported Wednesday. "Rare earth is not only an important strategic resource, but also a non-renewable resource," he added, in comments likely to further fuel speculation. However, analysts say China appears apprehensive to target the minerals just yet, possibly fearful of shooting itself in the foot by hastening a global search for alternative supplies of the commodities. Watch: Huawei says it's a 'victim of bullying by the US administration' × Xi's inspection tour "is no accident, this didn't happen by chance," said Li Mingjiang, China programme coordinator at the Rajaratnam School of International Studies (RSIS) in Singapore. "At this moment, clearly the policy circles in China are considering the possibility of using a rare earth exports ban as a policy weapon against the US." The United States last week threatened to cut supplies of US technology needed by Chinese telecom champion Huawei, which Washington suspects is in bed with China's military. The US move has fanned speculation that Xi could impose retaliatory measures and in an indication of the importance of rare earths to the US, Washington did not include them in a tariffs increase on Chinese goods this month. China has leverage China occupies a commanding position, producing more than 95 per cent of the world's rare earths, and the United States relies on China for upwards of 80 per cent of its imports. Rare earths are 17 elements critical to manufacturing everything from smartphones and televisions to cameras and lightbulbs. That gives Beijing tremendous leverage in what is shaping up largely as a battle between the US and China over who will own the future of high-tech. "China could shut down nearly every automobile, computer, smartphone and aircraft assembly line outside of China if they chose to embargo these materials," James Kennedy, president of ThREE Consulting, wrote Tuesday in National Defense, a US industry publication. China has been accused of using its rare earth leverage for political reasons before. Japanese industry sources said it temporarily cut off exports in 2010 as a territorial row flared between the Asian rivals, charges that Beijing denied. In 2014, the World Trade Organization ruled the country had violated global trade rules by restricting exports of the minerals. The case was brought by the United States, European Union and Japan, which accused China of curbing exports to give its tech companies an edge over foreign rivals. China has cited environmental damage from mining and the need to conserve supplies as the reason for any past limits on output. While disruptive, any leverage gained from a supply block may be short-lived, experts said. "This would accelerate moves to find alternative supply sources," said Kokichiro Mio, who studies China's economy at NLI Research Institute. Empty threat? China is not the only country with sizeable reserves of rare earths. The United States Geological Survey estimated last year there were 120 million tons of deposits worldwide including 44 million in China, 22 million in Brazil and 18 million in Russia. China is the leading producer partly because the environmental risks deter some countries from harvesting their own deposits. Mining rare earths creates toxic waste and the potential release of harmful radioactive tailings. "There is a possibility that China would go ahead (with export curbs) but chances are what we are seeing now is just a threat," Mio said. "The US would be in trouble over a short period of time. But it is unlikely that they (China) want to pour oil on the flames." During Monday's visit, Xi was accompanied by Vice Premier Liu He, who has led China in fraught trade negotiations with Washington -- a fact not lost on China-watchers. State media coverage of the visit was dry, but a commentary on a social media account run by the Communist Party mouthpiece, the People's Daily, stressed China's dominance in the global supply chain and the relative paucity of US output. Meanwhile, cutting off the United States would mark a sharp escalation that Beijing may not have the stomach for, said Li of the RSIS. "The difference is the US is targeting specific Chinese companies. If China targets the US as a country... that may be regarded by the US and the world as a significant escalation of the trade war," he said.

Fears rise China could weaponise rare earths in US tech war

<a href="https://www.wionews.com/world/trump-vows-to-appeal-us-judges-decision-on-sharing-financial-records-with-congress-220248">US President Donald Trump</a>, facing a potentially difficult path to winning a second term in November 2020, on Monday told supporters in Pennsylvania that his trade war had strengthened the battleground state's steel industry and jobs.

Although Trump does not launch his re-election bid officially until next month, his appearance at a raucous rally in an airport hangar in northeastern Pennsylvania, using Air Force One as a backdrop, had the hallmarks of a campaign event.

He took aim at Democratic front-runner and former Vice President Joe Biden. "Sleepy Joe said that he's running to 'save the world.' ... He's going to save every country but ours," Trump said.

The president previewed the arguments he will make to voters in the 2020 election, crediting his trade stance with helping the US economy.

"When you have the best employment numbers in history, when you have the best unemployment numbers in history, when you have the best economy probably that we've ever had, I don't know - how the hell do you lose this election, right?" he said.

Trump has waged a high-stakes trade dispute with China, and tariffs imposed by both countries on a range of goods have raised fears of a global economic slowdown.

Trump last year also imposed tariffs on steel and aluminum. He claims that the move saved and created jobs at US mills as well as spurred investment such as by US Steel in Pennsylvania. Many economists say that those benefits are outweighed by higher costs to US companies and consumers.

Trump was stumping for a special House of Representatives election in Pennsylvania, one of three "Rust Belt" states he won in 2016 with votes from white, blue-collar voters who had previously voted Democratic.

His campaign sees the state as key to keeping control of the White House, along with Michigan and Wisconsin. A Quinnipiac University poll last week showed the president trailing the main Democratic contenders in Pennsylvania in particular.

"I'll be seeing a lot of you over the next year," Trump said. "Gotta win this state."

'Troublesome' trio of states

Trump has already been raising money for his re-election and holding political rallies for many months. But he plans an official rollout for his campaign in mid-June, the four-year anniversary of when he rode the escalator at Trump Tower down to a crowd of supporters and announced his candidacy.

He is likely to hold a rally in Florida, possibly on June 15, to mark the occasion, sources said. The Trump campaign declined to comment.

Trump, who considers Florida to be something of a second home, won the state in 2016. But as is the case for Trump in many battleground states, his victory is not assured there in 2020, and he will likely face a fight to win it again.

The Trump campaign has privately expressed concern about the trio of upper Midwest swing states that provided his 2016 margin of victory, Pennsylvania, Michigan and Wisconsin.

A source close to the campaign called Trump's position in those states "troublesome."

"They're awakening to the fact that they've got a problem. They have a solid base among Republicans but a lot of independent voters that gave them the margin in these states are not doing well," the source said.

'Sleepy Joe'

Since Trump took over as president in early 2017, the United States has had low unemployment and strong growth. Typically, presidents with an economy this vibrant would be strong bets for re-election.

But Trump's polarizing presidency has given hope to a host of Democratic contenders that he can be denied a second term.

Biden has sounded a unifying theme to try to rally Americans behind his candidacy. In second place in the Democratic polls is democratic socialist Bernie Sanders.

Biden has put his campaign headquarters in Philadelphia and has held two rallies in the state during the past month.

Trump has dubbed Biden "Sleepy Joe" to try to undermine him, in much the same way as he gave Republican contender Jeb Bush the nickname "low-energy Jeb" in 2016.

US President Donald Trump, facing a potentially difficult path to winning a second term in November 2020, on Monday told supporters in Pennsylvania that his trade war had strengthened the battleground state's steel industry and jobs.

US President Donald Trump, facing a potentially difficult path to winning a second term in November 2020, on Monday told supporters in Pennsylvania that his trade war had strengthened the battleground state's steel industry and jobs. Although Trump does not launch his re-election bid officially until next month, his appearance at a raucous rally in an airport hangar in northeastern Pennsylvania, using Air Force One as a backdrop, had the hallmarks of a campaign event. He took aim at Democratic front-runner and former Vice President Joe Biden. "Sleepy Joe said that he's running to 'save the world.' ... He's going to save every country but ours," Trump said. The president previewed the arguments he will make to voters in the 2020 election, crediting his trade stance with helping the US economy. "When you have the best employment numbers in history, when you have the best unemployment numbers in history, when you have the best economy probably that we've ever had, I don't know - how the hell do you lose this election, right?" he said. Trump has waged a high-stakes trade dispute with China, and tariffs imposed by both countries on a range of goods have raised fears of a global economic slowdown. Trump last year also imposed tariffs on steel and aluminum. He claims that the move saved and created jobs at US mills as well as spurred investment such as by US Steel in Pennsylvania. Many economists say that those benefits are outweighed by higher costs to US companies and consumers. Trump was stumping for a special House of Representatives election in Pennsylvania, one of three "Rust Belt" states he won in 2016 with votes from white, blue-collar voters who had previously voted Democratic. His campaign sees the state as key to keeping control of the White House, along with Michigan and Wisconsin. A Quinnipiac University poll last week showed the president trailing the main Democratic contenders in Pennsylvania in particular. "I'll be seeing a lot of you over the next year," Trump said. "Gotta win this state." 'Troublesome' trio of states Trump has already been raising money for his re-election and holding political rallies for many months. But he plans an official rollout for his campaign in mid-June, the four-year anniversary of when he rode the escalator at Trump Tower down to a crowd of supporters and announced his candidacy. He is likely to hold a rally in Florida, possibly on June 15, to mark the occasion, sources said. The Trump campaign declined to comment. Trump, who considers Florida to be something of a second home, won the state in 2016. But as is the case for Trump in many battleground states, his victory is not assured there in 2020, and he will likely face a fight to win it again. The Trump campaign has privately expressed concern about the trio of upper Midwest swing states that provided his 2016 margin of victory, Pennsylvania, Michigan and Wisconsin. A source close to the campaign called Trump's position in those states "troublesome." "They're awakening to the fact that they've got a problem. They have a solid base among Republicans but a lot of independent voters that gave them the margin in these states are not doing well," the source said. 'Sleepy Joe' Since Trump took over as president in early 2017, the United States has had low unemployment and strong growth. Typically, presidents with an economy this vibrant would be strong bets for re-election. But Trump's polarizing presidency has given hope to a host of Democratic contenders that he can be denied a second term. Biden has sounded a unifying theme to try to rally Americans behind his candidacy. In second place in the Democratic polls is democratic socialist Bernie Sanders. Biden has put his campaign headquarters in Philadelphia and has held two rallies in the state during the past month. Trump has dubbed Biden "Sleepy Joe" to try to undermine him, in much the same way as he gave Republican contender Jeb Bush the nickname "low-energy Jeb" in 2016.

Trump tells Pennsylvania voters that trade war has helped economy

US-China Stalemate Over Trade Looks Set To Continue.

