US 'Right Where We Want to Be With China'

Kudlow said the USA tariffs would remain in place while negotiations continue and there is a "strong possibility" that Trump will meet Chinese President Xi Jinping at a G20 summit in Japan in late June.

Jon Taylor, a political science professor at the University of St. Thomas in Houston, told Xinhua that ranting about deal-breaking and increasing tariffs "is not a normal negotiation strategy with one of the world's preeminent powers".

White House economic adviser Larry Kudlow clarified that China does not "pay" tariffs imposed by the United States on billions of dollars of imported goods, but said "both sides will suffer". "It's not China that pays tariffs, it's the American importers, the American companies that pay what in effect is a tax increase and oftentimes passes it on to U.S. Consumers".

"Both sides will pay", Kudlow said when pressed on the issue.

"We have to change the trading relationship between two countries for the benefit of the United States and its workforce and its ranchers and farmers and so forth". The move followed accusations by U.S. President Donald Trump that Beijing "broke the deal" by reneging on earlier commitments.

With or without a trade deal, US-China relations are destined to deteriorate as they enter an era of increasingly nationalistic rivalry in the diplomatic and economic arena, according to analysts. Yet nearly no economist has agreed with Trump's view and fact-checkers routinely brand Trump's assertion false and point out that American importers of goods from China pay the tariffs.

Kudlow told Wallace that Trump and China's President Xi Jinping could meet next month on the sidelines of the Group of 20 summit in Japan to discuss their differences on trade, but no new talks are scheduled. While Trump has said repeatedly that tariffs are somehow being billed to or paid by China, economists say that's misleading.

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The tariffs are not paid by the Chinese government or by firms located in China. "Would be wise for them to act now, but love collecting BIG TARIFFS!"

"I don't like tariffs". Those who do us the great honour of investing in America, of doing business with our companies and suppliers, do so because we've always had predictable, reliable economic policies.

Under that scenario, the renminbi was likely to fall between 5%-6% against the USA dollar in the coming three months, said Hanson, as a shock absorber to the economic impact of heavier tariffs.

"If you go the whole boat, US$200 billion increase from 10 to 25 per cent, plus the other US$300 billion, we reckon it would be about two tenths of 1 percent of GDP, so it's a very modest number", said Kudlow. Job losses would be "way, way below" estimates of 1 million to 2 million suggested by Fox anchor Chris Wallace, he added.

On Saturday, Trump defended escalating the tit-for-tat tariff war, saying in a tweetthat Beijing had deliberately sought to delay negotiations.

Kudlow said on Sunday he expected retaliatory tariffs to kick in but that it had not yet happened.

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