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China says in close communication with U.S. on trade as fresh tariffs loom

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China says in close communication with U.S. on trade as fresh tariffs loom

 

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FILE PHOTO: Chinese and U.S. flags flutter near The Bund, before U.S. trade delegation meet their Chinese counterparts for talks in Shanghai, China July 30, 2019. REUTERS/Aly Song

 

BEIJING (Reuters) - China and the United States are in close communication on trade, its commerce ministry said on Thursday, declining to comment on possible retaliatory steps if Washington imposes more tariffs on Chinese goods this weekend.

 

The United States is due to impose tariffs on almost $160 billion of Chinese imports such as video game consoles, computer monitors and toys on Sunday.

 

U.S. President Donald Trump is expected to meet top trade advisers on Thursday to discuss the move, sources told Reuters previously.

 

A decision to proceed with the levies could roil financial markets and scuttle U.S.-China talks to end the 17-month-long trade war between the world’s two largest economies.

 

“The two sides’ economic and trade teams are maintaining close communication,” Gao Feng, spokesman at the Chinese commerce ministry, told reporters at a regular briefing.

 

The countries agreed in October to conclude a preliminary trade agreement, but talks have failed to produce deals on agricultural purchases by China and rollbacks of existing tariffs imposed by the United States. Many analysts had expected a deal ahead of Dec. 15.

 

Beijing has said it would retaliate if the United States escalates the trade dispute.

 

In August, China said it would impose 5% and 10% in additional tariffs on $75 billion of U.S. goods in two batches. Tariffs on the first batch kicked in on Sept. 1, hitting U.S. goods including soybeans, pork, beef, chemicals and crude oil.

 

The tariffs on the second batch of products are due to be activated on Dec. 15, affecting goods ranging from corn and wheat to small aircraft and rare earth magnets.

 

China also said at the time that it will reinstitute on Dec. 15 an additional 25% tariff on U.S.-made vehicles and 5% tariffs on auto parts that had been suspended at the beginning of 2019.

 

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-- © Copyright Reuters 2019-12-12

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Time to stop ALL trade between China and the USA.  The tariffs don't work any better than sanctions on Iran, NK, or Cuba.

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They may Sence an opening cause donald desperately needs a win right now

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1 hour ago, IAMHERE said:

Time to stop ALL trade between China and the USA.  The tariffs don't work any better than sanctions on Iran, NK, or Cuba.

Agreed.  Should have cut them down 5 years ago, before they militarized Spratly, and sold bullet trains and submarines to Thailand.  Tough medicine, but long overdue.

ChiComs have $1.1 trillion in USD treasuries.  Every day they dump some into Bank of Thailand, perhaps by agreement with the current regime.  USD hits new six year lows vs Baht every day now, because of this.

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This is just a money grab to aid the American economy in an attempt to reverse it's decline. Trump was happy to announce that raised tariff income was way up!!!

Not just from China l might add. Now he is threatening France and Germany with 100% tariffs on certain goods if, they don't do as they are told!!!

The only country making money out of this is AMERICA. Many countries, even allies are suffering from this economic tactical warfare!!!

How about a fight back and impose 100% tariffs on US goods globally. I don't care about making America great again as do many others.

 

Edited by Expat Brad
Typo
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Communist China—not Thailand’s friend.  Bullet trains, submarines no substitute for an independent and  healthy export-oriented economy.

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Xi and Rocketman have played him to the nth degree and he still falls for it every time. His entourage must spend most days with their head in their hands.

 

The sad thing is he is likely to be around for the next 4 years plus unless he becomes president number 8? to die in office. (8- auspicious number in Chinese)

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9 hours ago, Expat Brad said:

This is just a money grab to aid the American economy in an attempt to reverse it's decline. Trump was happy to announce that raised tariff income was way up!!!

Not just from China l might add. Now he is threatening France and Germany with 100% tariffs on certain goods if, they don't do as they are told!!!

The only country making money out of this is AMERICA. Many countries, even allies are suffering from this economic tactical warfare!!!

How about a fight back and impose 100% tariffs on US goods globally. I don't care about making America great again as do many others.

 

 

Fight back and impose 100% tariffs on US goods globally? This shows complete ignorance of how it works.

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2 hours ago, Thailand said:

Xi and Rocketman have played him to the nth degree and he still falls for it every time. His entourage must spend most days with their head in their hands.

 

The sad thing is he is likely to be around for the next 4 years plus unless he becomes president number 8? to die in office. (8- auspicious number in Chinese)

 

Well he has increased the net worth of many middle class people by around 50% in a short time. I came back from Thailand a little over two years and a six figure sum has increased by around 60% since I started investing. 

So you will have to excuse me if I don't join in the tears.

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12 hours ago, Tug said:

They may Sence an opening cause donald desperately needs a win right now

Why? It's not like he will be impeached. His re election is all but certain thanks to the Democratic congress. I'd say he is in a good position and China really knows it.

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7 minutes ago, Longcut said:

Why? It's not like he will be impeached. His re election is all but certain thanks to the Democratic congress. I'd say he is in a good position and China really knows it.

 

Yeah it was the perfect time to stand up to China. You do so when you are strong. 

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9 minutes ago, marqus12 said:

Funny, the Chinese scratch their heads and ask "what deal?"
 

 

They are saying that on biz news today as well. Nobody knows what deal has happened or not. Seems like the media probably jumped the gun on this one. The media announced the deal last night just before market closing. Nothing was ever really confirmed. Chinese to hold a briefing shortly. It might be nothing more than another pause. Have to wait and see.

 

Tweet from Trump saying the WSJ reported it completely wrong.

 

Stock futures are paring gains on the latest news.

 

 

Edited by Cryingdick

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51 minutes ago, Cryingdick said:

 

They are saying that on biz news today as well. Nobody knows what deal has happened or not. Seems like the media probably jumped the gun on this one. The media announced the deal last night just before market closing. Nothing was ever really confirmed. Chinese to hold a briefing shortly. It might be nothing more than another pause. Have to wait and see.

 

Tweet from Trump saying the WSJ reported it completely wrong.

 

Stock futures are paring gains on the latest news.

 

 

Did you sell your stocks this morning? Donny Trump did.

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