Gravitas: US-China Trade War: No End In Sight

The European Union said Friday it is prepared to negotiate a l<a href="https://www.wionews.com/world/china-cancels-us-pork-import-order-as-us-china-trade-war-drags-on-219266">imited trade deal, including on cars,</a> with the US, after President Donald Trump held off imposing auto tariffs.

"We note that US postpones decision on car tariffs for 180 days," European trade commissioner Cecilia Malmstrom tweeted. "The EU is prepared to negotiate a limited trade agreement including cars."

Earlier, Germany welcomed President Donald Trump's decision to hold off on imposing punitive tariffs on European car imports, saying this helped prevent a trade conflict from escalating.

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"It is an important signal for the German and European economy that a new escalation of the trade conflict could be prevented for the time being," said Economy Minister Peter Altmaier.&nbsp;

President Donald Trump on Friday had announced he will delay by six months a decision on imposing steep tariffs on imported autos while the United States pursues talks with key trading partners.

"Within 180 days... the Trade Representative shall update me on the outcome of the negotiations," Trump said in a proclamation issued by the White House.

In his proclamation on Friday, Trump described the US auto sector as facing decline due to unfair foreign competition.

A report by Commerce Secretary Wilbur Ross concluded that America's shrinking share of the auto market jeopardized its research, development and manufacturing -- all "vital to national security."&nbsp; 
&nbsp;

The European Union said Friday it is prepared to negotiate a limited trade deal, including on cars, with the US, after President Donald Trump held off imposing auto tariffs.

The European Union said Friday it is prepared to negotiate a limited trade deal, including on cars, with the US, after President Donald Trump held off imposing auto tariffs. "We note that US postpones decision on car tariffs for 180 days," European trade commissioner Cecilia Malmstrom tweeted. "The EU is prepared to negotiate a limited trade agreement including cars." Earlier, Germany welcomed President Donald Trump's decision to hold off on imposing punitive tariffs on European car imports, saying this helped prevent a trade conflict from escalating. "It is an important signal for the German and European economy that a new escalation of the trade conflict could be prevented for the time being," said Economy Minister Peter Altmaier. President Donald Trump on Friday had announced he will delay by six months a decision on imposing steep tariffs on imported autos while the United States pursues talks with key trading partners. "Within 180 days... the Trade Representative shall update me on the outcome of the negotiations," Trump said in a proclamation issued by the White House. In his proclamation on Friday, Trump described the US auto sector as facing decline due to unfair foreign competition. A report by Commerce Secretary Wilbur Ross concluded that America's shrinking share of the auto market jeopardized its research, development and manufacturing -- all "vital to national security."

Ready to negotiate limited trade agreement with US including cars: European Union

The same week <a href="https://www.wionews.com/world/victory-awaits-in-china-trade-war-trump-tells-farmers-218859">US&nbsp;President Donald Trump</a> announced sweeping increases on tariffs against Chinese goods, Chinese buyers dropped orders for 3,247 metric tonnes of US pork - the biggest cancellation in more than a year, according to US Department of Agriculture data released on Thursday.

The cancellation came during the week ended May 9, a blow to the $6.5 billion export market for American pork, vital to the burgeoning US meat industry. 
Prior to the trade war, China and Hong Kong combined were the second largest export market for US pork.

For months, the US&nbsp;farm sector - which has been among the<a href="https://www.wionews.com/world/us-consumers-businesses-to-pay-for-tariffs-on-chinese-goods-expert-219096"> hardest hit by the trade war</a> between the world`s two largest economies - has been banking on China increasing its US&nbsp;pork purchases due to African swine fever (ASF).

But the <a href="https://www.wionews.com/photos/top-facts-how-us-china-talks-differ-from-any-other-trade-deal-217563">trade war</a>, and China`s tariffs against US pork, is showing signs of slowing China`s willingness to load up on the meat, say industry analysts.

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Earlier this year, China cancelled sales of 53 metric tonnes in the week ended February&nbsp;28, sales of 999 metric tonnes in the week ended March 21, and 214 metric tonnes in the week ended April 18, according to USDA data.

Market analysts said the cancellation news on Thursday weighed on the lean hog futures market.

"It`s just disappointing that this trade war could drag on for months and that means more tariffs on pork," said Dennis Smith, commodity broker with Archer Financial Services. "This should not be happening. We should be selling a lot of pork to China, because of ASF."

African swine fever kills almost all pigs infected, though it is not harmful to people. The disease has spread rapidly across China, the world`s top pork producer. In neighbouring Vietnam, the government said it will mobilize its military and police forces to combat an outbreak.

USDA said on Thursday that it will soon begin testing sick and dead pigs for the hog virus that has killed herds across Asia in an effort to minimize devastation if the disease enters the United States.&nbsp;

The same week US President Donald Trump announced sweeping increases on tariffs against Chinese goods, Chinese buyers dropped orders for 3,247 metric tonnes of US pork - the biggest cancellation in more than a year, according to US Department of Agriculture data released on Thursday.

The same week US President Donald Trump announced sweeping increases on tariffs against Chinese goods, Chinese buyers dropped orders for 3,247 metric tonnes of US pork - the biggest cancellation in more than a year, according to US Department of Agriculture data released on Thursday. The cancellation came during the week ended May 9, a blow to the $6.5 billion export market for American pork, vital to the burgeoning US meat industry. Prior to the trade war, China and Hong Kong combined were the second largest export market for US pork. For months, the US farm sector - which has been among the hardest hit by the trade war between the world`s two largest economies - has been banking on China increasing its US pork purchases due to African swine fever (ASF). But the trade war, and China`s tariffs against US pork, is showing signs of slowing China`s willingness to load up on the meat, say industry analysts. × Earlier this year, China cancelled sales of 53 metric tonnes in the week ended February 28, sales of 999 metric tonnes in the week ended March 21, and 214 metric tonnes in the week ended April 18, according to USDA data. Market analysts said the cancellation news on Thursday weighed on the lean hog futures market. "It`s just disappointing that this trade war could drag on for months and that means more tariffs on pork," said Dennis Smith, commodity broker with Archer Financial Services. "This should not be happening. We should be selling a lot of pork to China, because of ASF." African swine fever kills almost all pigs infected, though it is not harmful to people. The disease has spread rapidly across China, the world`s top pork producer. In neighbouring Vietnam, the government said it will mobilize its military and police forces to combat an outbreak. USDA said on Thursday that it will soon begin testing sick and dead pigs for the hog virus that has killed herds across Asia in an effort to minimize devastation if the disease enters the United States.

China cancels US pork import order as US-China trade war drags on

Imposition on tariffs on goods imported from China will have a negative impact on the <a href="https://www.wionews.com/world/trump-says-he-feels-us-china-trade-talks-going-to-be-very-successful-218515">United States</a> itself and the rest of the world and it is US consumers and businesses that will ultimately have to pay for the additional tariffs imposed by the United States to goods imported from <a href="https://www.wionews.com/world/there-is-no-clash-between-different-civilisations-says-president-xi-amid-us-china-trade-war-218993">China</a>, said expert on international trade on Wednesday.

The expert made the remarks during an interview with the China Central Television (CCTV) in response to the decision by the US administration of President Donald Trump to increase the additional tariffs on 200 billion US&nbsp;dollars' worth of Chinese goods from 10 per cent to 25 per cent on May 10, and has threatened to raise tariffs on more Chinese imports.

Brian Peck, director of the Center for Transnational Law and Business with the University of Southern California's Gould School of Law said: "Despite what President Trump said, claiming that the Chinese pay the tariff on Chinese imports to the United States, it's, in fact, US&nbsp;consumers and businesses that have to pay them. Tariffs are tax, the tax on imports, so the receivers of those goods are the ones that have to pay the tax. It US consumers and businesses."

He said,&nbsp;"These are things consumers buy on a daily basis and they are going to have a significant price increase because of these tariff raises. So that's going to have a negative impact on consumer spending; business investment decisions will have to put on hold; global supply chains also can be negatively affected. So the longer it prolongs, the more of negative impact will have on the US&nbsp;economy."

Peck said, "I think the other sector that is deeply hurt by these tariffs is the US&nbsp;farmers, especially soybean farmers, because they are a losing tremendous amount of sales to the Chinese market, it has been replaced by other suppliers from other parts of the world. So now there is an immediate negative impact on farmers, but over the long term, they may have lost its market for good."

Peck said, "The International Monetary Fund, the IMF, has reported that global expansion decreased dramatically when this tariff war started last year. And its expected growth rate for this year has been significantly reduced because of the prolonged trade war," he added.

Imposition on tariffs on goods imported from China will have a negative impact on the United States itself and the rest of the world and it is US consumers and businesses that will ultimately have to pay for the additional tariffs imposed by the United States to goods imported from China, said expert on international trade on Wednesday.

Imposition on tariffs on goods imported from China will have a negative impact on the United States itself and the rest of the world and it is US consumers and businesses that will ultimately have to pay for the additional tariffs imposed by the United States to goods imported from China, said expert on international trade on Wednesday. The expert made the remarks during an interview with the China Central Television (CCTV) in response to the decision by the US administration of President Donald Trump to increase the additional tariffs on 200 billion US dollars' worth of Chinese goods from 10 per cent to 25 per cent on May 10, and has threatened to raise tariffs on more Chinese imports. Brian Peck, director of the Center for Transnational Law and Business with the University of Southern California's Gould School of Law said: "Despite what President Trump said, claiming that the Chinese pay the tariff on Chinese imports to the United States, it's, in fact, US consumers and businesses that have to pay them. Tariffs are tax, the tax on imports, so the receivers of those goods are the ones that have to pay the tax. It US consumers and businesses." He said, "These are things consumers buy on a daily basis and they are going to have a significant price increase because of these tariff raises. So that's going to have a negative impact on consumer spending; business investment decisions will have to put on hold; global supply chains also can be negatively affected. So the longer it prolongs, the more of negative impact will have on the US economy." Peck said, "I think the other sector that is deeply hurt by these tariffs is the US farmers, especially soybean farmers, because they are a losing tremendous amount of sales to the Chinese market, it has been replaced by other suppliers from other parts of the world. So now there is an immediate negative impact on farmers, but over the long term, they may have lost its market for good." Peck said, "The International Monetary Fund, the IMF, has reported that global expansion decreased dramatically when this tariff war started last year. And its expected growth rate for this year has been significantly reduced because of the prolonged trade war," he added.

US consumers, businesses to pay for tariffs on Chinese goods: Expert

China today warned the United States against further harming trade ties after <a href="https://www.wionews.com/world/unreasonable-restrictions-infringe-on-its-rights-huawei-responds-to-us-ban-219064">President Donald Trump effectively </a>barred Chinese telecom giant Huawei from the US market and put it on a blacklist.

"We urge the US to stop its incorrect actions... to avoid doing additional harm to China-US economic and trade relations," commerce ministry spokesman Gao Feng said at a weekly press briefing.

"China has said many times national security issues should not be abused," Gao said, adding China is resolutely against any country taking unilateral action against any Chinese entity according to its domestic law.

<div class="videoWrapper trancodeVideo"><iframe src="https://www.wionews.com/videos/huawei-can-no-longer-buy-us-parts-219070/embed" width="560" height="350" style="width:100%;max-width:560px;" class="includeVideo" frameborder="0" autoplay=1 allowfullscreen></iframe></div>

Beijing has always asked firms to abide by the relevant rules and regulations of the countries they operate in, he said, noting China would take measures "to resolutely safeguard the legitimate interest of our companies".

Trump stepped up Washington's battle against Huawei on Wednesday, effectively barring the telecom titan from the US market and adding it to a list which would restrict US sales to the firm amid an escalating trade war with Beijing.

Huawei said it was an "unreasonable restriction" by the US.

"Restricting Huawei from doing business in the US will not make the US more secure or stronger; instead, this will only serve to limit the US to inferior yet more expensive alternatives. In addition, unreasonable restrictions will infringe upon Huawei's rights and raise other serious legal issues," the telecom giant said in a statement.

President Donald Trump on Wednesday signed an executive order declaring a national emergency and barring US companies from using telecommunications equipment made by firms posing a national security risk.

The order paved the way for a ban on doing business with China's Huawei Technologies Co.

China today warned the United States against further harming trade ties after President Donald Trump effectively barred Chinese telecom giant Huawei from the US market and put it on a blacklist.

China today warned the United States against further harming trade ties after President Donald Trump effectively barred Chinese telecom giant Huawei from the US market and put it on a blacklist. "We urge the US to stop its incorrect actions... to avoid doing additional harm to China-US economic and trade relations," commerce ministry spokesman Gao Feng said at a weekly press briefing. "China has said many times national security issues should not be abused," Gao said, adding China is resolutely against any country taking unilateral action against any Chinese entity according to its domestic law. Beijing has always asked firms to abide by the relevant rules and regulations of the countries they operate in, he said, noting China would take measures "to resolutely safeguard the legitimate interest of our companies". Trump stepped up Washington's battle against Huawei on Wednesday, effectively barring the telecom titan from the US market and adding it to a list which would restrict US sales to the firm amid an escalating trade war with Beijing. Huawei said it was an "unreasonable restriction" by the US. "Restricting Huawei from doing business in the US will not make the US more secure or stronger; instead, this will only serve to limit the US to inferior yet more expensive alternatives. In addition, unreasonable restrictions will infringe upon Huawei's rights and raise other serious legal issues," the telecom giant said in a statement. President Donald Trump on Wednesday signed an executive order declaring a national emergency and barring US companies from using telecommunications equipment made by firms posing a national security risk. The order paved the way for a ban on doing business with China's Huawei Technologies Co.

US should stop incorrect action on Huawei to avoid additional harm to China-US economic and trade relations: China

Stock markets on both sides of the Atlantic rallied Tuesday, paring heavy losses sparked by a raging US-China trade war over the past week.

Major US indices had lost more than two per cent on Monday after China announced retaliatory tariff measures on the United States following Washington's move last week to more than double the punitive tariffs already in place.

US President Donald Trump on Tuesday called the escalating dispute with China "a little squabble" but said Washington was still considering extending tariffs to another $300 billion worth of Chinese merchandise.

Still, some analysts viewed the reaction in markets on Monday as exaggerated and still expect a deal. The two sides have both said they expect further talks, and Trump says he may meet his Chinse counterpart Xi Jinping next month at a Group of 20 summit&nbsp;in Japan.

"Equities are attempting to claw back some lost ground," noted analyst Chris Beauchamp at trading firm IG, "but the overall atmosphere of caution still prevails."

On Wall Street, the Dow Jones Industrial Average climbed 0.8 per cent, winning back about one-third of the Monday's loss after China's announcement of new tariffs battered stocks.&nbsp;

Europe's main stock markets were all higher at the close, with Paris the best performer.

Earlier Tuesday Asian markets had plunged further in reaction to Monday's US stock plunge.

Elsewhere, oil prices advanced Tuesday as traders eyed Middle East woes, "sabotage attacks" on two Saudi Arabian oil tankers and a growing crisis in Venezuela.

On Tuesday, drone attacks claimed by Iran-aligned Yemen rebels also shut down one of Saudi Arabia's main oil pipelines.

Key figures around 2040 GMT

New York - Dow: UP 0.8 per cent at 25,532.05 (close)

New York - S&amp;P 500: UP 0.8 per cent at 2,834.41 (close)

New York - Nasdaq: UP 1.1 per cent at 7,734.49 (close)

London - FTSE 100: UP 1.1 per cent at 7,241.60 (close)

Frankfurt - DAX 30: UP 1.0 per cent at 11,991.62 (close)

Paris - CAC 40: UP 1.5 per cent at 5,341.35 (close)

EURO STOXX 50: UP 1.3 per cent at 3,364.38 (close)

Tokyo - Nikkei 225: DOWN 0.6 per cent at 21,067.23 (close)

Hong Kong - Hang Seng: DOWN 1.5 per cent at 28,122.02 (close)

Shanghai - Composite: DOWN 0.7 per cent at 2,883.61 (close)

Euro/dollar: DOWN at $1.1208 from $1.1222 at 2100 GMT

Pound/dollar: DOWN at $1.2907 from $1.2958

Dollar/yen: UP at 109.62 yen from 109.30 yen

Oil - Brent Crude: UP $1.01 at $71.24 per barrel

Oil - West Texas Intermediate: UP 74 cents at $61.78 per barrel

Stock markets on both sides of the Atlantic rallied Tuesday, paring heavy losses sparked by a raging US-China trade war over the past week. Major US indices had lost more than two per cent on Monday after China announced retaliatory tariff measures on the United States following Washington's move last week to more than double the punitive tariffs already in place.

Stock markets on both sides of the Atlantic rallied Tuesday, paring heavy losses sparked by a raging US-China trade war over the past week. Major US indices had lost more than two per cent on Monday after China announced retaliatory tariff measures on the United States following Washington's move last week to more than double the punitive tariffs already in place. US President Donald Trump on Tuesday called the escalating dispute with China "a little squabble" but said Washington was still considering extending tariffs to another $300 billion worth of Chinese merchandise. Still, some analysts viewed the reaction in markets on Monday as exaggerated and still expect a deal. The two sides have both said they expect further talks, and Trump says he may meet his Chinse counterpart Xi Jinping next month at a Group of 20 summit in Japan. "Equities are attempting to claw back some lost ground," noted analyst Chris Beauchamp at trading firm IG, "but the overall atmosphere of caution still prevails." On Wall Street, the Dow Jones Industrial Average climbed 0.8 per cent, winning back about one-third of the Monday's loss after China's announcement of new tariffs battered stocks. Europe's main stock markets were all higher at the close, with Paris the best performer. Earlier Tuesday Asian markets had plunged further in reaction to Monday's US stock plunge. Elsewhere, oil prices advanced Tuesday as traders eyed Middle East woes, "sabotage attacks" on two Saudi Arabian oil tankers and a growing crisis in Venezuela. On Tuesday, drone attacks claimed by Iran-aligned Yemen rebels also shut down one of Saudi Arabia's main oil pipelines. Key figures around 2040 GMT New York - Dow: UP 0.8 per cent at 25,532.05 (close) New York - S&P 500: UP 0.8 per cent at 2,834.41 (close) New York - Nasdaq: UP 1.1 per cent at 7,734.49 (close) London - FTSE 100: UP 1.1 per cent at 7,241.60 (close) Frankfurt - DAX 30: UP 1.0 per cent at 11,991.62 (close) Paris - CAC 40: UP 1.5 per cent at 5,341.35 (close) EURO STOXX 50: UP 1.3 per cent at 3,364.38 (close) Tokyo - Nikkei 225: DOWN 0.6 per cent at 21,067.23 (close) Hong Kong - Hang Seng: DOWN 1.5 per cent at 28,122.02 (close) Shanghai - Composite: DOWN 0.7 per cent at 2,883.61 (close) Euro/dollar: DOWN at $1.1208 from $1.1222 at 2100 GMT Pound/dollar: DOWN at $1.2907 from $1.2958 Dollar/yen: UP at 109.62 yen from 109.30 yen Oil - Brent Crude: UP $1.01 at $71.24 per barrel Oil - West Texas Intermediate: UP 74 cents at $61.78 per barrel

European, US stocks rebound as trade war flares

US farmers who are major exporters of pork and soy, are caught in the middle of President Donald Trump's <a href="https://www.wionews.com/videos/gravitas-trade-war-calm-amidst-storm-218799">trade wars</a>.

And farmers along with the industries that support them, are also key voters. So with 18 months to go before the presidential election, Trump is hoping to put them at ease and keep their support.

But as trade barriers continue to bite deeper into an industry that was already suffering low prices and falling income, there are signs of mounting frustration.

Also read:&nbsp;<a href="https://www.wionews.com/world/explaining-the-us-china-trade-war-which-grabbed-spotlight-in-2018-185043">Explaining the US-China trade war which grabbed spotlight in 2018</a>

"Our great Patriot Farmers will be one of the biggest beneficiaries of what is happening now," Trump said Tuesday on Twitter.&nbsp;

He said he hoped China would "do us the honor" of continuing to buy US farm exports but even if they do not, the government "will be making up the difference" by buying crops to prop up prices.

The tweets came a day after China announced it was raising tariffs on $60 billion in US agricultural and manufactured goods to retaliate for Trump's decision last week to raise tariffs on $200 billion in Chinese merchandise.

Rural areas are generally more conservative and favorable to Trump, but they have been shaken by the conflict that has brought soy bean exports to China in particular to a screeching halt.&nbsp;

Last year's exports fell by 75 per cent from 2017, according to Commerce Department figures.

And over the last year, they have been targeted not only by China but also the European Union, Canada and Mexico.

For now, while many continue to support Trump, others "are not so sure," according to Will Rodger, head of communications for the American Farm Bureau Federation.

"We don't have hard numbers that tell us exactly how strong support or opposition may be but our gut feeling is most farmers still support the president since they like many of his policies across the board," he told AFP in an email.

Sid Ready, a farmer in Scribner, Nebraska, says the trade war has hurt but farmers were hanging in there.

"We understand it and I think farmers are pretty darn resilient," he said. "In the long run, we hope it works."

Their patience has limits, Rodger said, as revenues have been falling for six years due to global oversupply.

From a record $123.4 billion in 2013, farm incomes had fallen by about half as of last year to $63.1 billion, according to the US Department of Agriculture.

Many farmers in the Midwestern US breadbasket also have been devastated by floods that destroyed crops and prevented planting.

The American Soybean Association says it generally supports the Trump administration's trade objectives, just not the means used to reach them.

'We always win'

Soy farmers are "frustrated" that Chinese and US negotiators have been unable to strike a bargain and worry their entire business is in danger.

"With depressed prices and unsold stocks expected to double by the 2019 harvest, soybean farmers are not willing to be collateral damage in an endless tariff war," ASA President Davie Stephens said in a statement Monday.

Many fear their Chinese customers, who once bought about a third of the US soy crop, may soon buy even more from Brazil instead.

The Chinese export market for soy took more than 40 years to develop, and as the trade conflict persists "it will become increasingly difficult to recover."

Other buyers, like the European Union, may step in to fill the gap left by China. Still, about two thirds of global soy exports are destined for China.

In his Tuesday tweets, Trump said the "massive tariffs" currently in place will pay for government bailouts for suffering farms.

Last week, he suggested the government could purchase the crops and send it as food aid to poor nations.

In July 2018, the government unveiled a $12 billion bailout fund and US farmers already receive about $20 billion in annual assistance through various aid programs.

And the National Pork Producer's Council said last week it "welcomes the offer of assistance from President Trump."

"We stand ready to work with the USDA to facilitate US pork exports as food aid to a number of nations," NPCC President David Herring said in a statement.

Exports now account for 26 per cent of all US pork production, of which a large share is normally shipped to China.

Trump on Tuesday called the US-China trade war a "little squabble" and predicted ultimate victory.

"We always win. We always win," he said.

US farmers who are major exporters of pork and soy, are caught in the middle of President Donald Trump's trade wars. And farmers along with the industries that support them, are also key voters.

US farmers who are major exporters of pork and soy, are caught in the middle of President Donald Trump's trade wars. And farmers along with the industries that support them, are also key voters. So with 18 months to go before the presidential election, Trump is hoping to put them at ease and keep their support. But as trade barriers continue to bite deeper into an industry that was already suffering low prices and falling income, there are signs of mounting frustration. Also read: Explaining the US-China trade war which grabbed spotlight in 2018 "Our great Patriot Farmers will be one of the biggest beneficiaries of what is happening now," Trump said Tuesday on Twitter. He said he hoped China would "do us the honor" of continuing to buy US farm exports but even if they do not, the government "will be making up the difference" by buying crops to prop up prices. The tweets came a day after China announced it was raising tariffs on $60 billion in US agricultural and manufactured goods to retaliate for Trump's decision last week to raise tariffs on $200 billion in Chinese merchandise. Rural areas are generally more conservative and favorable to Trump, but they have been shaken by the conflict that has brought soy bean exports to China in particular to a screeching halt. Last year's exports fell by 75 per cent from 2017, according to Commerce Department figures. And over the last year, they have been targeted not only by China but also the European Union, Canada and Mexico. For now, while many continue to support Trump, others "are not so sure," according to Will Rodger, head of communications for the American Farm Bureau Federation. "We don't have hard numbers that tell us exactly how strong support or opposition may be but our gut feeling is most farmers still support the president since they like many of his policies across the board," he told AFP in an email. Sid Ready, a farmer in Scribner, Nebraska, says the trade war has hurt but farmers were hanging in there. "We understand it and I think farmers are pretty darn resilient," he said. "In the long run, we hope it works." Their patience has limits, Rodger said, as revenues have been falling for six years due to global oversupply. From a record $123.4 billion in 2013, farm incomes had fallen by about half as of last year to $63.1 billion, according to the US Department of Agriculture. Many farmers in the Midwestern US breadbasket also have been devastated by floods that destroyed crops and prevented planting. The American Soybean Association says it generally supports the Trump administration's trade objectives, just not the means used to reach them. 'We always win' Soy farmers are "frustrated" that Chinese and US negotiators have been unable to strike a bargain and worry their entire business is in danger. "With depressed prices and unsold stocks expected to double by the 2019 harvest, soybean farmers are not willing to be collateral damage in an endless tariff war," ASA President Davie Stephens said in a statement Monday. Many fear their Chinese customers, who once bought about a third of the US soy crop, may soon buy even more from Brazil instead. The Chinese export market for soy took more than 40 years to develop, and as the trade conflict persists "it will become increasingly difficult to recover." Other buyers, like the European Union, may step in to fill the gap left by China. Still, about two thirds of global soy exports are destined for China. In his Tuesday tweets, Trump said the "massive tariffs" currently in place will pay for government bailouts for suffering farms. Last week, he suggested the government could purchase the crops and send it as food aid to poor nations. In July 2018, the government unveiled a $12 billion bailout fund and US farmers already receive about $20 billion in annual assistance through various aid programs. And the National Pork Producer's Council said last week it "welcomes the offer of assistance from President Trump." "We stand ready to work with the USDA to facilitate US pork exports as food aid to a number of nations," NPCC President David Herring said in a statement. Exports now account for 26 per cent of all US pork production, of which a large share is normally shipped to China. Trump on Tuesday called the US-China trade war a "little squabble" and predicted ultimate victory. "We always win. We always win," he said.

Victory awaits in China trade war, Trump tells farmers

This segment of WION brings to you top stories of the morning from across the globe. Watch this video to get the lastes updates.

WION Speed News: Watch top national and international news of the day, May 15th, 2019

Chinese President Xi Jinping declared Wednesday there was "no clash" of civilisations and denounced racial supremacy as "stupid" amid tensions with the United States and concerns over Beijing's rising global power.

His remarks came after a <a href="https://www.wionews.com/world/trump-says-he-feels-us-china-trade-talks-going-to-be-very-successful-218515">top-level US official last month </a>described the rivalry between China and the US as "a fight with a really different civilisation and a different ideology".

Kiron Skinner, the director of policy planning at the US State Department, put it in racial terms, telling a security forum that China was the<a href="https://www.wionews.com/world/victory-awaits-in-china-trade-war-trump-tells-farmers-218859"> first US "great power competitor that is not Caucasian"</a>.

"Thinking that one's own race and culture are superior, and insisting on transforming or even replacing other civilisations is stupid in its understanding and disastrous in practice," Xi said at the opening ceremony of the Conference on Dialogue of Asian Civilisations in Beijing.

"There is no clash between different civilisations, (we) just need to have the eye to appreciate the beauty in all civilisations," he added, without mentioning the United States.

Xi's speech comes less than a week after trade negotiations between Washington and Beijing took a turn for the worse, with the US hiking tariffs on $200 billion in Chinese merchandise and targeting duties on $300 billion more.

On Monday, China retaliated with an announcement that it would raise tariffs on $60 billion worth of US goods from June 1.

The two countries are locked in a battle for global influence, with diplomatic and economic tensions ranging from US military aid to self-ruled Taiwan to criticism of Beijing's Belt and Road global infrastructure programme.

China's rising influence has also raised alarm bells in Asia, especially as it continues to assert its vast territorial claims in the disputed South China Sea and East China Sea.

Last month, Philippine President Rodrigo Duterte warned Beijing to back off from a Manila-held island in the South China Sea, threatening possible military action if Beijing "touched" the island.

Xi's speech on Wednesday also focused on promoting cross-cultural collaboration across the region, and urged other Asian nations to "strengthen cultural confidence".

"On the foundation of the brilliant achievements obtained by our ancestors, we will... strive to continue writing the new glory of Asian civilisations," he said.

Chinese President Xi Jinping declared Wednesday there was "no clash" of civilisations and denounced racial supremacy as "stupid" amid tensions with the United States and concerns over Beijing's rising global power.

Chinese President Xi Jinping declared Wednesday there was "no clash" of civilisations and denounced racial supremacy as "stupid" amid tensions with the United States and concerns over Beijing's rising global power. His remarks came after a top-level US official last month described the rivalry between China and the US as "a fight with a really different civilisation and a different ideology". Kiron Skinner, the director of policy planning at the US State Department, put it in racial terms, telling a security forum that China was the first US "great power competitor that is not Caucasian". "Thinking that one's own race and culture are superior, and insisting on transforming or even replacing other civilisations is stupid in its understanding and disastrous in practice," Xi said at the opening ceremony of the Conference on Dialogue of Asian Civilisations in Beijing. "There is no clash between different civilisations, (we) just need to have the eye to appreciate the beauty in all civilisations," he added, without mentioning the United States. Xi's speech comes less than a week after trade negotiations between Washington and Beijing took a turn for the worse, with the US hiking tariffs on $200 billion in Chinese merchandise and targeting duties on $300 billion more. On Monday, China retaliated with an announcement that it would raise tariffs on $60 billion worth of US goods from June 1. The two countries are locked in a battle for global influence, with diplomatic and economic tensions ranging from US military aid to self-ruled Taiwan to criticism of Beijing's Belt and Road global infrastructure programme. China's rising influence has also raised alarm bells in Asia, especially as it continues to assert its vast territorial claims in the disputed South China Sea and East China Sea. Last month, Philippine President Rodrigo Duterte warned Beijing to back off from a Manila-held island in the South China Sea, threatening possible military action if Beijing "touched" the island. Xi's speech on Wednesday also focused on promoting cross-cultural collaboration across the region, and urged other Asian nations to "strengthen cultural confidence". "On the foundation of the brilliant achievements obtained by our ancestors, we will... strive to continue writing the new glory of Asian civilisations," he said.

There is no clash between different civilisations, says President Xi amid US-China trade war

Temporary De-Escalation In The Trade Dispute Between The US & China.

Gravitas: Trade War; Calm Amidst Storm!

Wall Street sank on Monday after<a href="https://www.wionews.com/world/now-china-imposes-tariffs-on-60-billion-worth-of-us-goods-218421"> China defied Washington by announcing retaliatory tariffs</a>, the latest salvo in the two countries' increasingly belligerent trade war, sending investors fleeing equities for less risky assets.

All three major US&nbsp;indexes lost ground in a widespread sell-off, with the tech-heavy Nasdaq posting its biggest one-day percentage loss this year. The S&amp;P 500 and the Dow both had their largest percentage drop since January 3.

China said it would impose higher tariffs on $60 billion in US goods despite President Donald Trump's warnings not to retaliate against additional tariffs on Chinese imports announced by the White House on Friday. The move stoked fears of a global economic downturn.

"The market's realizing that this was an absolute breakdown of (trade) talks and everything is gone backwards," said Michael O'Rourke, chief market strategist at JonesTrading in Greenwich, Connecticut.

"It could be very bad," O'Rourke added. "There's a lot of uncertainty. This should lead to further slowing in the economy."

Investors responded by fleeing equities for safe-haven assets.

US&nbsp;Treasury yields fell to six-week lows, with 10-year yields falling below those of 3-month bills, an inversion seen by many as a potential harbinger of recession.

Gold prices rose to a near three-month high.

The CBOE Volatility index, a gauge of investor anxiety, posted its biggest daily point gain so far this year.

The Dow Jones Industrial Average fell 617.38 points, or 2.38%, to 25,324.99, the S&amp;P 500 lost 69.53 points, or 2.41%, to 2,811.87 and the Nasdaq Composite dropped 269.92 points, or 3.41%, to 7,647.02.

Of the 11 major sectors of the S&amp;P 500, only utilities ended the session in the black. Trade-sensitive tech companies suffered the largest percentage decline.

Among stocks particularly vulnerable to US-China tariffs, Boeing Co slid 4.9% and Caterpillar Inc fell 4.6% while the Philadelphia Chip index was down 4.7%, posting its biggest percentage drop since January&nbsp;3 and extending last week's 6% decline.

Shares of Apple Inc sank 5.8% on the double whammy of heightened trade tensions and a decision by the US&nbsp;Supreme Court to allow an antitrust lawsuit accusing the company of monopolizing the iPhone app market.

Uber Technologies Inc extended its slide, falling 10.8% on its second day as a publicly traded company following Friday's underwhelming debut.

Ride-hailing peer Lyft Inc was also down, dropping 5.8%.

Shares of Tesla Inc fell 5.2% to their lowest in more than two years.

First quarter reporting season is in the home stretch, and of the 451 companies in the S&amp;P 500 that have posted results, 75.2% have come in above expectations.

Analysts now see an S&amp;P 500 earnings increase of 1.3% for the January-March period, significantly better than the 2% decrease expected on April 1.

Declining issues outnumbered advancing ones on the NYSE by a 4.81-to-1 ratio; on Nasdaq, a 5.12-to-1 ratio favoured decliners.

The S&amp;P 500 posted 12 new 52-week highs and 22 new lows; the Nasdaq Composite recorded 30 new highs and 151 new lows.

Volume on US&nbsp;exchanges was 8.24 billion shares, compared to the 6.97 billion-share average over the last 20 trading days.

Wall Street sank on Monday after China defied Washington by announcing retaliatory tariffs, the latest salvo in the two countries' increasingly belligerent trade war, sending investors fleeing equities for less risky assets.

Wall Street sank on Monday after China defied Washington by announcing retaliatory tariffs, the latest salvo in the two countries' increasingly belligerent trade war, sending investors fleeing equities for less risky assets. All three major US indexes lost ground in a widespread sell-off, with the tech-heavy Nasdaq posting its biggest one-day percentage loss this year. The S&P 500 and the Dow both had their largest percentage drop since January 3. China said it would impose higher tariffs on $60 billion in US goods despite President Donald Trump's warnings not to retaliate against additional tariffs on Chinese imports announced by the White House on Friday. The move stoked fears of a global economic downturn. "The market's realizing that this was an absolute breakdown of (trade) talks and everything is gone backwards," said Michael O'Rourke, chief market strategist at JonesTrading in Greenwich, Connecticut. "It could be very bad," O'Rourke added. "There's a lot of uncertainty. This should lead to further slowing in the economy." Investors responded by fleeing equities for safe-haven assets. US Treasury yields fell to six-week lows, with 10-year yields falling below those of 3-month bills, an inversion seen by many as a potential harbinger of recession. Gold prices rose to a near three-month high. The CBOE Volatility index, a gauge of investor anxiety, posted its biggest daily point gain so far this year. The Dow Jones Industrial Average fell 617.38 points, or 2.38%, to 25,324.99, the S&P 500 lost 69.53 points, or 2.41%, to 2,811.87 and the Nasdaq Composite dropped 269.92 points, or 3.41%, to 7,647.02. Of the 11 major sectors of the S&P 500, only utilities ended the session in the black. Trade-sensitive tech companies suffered the largest percentage decline. Among stocks particularly vulnerable to US-China tariffs, Boeing Co slid 4.9% and Caterpillar Inc fell 4.6% while the Philadelphia Chip index was down 4.7%, posting its biggest percentage drop since January 3 and extending last week's 6% decline. Shares of Apple Inc sank 5.8% on the double whammy of heightened trade tensions and a decision by the US Supreme Court to allow an antitrust lawsuit accusing the company of monopolizing the iPhone app market. Uber Technologies Inc extended its slide, falling 10.8% on its second day as a publicly traded company following Friday's underwhelming debut. Ride-hailing peer Lyft Inc was also down, dropping 5.8%. Shares of Tesla Inc fell 5.2% to their lowest in more than two years. First quarter reporting season is in the home stretch, and of the 451 companies in the S&P 500 that have posted results, 75.2% have come in above expectations. Analysts now see an S&P 500 earnings increase of 1.3% for the January-March period, significantly better than the 2% decrease expected on April 1. Declining issues outnumbered advancing ones on the NYSE by a 4.81-to-1 ratio; on Nasdaq, a 5.12-to-1 ratio favoured decliners. The S&P 500 posted 12 new 52-week highs and 22 new lows; the Nasdaq Composite recorded 30 new highs and 151 new lows. Volume on US exchanges was 8.24 billion shares, compared to the 6.97 billion-share average over the last 20 trading days.

Wall Street shudders as US-China trade war intensifies

A day after China retaliated with<a href="https://www.wionews.com/world/trump-says-he-feels-us-china-trade-talks-going-to-be-very-successful-218515"> imposing $60 billion tariffs</a> on US goods, the foreign ministry said it will remain calm and level-headed in the face of flip-flops and maximum pressure from the US side.

"China does not want to fight the trade war but it is not afraid to fight it. If someone attacks us on our doorstep, we will take them on and fight to the finish," China's foreign ministry spokesman Geng Shuang said.

China had announced on Monday that is latest tariffs against <a href="https://www.wionews.com/world/us-china-trade-setback-stokes-recession-fears-stocks-slide-218396">US goods will come into effect</a> from June 1 even as President Trump in a tweet had cautioned President Xi's government not to retaliate.

Trump in a tweet on Tuesday had said, "We have placed a 25 per cent tariff on “dumped” steel from China and other countries, adding that in one year tariffs have rebuilt our steel industry - it is booming!"

<blockquote class="twitter-tweet">
China buys MUCH less from us than we buy from them, by almost 500 Billion Dollars, so we are in a fantastic position. Make your product at home in the USA and there is no Tariff. You can also buy from a non-Tariffed country instead of China. Many companies are leaving China.....
— Donald J. Trump (@realDonaldTrump) <a href="https://twitter.com/realDonaldTrump/status/1128246369674829832?ref_src=twsrc%5Etfw">May 14, 2019</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

Earlier on Monday, Trump had said China should not retaliate because "things could only get worse", however, just hours later China unveiled its new round of tariffs in a tit-for-tat move against the US which had imposed $200 billion worth of Chinese goods in the midst of the trade war last week.

On Friday, Trump had issued orders for the tariff increase, asserting that China "broke the deal" by reneging on earlier commitments made during negotiations.

"We admonish the US side to take heed of the international community's reaction and calls from people from all walks of life, calculate the gains and losses of their own interests, have a clear understanding of the situation and return to the right track at an early date," China's foreign ministry spokesman said. 
&nbsp; &nbsp; 
"We are determined and able to maintain our legitimate rights and interests," Shuang added.&nbsp; 
&nbsp;

A day after China retaliated with imposing $60 billion tariffs on US goods, the foreign ministry said it will remain calm and level-headed in the face of flip-flops and maximum pressure from the US side.

A day after China retaliated with imposing $60 billion tariffs on US goods, the foreign ministry said it will remain calm and level-headed in the face of flip-flops and maximum pressure from the US side. "China does not want to fight the trade war but it is not afraid to fight it. If someone attacks us on our doorstep, we will take them on and fight to the finish," China's foreign ministry spokesman Geng Shuang said. China had announced on Monday that is latest tariffs against US goods will come into effect from June 1 even as President Trump in a tweet had cautioned President Xi's government not to retaliate. Trump in a tweet on Tuesday had said, "We have placed a 25 per cent tariff on “dumped” steel from China and other countries, adding that in one year tariffs have rebuilt our steel industry - it is booming!" China buys MUCH less from us than we buy from them, by almost 500 Billion Dollars, so we are in a fantastic position. Make your product at home in the USA and there is no Tariff. You can also buy from a non-Tariffed country instead of China. Many companies are leaving China..... — Donald J. Trump (@realDonaldTrump) May 14, 2019 Earlier on Monday, Trump had said China should not retaliate because "things could only get worse", however, just hours later China unveiled its new round of tariffs in a tit-for-tat move against the US which had imposed $200 billion worth of Chinese goods in the midst of the trade war last week. On Friday, Trump had issued orders for the tariff increase, asserting that China "broke the deal" by reneging on earlier commitments made during negotiations. "We admonish the US side to take heed of the international community's reaction and calls from people from all walks of life, calculate the gains and losses of their own interests, have a clear understanding of the situation and return to the right track at an early date," China's foreign ministry spokesman said. "We are determined and able to maintain our legitimate rights and interests," Shuang added.

If someone attacks us on our doorstep, we will fight to the finish: China on trade war with US

China announced higher tariffs on 60 billion US dollars worth of American goods in retaliation for US President Donald Trump's latest penalties on Chinese products, sending Wall Street into a slide.

China's hike of US tariffs sparks Asia stock losses

China has announced tariff on US goods worth $60 Bn. This tariff to come into effect from June 1. Watch this video to know more.

Now China announces tariff on US goods worth $60 Bn

Shortly after Donald Trump said<a href="https://www.wionews.com/world/china-should-not-retaliate-on-tariffs-it-will-only-get-worse-says-trump-218364"> China should not impose tariffs</a> against the US, China on Monday said it will impose tariffs on $60 billion worth of US goods from June 1.

China will be imposing tariffs ranging from 5 per cent to 25 per cent on a number of American goods, according to a statement by the Tariff Policy Commission of the State Council which is part of China's cabinet.

Earlier in the day, President Trump had said that "if it doesn't make a deal because companies will be forced to leave China for other countries."&nbsp;

Trump had directly appealed to President Xi in his tweet even as China said it won't &nbsp;"surrender" to foreign pressure after Washington renewed its threat to impose tariffs.

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I say openly to President Xi &amp; all of my many friends in China that China will be hurt very badly if you don’t make a deal because companies will be forced to leave China for other countries. Too expensive to buy in China. You had a great deal, almost completed, &amp; you backed out!
— Donald J. Trump (@realDonaldTrump) <a href="https://twitter.com/realDonaldTrump/status/1127888569543077888?ref_src=twsrc%5Etfw">May 13, 2019</a></blockquote>
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"China will never surrender to external pressure," foreign ministry spokesman Geng Shuang said, adding,"we are determined to have the ability to safeguard our legitimate rights and interests."

"We have said many times that imposing tariffs will not solve any problems," Geng added.

Trade talks between China and the US concluded without any concrete results last week even as the Trump administration imposed new tariffs on China as the deadlock continued.

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China has so far slapped tariffs on $110 billion worth of US goods in retaliation to the US duties.

Meanwhile, President Trump ordered US Trade Representative Robert Lighthizer to begin imposing tariffs on all remaining imports from China as the trade war between the two nations began to hit markets worldwide.

Reports now suggest a possible meeting between Trump and President Xi on the sidelines of the G20 summit could help the ease the crisis, however, no date has been set for the two leaders to meet.

Shortly after Donald Trump said China should not impose tariffs against the US, China on Monday said it will impose tariffs on $60 billion worth of US goods from June 1.

Shortly after Donald Trump said China should not impose tariffs against the US, China on Monday said it will impose tariffs on $60 billion worth of US goods from June 1. China will be imposing tariffs ranging from 5 per cent to 25 per cent on a number of American goods, according to a statement by the Tariff Policy Commission of the State Council which is part of China's cabinet. Earlier in the day, President Trump had said that "if it doesn't make a deal because companies will be forced to leave China for other countries." Trump had directly appealed to President Xi in his tweet even as China said it won't "surrender" to foreign pressure after Washington renewed its threat to impose tariffs. I say openly to President Xi & all of my many friends in China that China will be hurt very badly if you don’t make a deal because companies will be forced to leave China for other countries. Too expensive to buy in China. You had a great deal, almost completed, & you backed out! — Donald J. Trump (@realDonaldTrump) May 13, 2019 × "China will never surrender to external pressure," foreign ministry spokesman Geng Shuang said, adding,"we are determined to have the ability to safeguard our legitimate rights and interests." "We have said many times that imposing tariffs will not solve any problems," Geng added. Trade talks between China and the US concluded without any concrete results last week even as the Trump administration imposed new tariffs on China as the deadlock continued. China has so far slapped tariffs on $110 billion worth of US goods in retaliation to the US duties. Meanwhile, President Trump ordered US Trade Representative Robert Lighthizer to begin imposing tariffs on all remaining imports from China as the trade war between the two nations began to hit markets worldwide. Reports now suggest a possible meeting between Trump and President Xi on the sidelines of the G20 summit could help the ease the crisis, however, no date has been set for the two leaders to meet.

Now, China imposes tariffs on $60 billion worth of US goods

By raising tariffs on Chinese products, the United States will harm the interests of its businesses and consumers in the long term, according to Chinese economic experts at a seminar on China-US trade in Beijing on Sunday.

US raising tariffs will harm American businesses, consumers: Chinese experts

Traders of India's diamond hub Surat city, in Prime Minister, Narendra Modi's home state Gujarat, are claiming a steep fall in the export of the polished precious stones owing to the ongoing US-China trade war.

India's diamond traders claim drop in exports due to US-China trade war

Already hurt by the US-China trade war, farmers in Nebraska are reeling from this year's devastating floods, which ravaged crops and left little time to plant for the next harvest.

Damage from the March rains in the Midwest is visible across the landscape north of Omaha, the state's biggest city, trees have fallen, growing fields are caked in mud and rivers are at elevated levels.

"Road Closed" signs pop up often in particularly water-logged areas where bridges and dikes were overwhelmed, making neighbourhoods uninhabitable and cutting off public services.

Cows are visible in some pastures but many breeders are still tallying their losses. Some animals died in the floods and others perished after being sickened by bad water.

"I know people who lost a lot of their animals because they were stranded in the floods," said Jim Dinklage, a farmer in Orchard, about three hours from Omaha. "You couldn't have access to them."

Of Nebraska's 93 counties, 81 have declared states of emergency, said Steve Wellman, director of the Nebraska Department of Agriculture.

"So 85 per cent of the state of Nebraska has been impacted by either flooding or blizzard conditions from the middle of March," he said.

Damages are estimated at more than $800 million, about $400 million in the livestock industry and $440 million in crops.

Higher costs

Among the 50 states, Nebraska is the third-biggest corn producer and second-biggest ethanol producer.&nbsp;

One out of four jobs is tied to farming, the state's biggest sector.

In Scribner, north of Omaha, Ruth and Sid Ready describe a closing window of opportunity for the season.

Corn is usually planted from mid-April through May, while soybeans are sown through July 1.

"It's not like we've got a lot of alternatives out here. You either get your crop in the spring, or you are out of income for the entire year," said Ruth Ready, adding that the floods shrank this season's usable acreage, threatening the next harvest.

The couple, who also raise cows, estimate the rains will effectively double the costs in the Nebraska farm belt this year.

Clare and Gayle Duda, corn and soy farmers in nearby Ponca Hills, said they were facing a similar situation.

"We planted 300 acres and we were only able to harvest five acres," or just two hectares, said Clare, adding that losses were hard to bear without revenue to make up for the investment in the crop.

Flood waters had pooled in the middle of the Dudas' corn field, splitting it in two and cutting off access to much of the crops, consigning them to ruin.

A church donation paid for antibiotics to treat E.coli infections in their goats, but the bacteria is also now present in mushrooms on the property.

"We should be out planting today but because the river flooded, the soil gets so saturated, so wet, that we can't," said a forlorn Clare.

Growers have fixed costs on land and machinery that do not lessen even if the output is lower. In many cases, farmers already purchased seeds for the season. Plus, transport costs have essentially doubled due to the dismal state of the roads.

But there is a more fundamental hit to the region's economic capacity, with nutrient-rich soil developed over generations suddenly stripped away.

After taking stock of the damage, the Dudas concede the reality of climate change.

"I accept it," Clare said of the warming climate.

Trade war hit

Emergency calls from farmers to a hotline run by Interchurch Ministries of Nebraska have doubled over the last year.

In the wake of the disaster, growers have been granted extensions on credit payments and loans, as well as the possibility in some cases to renegotiate loans at lower interest rates.

The floods came as farm incomes have fallen about 50 per cent since 2013 due to low crop prices, leading to debt levels not seen since the 1980s.

The situation has also been exacerbated by the trade war with China, which has closed off a key consumer market for some growers, particularly for soybeans.

The Ready family sells both soybeans and corn to China. But they are sticking with President Donald Trump.

"It was our products that are most affected by that trade war," Sid Ready said.

"Does that mean that we are all very happy about it because it's costing us?" he added. "No, but we understand it."&nbsp;

"In the long run, we hope it works."

Already hurt by the US-China trade war, farmers in Nebraska are reeling from this year's devastating floods, which ravaged crops and left little time to plant for the next harvest.

Already hurt by the US-China trade war, farmers in Nebraska are reeling from this year's devastating floods, which ravaged crops and left little time to plant for the next harvest. Damage from the March rains in the Midwest is visible across the landscape north of Omaha, the state's biggest city, trees have fallen, growing fields are caked in mud and rivers are at elevated levels. "Road Closed" signs pop up often in particularly water-logged areas where bridges and dikes were overwhelmed, making neighbourhoods uninhabitable and cutting off public services. Cows are visible in some pastures but many breeders are still tallying their losses. Some animals died in the floods and others perished after being sickened by bad water. "I know people who lost a lot of their animals because they were stranded in the floods," said Jim Dinklage, a farmer in Orchard, about three hours from Omaha. "You couldn't have access to them." Of Nebraska's 93 counties, 81 have declared states of emergency, said Steve Wellman, director of the Nebraska Department of Agriculture. "So 85 per cent of the state of Nebraska has been impacted by either flooding or blizzard conditions from the middle of March," he said. Damages are estimated at more than $800 million, about $400 million in the livestock industry and $440 million in crops. Higher costs Among the 50 states, Nebraska is the third-biggest corn producer and second-biggest ethanol producer. One out of four jobs is tied to farming, the state's biggest sector. In Scribner, north of Omaha, Ruth and Sid Ready describe a closing window of opportunity for the season. Corn is usually planted from mid-April through May, while soybeans are sown through July 1. "It's not like we've got a lot of alternatives out here. You either get your crop in the spring, or you are out of income for the entire year," said Ruth Ready, adding that the floods shrank this season's usable acreage, threatening the next harvest. The couple, who also raise cows, estimate the rains will effectively double the costs in the Nebraska farm belt this year. Clare and Gayle Duda, corn and soy farmers in nearby Ponca Hills, said they were facing a similar situation. "We planted 300 acres and we were only able to harvest five acres," or just two hectares, said Clare, adding that losses were hard to bear without revenue to make up for the investment in the crop. Flood waters had pooled in the middle of the Dudas' corn field, splitting it in two and cutting off access to much of the crops, consigning them to ruin. A church donation paid for antibiotics to treat E.coli infections in their goats, but the bacteria is also now present in mushrooms on the property. "We should be out planting today but because the river flooded, the soil gets so saturated, so wet, that we can't," said a forlorn Clare. Growers have fixed costs on land and machinery that do not lessen even if the output is lower. In many cases, farmers already purchased seeds for the season. Plus, transport costs have essentially doubled due to the dismal state of the roads. But there is a more fundamental hit to the region's economic capacity, with nutrient-rich soil developed over generations suddenly stripped away. After taking stock of the damage, the Dudas concede the reality of climate change. "I accept it," Clare said of the warming climate. Trade war hit Emergency calls from farmers to a hotline run by Interchurch Ministries of Nebraska have doubled over the last year. In the wake of the disaster, growers have been granted extensions on credit payments and loans, as well as the possibility in some cases to renegotiate loans at lower interest rates. The floods came as farm incomes have fallen about 50 per cent since 2013 due to low crop prices, leading to debt levels not seen since the 1980s. The situation has also been exacerbated by the trade war with China, which has closed off a key consumer market for some growers, particularly for soybeans. The Ready family sells both soybeans and corn to China. But they are sticking with President Donald Trump. "It was our products that are most affected by that trade war," Sid Ready said. "Does that mean that we are all very happy about it because it's costing us?" he added. "No, but we understand it." "In the long run, we hope it works."

Amid trade war, floods compound Nebraska farmers' woes

In the backdrop of the <a href="https://www.wionews.com/world/tariffs-will-bring-in-far-more-wealth-to-our-country-than-even-phenomenal-deal-of-traditional-kind-donald-trump-217507">US-China trade war</a> and the impasse at the World Trade Organisation (WTO), a WTO ministerial of 22 developing countries will take place in New Delhi next week.&nbsp;

In the meeting, which will take place next week, the countries are expected to deliberate on a common position on unilateral measures being taken by few countries among other issues of interest.&nbsp;

India's commerce ministry in a release said the meeting is being held at a time when the "multilateral rule-based-trading system is facing serious and grave challenges" and in the recent past, "there have been increasing unilateral measures and countermeasures by members".

US president Donald Trump on Friday tweeted on the ongoing trade spat&nbsp;with China. "Tariffs will make our Country MUCH STRONGER, not weaker. Just sit back and watch," he tweeted even as Washington imposed increased tariffs on Chinese goods.

The meet will also discuss the impasse in the Appellate Body of the WTO which could impact the existence of a Dispute Settlement Mechanism at the global body and further impact the position of the WTO as an effective multilateral organisation.

The Appellate Body based in Geneva hears appeals brought by the WTO members and consists of 7 members. The US has blocked the nomination of new members at the body.

Next week's meeting will have 16 developing countries, 6 least developed countries (LDC) along with Director General, WTO Roberto Azevêdo. Countries that will participate in the meeting include Argentina, Bangladesh, Barbados, Benin, Brazil, Central African Republic (CAR), Chad, China, Egypt, Guatemala, Guyana, Indonesia, Jamaica, Kazakhstan, Malawi, Malaysia, Nigeria, Oman, Saudi Arabia, South Africa, Turkey and Uganda.&nbsp;

Bangladesh, Central African Republic and South Africa have confirmed their participation. Vice ministers, senior officials and ambassadors of respective countries will be in attendance during the meeting.&nbsp;

China will be represented by an assistant minister and its envoy. A joint statement is expected by the end of the two day meet.&nbsp;

In the backdrop of the US-China trade war and the impasse at the World Trade Organisation (WTO), a WTO ministerial of 22 developing countries will take place in New Delhi next week.

In the backdrop of the US-China trade war and the impasse at the World Trade Organisation (WTO), a WTO ministerial of 22 developing countries will take place in New Delhi next week. In the meeting, which will take place next week, the countries are expected to deliberate on a common position on unilateral measures being taken by few countries among other issues of interest. India's commerce ministry in a release said the meeting is being held at a time when the "multilateral rule-based-trading system is facing serious and grave challenges" and in the recent past, "there have been increasing unilateral measures and countermeasures by members". US president Donald Trump on Friday tweeted on the ongoing trade spat with China. "Tariffs will make our Country MUCH STRONGER, not weaker. Just sit back and watch," he tweeted even as Washington imposed increased tariffs on Chinese goods. The meet will also discuss the impasse in the Appellate Body of the WTO which could impact the existence of a Dispute Settlement Mechanism at the global body and further impact the position of the WTO as an effective multilateral organisation. The Appellate Body based in Geneva hears appeals brought by the WTO members and consists of 7 members. The US has blocked the nomination of new members at the body. Next week's meeting will have 16 developing countries, 6 least developed countries (LDC) along with Director General, WTO Roberto Azevêdo. Countries that will participate in the meeting include Argentina, Bangladesh, Barbados, Benin, Brazil, Central African Republic (CAR), Chad, China, Egypt, Guatemala, Guyana, Indonesia, Jamaica, Kazakhstan, Malawi, Malaysia, Nigeria, Oman, Saudi Arabia, South Africa, Turkey and Uganda. Bangladesh, Central African Republic and South Africa have confirmed their participation. Vice ministers, senior officials and ambassadors of respective countries will be in attendance during the meeting. China will be represented by an assistant minister and its envoy. A joint statement is expected by the end of the two day meet.

Amid US-China trade war, 22 WTO countries to meet in New Delhi next week

Top US and Chinese trade negotiators concluded the first of two days of talks on Thursday to rescue a trade deal that is close to collapsing as Washington prepares to go ahead with plans to <a href="https://www.wionews.com/americas/donald-trump-xi-jinping-and-trade-a-high-stakes-game-of-chicken-216697">hike tariffs on hundreds of billions</a> of dollars of goods imported from China.

Tension between <a href="https://www.wionews.com/world/adding-tariffs-cant-resolve-any-problem-says-china-on-trade-conflict-with-us-216682">Washington and Beijing has risen</a> after a major setback in negotiations last week when China revised a draft deal and weakened commitments to meet US demands for trade reform.

President Donald Trump responded by ordering a tariff hike, and China has said it would retaliate. The 10-month-old trade war has already cost companies in both countries billions of dollars.

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Chinese Vice Premier Liu He, US&nbsp;Trade Representative Robert Lighthizer and US&nbsp;Treasury Secretary Steven Mnuchin talked for 90 minutes on Thursday and were expected to resume talks on Friday. Officials did not speak to reporters as they left the talks.

Before they get back around the table on Friday, the United States will have increased duties on $200 billion of Chinese goods, to 25 per cent from 10 per cent. The duties apply to cargoes leaving China after 12:01 a.m. EDT (0401 GMT) Friday.

Consumer products, including cell phones, computers, clothing and toys, are to be especially hard hit.

Trump on Thursday took aim at the $325 billion in Chinese goods that are so far untouched by the trade war, saying he was "starting ... paperwork today" to tax those with a punitive tariff of 25 per cent.

Trump, who has adopted protectionist policies as part of his "America First" agenda aimed at rebalancing global trade and boosting US manufacturing, accused Beijing of reneging on commitments made during months of negotiations.

"We were getting very close to a deal, then they started to renegotiate the deal. We can't have that. We can't have that," Trump said at an event at the White House.

Trump said if the two sides cannot make a deal, the United States would go back to manufacturing products that China now makes. "It'll be the old-fashioned way, the way we used to do it: We made our own product."

US&nbsp;stock indexes closed lower on Thursday ahead of the trade talks, though they pared losses after Trump said he had received a "beautiful" letter from Chinese President Xi Jinping. US oil prices slid and US Treasury yields fell as investors sought safe-haven assets.

Data released Thursday showed the US goods trade deficit with China shrank to its smallest level in five years in March, which could further embolden Trump as he escalates the trade war with Beijing.

China appealed to the United States to help salvage the deal earlier on Thursday. Commerce Ministry spokesman Gao Feng said the decision to send Liu to Washington despite the tariff hike threat demonstrated China's "utmost sincerity."

"The US side has given many labels recently, 'backtracking,' 'betraying,' etc. ... China sets great store on trustworthiness and keeps its promises, and this has never changed," he told a news briefing in Beijing.

A source familiar with the talks said China's changes to the language of the draft trade deal were so extensive it could take a month to fix them, assuming the United States rejects them.

The talks could still go several ways, a person close to the discussions said.

China could make some concessions to prolong talks even after tariffs and retaliation. The two sides could end negotiations, given they are so far apart. Or China could reverse the changes to the text and return the negotiations to where they were a week ago and work toward a deal to be signed at the G20 summit in Japan in June, the source said.

Top US and Chinese trade negotiators concluded the first of two days of talks on Thursday to rescue a trade deal that is close to collapsing as Washington prepares to go ahead with plans to hike tariffs on hundreds of billions of dollars of goods imported from China.

Top US and Chinese trade negotiators concluded the first of two days of talks on Thursday to rescue a trade deal that is close to collapsing as Washington prepares to go ahead with plans to hike tariffs on hundreds of billions of dollars of goods imported from China. Tension between Washington and Beijing has risen after a major setback in negotiations last week when China revised a draft deal and weakened commitments to meet US demands for trade reform. President Donald Trump responded by ordering a tariff hike, and China has said it would retaliate. The 10-month-old trade war has already cost companies in both countries billions of dollars. Chinese Vice Premier Liu He, US Trade Representative Robert Lighthizer and US Treasury Secretary Steven Mnuchin talked for 90 minutes on Thursday and were expected to resume talks on Friday. Officials did not speak to reporters as they left the talks. Before they get back around the table on Friday, the United States will have increased duties on $200 billion of Chinese goods, to 25 per cent from 10 per cent. The duties apply to cargoes leaving China after 12:01 a.m. EDT (0401 GMT) Friday. Consumer products, including cell phones, computers, clothing and toys, are to be especially hard hit. Trump on Thursday took aim at the $325 billion in Chinese goods that are so far untouched by the trade war, saying he was "starting ... paperwork today" to tax those with a punitive tariff of 25 per cent. Trump, who has adopted protectionist policies as part of his "America First" agenda aimed at rebalancing global trade and boosting US manufacturing, accused Beijing of reneging on commitments made during months of negotiations. "We were getting very close to a deal, then they started to renegotiate the deal. We can't have that. We can't have that," Trump said at an event at the White House. Trump said if the two sides cannot make a deal, the United States would go back to manufacturing products that China now makes. "It'll be the old-fashioned way, the way we used to do it: We made our own product." US stock indexes closed lower on Thursday ahead of the trade talks, though they pared losses after Trump said he had received a "beautiful" letter from Chinese President Xi Jinping. US oil prices slid and US Treasury yields fell as investors sought safe-haven assets. Data released Thursday showed the US goods trade deficit with China shrank to its smallest level in five years in March, which could further embolden Trump as he escalates the trade war with Beijing. China appealed to the United States to help salvage the deal earlier on Thursday. Commerce Ministry spokesman Gao Feng said the decision to send Liu to Washington despite the tariff hike threat demonstrated China's "utmost sincerity." "The US side has given many labels recently, 'backtracking,' 'betraying,' etc. ... China sets great store on trustworthiness and keeps its promises, and this has never changed," he told a news briefing in Beijing. A source familiar with the talks said China's changes to the language of the draft trade deal were so extensive it could take a month to fix them, assuming the United States rejects them. The talks could still go several ways, a person close to the discussions said. China could make some concessions to prolong talks even after tariffs and retaliation. The two sides could end negotiations, given they are so far apart. Or China could reverse the changes to the text and return the negotiations to where they were a week ago and work toward a deal to be signed at the G20 summit in Japan in June, the source said.

As US, Chinese officials meet for trade talks, Trump's tariffs on China set to take effect

US President Donald Trump on Friday said that&nbsp;the tariffs on Chinese goods will bring more wealth to America "that even a phenomenal deal of the traditional kind". "We have lost 500 billion dollars a year, for many years, on Crazy Trade with China. NO MORE!," his tweet read.&nbsp;

In a series of tweets, Trump stated that the United States will continue to negotiate with China "in the hopes that they do not again try to redo deal!"

He also said that&nbsp;talks with China continue in a very "congenial manner" and that "there is absolutely no need to rush".

"Tariffs are NOW being paid to the United States by China of 25% on 250 billion dollars worth of goods and products. These massive payments go directly to the Treasury of the US," he tweeted.&nbsp;

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Tariffs will bring in FAR MORE wealth to our Country than even a phenomenal deal of the traditional kind. Also, much easier &amp; quicker to do. Our Farmers will do better, faster, and starving nations can now be helped. Waivers on some products will be granted, or go to new source!
— Donald J. Trump (@realDonaldTrump) <a href="https://twitter.com/realDonaldTrump/status/1126815715682656256?ref_src=twsrc%5Etfw">May 10, 2019</a></blockquote>
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"Also, much easier and quicker to do. Our farmers will do better, faster, and starving nations can now be helped. Waivers on some products will be granted, or go to new source!" Trump stated.&nbsp;

"If we bought 15 billion dollars of agriculture from our farmers, far more than China buys now, we would have more than 85 billion dollars left over for new infrastructure, healthcare, or anything else. China would greatly slow down, and we would automatically speed up!" he tweeted out.&nbsp;

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Tariffs will make our Country MUCH STRONGER, not weaker. Just sit back and watch! In the meantime, China should not renegotiate deals with the U.S. at the last minute. This is not the Obama Administration, or the Administration of Sleepy Joe, who let China get away with “murder!”
— Donald J. Trump (@realDonaldTrump) <a href="https://twitter.com/realDonaldTrump/status/1126816259851673601?ref_src=twsrc%5Etfw">May 10, 2019</a></blockquote>
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"The process has begun to place additional tariffs at 25% on the remaining 325 billion dollars. The US&nbsp;only sells China approximately 100 billion dollars of goods and products, a very big imbalance. With the over 100 billion dollars in tariffs that we take in, we will buy," the US president tweeted out.&nbsp;

Trump's tweets come as new <a href="https://www.wionews.com/world/its-unreasonable-chinese-wholesalers-fed-up-with-tariffs-as-trade-war-escalates-with-us-217502">US tariffs on $200 billion worth of Chinese goods kicked in on Friday</a>.&nbsp;

China's commerce ministry deeply regretted the move and vowed to take "necessary countermeasures".

The Chinese commerce ministry, however, did not elaborate on the "countermeasures". US and Chinese officials completed their talks on the first day when the two sides met in Washington on Thursday.

The US and &nbsp;Chinese officials met again on Friday for the second day of talks to resolve the trade dispute.

China's top trade negotiator Liu He said that an increase in US tariffs on Chinese goods "won't solve anything".

US President Donald Trump on Friday said that the tariffs on Chinese goods will bring more wealth to America "that even a phenomenal deal of the traditional kind".

US President Donald Trump on Friday said that the tariffs on Chinese goods will bring more wealth to America "that even a phenomenal deal of the traditional kind". "We have lost 500 billion dollars a year, for many years, on Crazy Trade with China. NO MORE!," his tweet read. In a series of tweets, Trump stated that the United States will continue to negotiate with China "in the hopes that they do not again try to redo deal!" He also said that talks with China continue in a very "congenial manner" and that "there is absolutely no need to rush". "Tariffs are NOW being paid to the United States by China of 25% on 250 billion dollars worth of goods and products. These massive payments go directly to the Treasury of the US," he tweeted. Tariffs will bring in FAR MORE wealth to our Country than even a phenomenal deal of the traditional kind. Also, much easier & quicker to do. Our Farmers will do better, faster, and starving nations can now be helped. Waivers on some products will be granted, or go to new source! — Donald J. Trump (@realDonaldTrump) May 10, 2019 × "Also, much easier and quicker to do. Our farmers will do better, faster, and starving nations can now be helped. Waivers on some products will be granted, or go to new source!" Trump stated. "If we bought 15 billion dollars of agriculture from our farmers, far more than China buys now, we would have more than 85 billion dollars left over for new infrastructure, healthcare, or anything else. China would greatly slow down, and we would automatically speed up!" he tweeted out. Tariffs will make our Country MUCH STRONGER, not weaker. Just sit back and watch! In the meantime, China should not renegotiate deals with the U.S. at the last minute. This is not the Obama Administration, or the Administration of Sleepy Joe, who let China get away with “murder!” — Donald J. Trump (@realDonaldTrump) May 10, 2019 × "The process has begun to place additional tariffs at 25% on the remaining 325 billion dollars. The US only sells China approximately 100 billion dollars of goods and products, a very big imbalance. With the over 100 billion dollars in tariffs that we take in, we will buy," the US president tweeted out. Trump's tweets come as new US tariffs on $200 billion worth of Chinese goods kicked in on Friday. China's commerce ministry deeply regretted the move and vowed to take "necessary countermeasures". The Chinese commerce ministry, however, did not elaborate on the "countermeasures". US and Chinese officials completed their talks on the first day when the two sides met in Washington on Thursday. The US and Chinese officials met again on Friday for the second day of talks to resolve the trade dispute. China's top trade negotiator Liu He said that an increase in US tariffs on Chinese goods "won't solve anything".

Trump defends latest tariff hike on China, says it 'will bring in far more wealth to US'

Wholesalers in eastern China expressed their dissatisfaction with US&nbsp;President Donald Trump on Friday, the day his administration followed through on its threat to <a href="https://www.wionews.com/world/deeply-regret-us-tariffs-will-take-necessary-countermeasures-china-217426">raise tariffs on Chinese exports</a>.

The US&nbsp;hiked levies on Friday to 25% for $200 billion worth of Chinese goods in the midst of last-ditch talks to rescue a trade deal. But even as Beijing threatened retaliation, negotiators in Washington agreed to stay at the table for a second day, keeping alive hopes of an eventual agreement.

Inside Yiwu International Trade City, one of the world's largest small commodity wholesale markets, several traders, all of whom mainly sell for export, told Reuters they were feeling fed up with the tariffs.

Make-up product vendor Chen Nong, whose company used to have four to five American clients and now has none, was one of them. Sports equipment wholesaler Fu Xubo, 32, had a similar story -- orders from his previous US&nbsp;clients have all but dried up, and sales to traders who buy from him to then re-sell to the United States were down 20% last year.

In Beijing on Friday, China's Commerce Ministry said it "deeply regrets" the US&nbsp;decision, adding that it would take necessary countermeasures, without elaborating.

Wholesalers in eastern China expressed their dissatisfaction with US President Donald Trump on Friday, the day his administration followed through on its threat to raise tariffs on Chinese exports.

Wholesalers in eastern China expressed their dissatisfaction with US President Donald Trump on Friday, the day his administration followed through on its threat to raise tariffs on Chinese exports. The US hiked levies on Friday to 25% for $200 billion worth of Chinese goods in the midst of last-ditch talks to rescue a trade deal. But even as Beijing threatened retaliation, negotiators in Washington agreed to stay at the table for a second day, keeping alive hopes of an eventual agreement. Inside Yiwu International Trade City, one of the world's largest small commodity wholesale markets, several traders, all of whom mainly sell for export, told Reuters they were feeling fed up with the tariffs. Make-up product vendor Chen Nong, whose company used to have four to five American clients and now has none, was one of them. Sports equipment wholesaler Fu Xubo, 32, had a similar story -- orders from his previous US clients have all but dried up, and sales to traders who buy from him to then re-sell to the United States were down 20% last year. In Beijing on Friday, China's Commerce Ministry said it "deeply regrets" the US decision, adding that it would take necessary countermeasures, without elaborating.

It's unreasonable! Chinese wholesalers fed up with tariffs as trade war escalates with US

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