Laptops, Smartphones Among Next to Be Hit by Trump Tariffs

Markets calm amid hopes for US-China talks

Markets calm amid hopes for US-China talks

The United States and China have so far exchanged tariffs on more than $360 billion in two-way trade.

Trump started raising tariffs last July over complaints China steals or pressures foreign companies to hand over technology and unfairly subsidizes businesses Beijing is trying to build into global leaders in robotics and other fields.

Speaking several hours later at a dinner gathering at the White House, Trump said it should be clear in "three or four weeks" if a US trade delegation's trip to Beijing two weeks ago was successful.

However, the onshore yuan weakened 0.1% to its lowest level since December 27, 2018, trading at 6.8874 per dollar, after the foreign ministry said it hoped the United States would not underestimate China's determination to defend its interests.

As reported by MarketWatch, "Until a week ago, it looked likely that a far-reaching trade deal would be struck between the US and China within a matter of weeks".

China on Monday hit back against the United States, announcing it will sharply increase duties on thousands of U.S. agricultural and manufactured goods to retaliate against Trump's decision last week to more than double the punitive duties on hundreds of billions of dollars in Chinese merchandise.

The Office of the U.S. Trade Representative on Monday published a list of 3,805 products that could be hit for the first time with 25% tariffs.

The Dow Jones Industrial Average plunged more than 600 points Monday as investors sought shelter from an escalating trade war between the USA and China.

US crude rose 1.41% to $61.90 per barrel and Brent was last at $71.41, up 1.68% on the day.

But Mr Trump's approach in the dispute has put him at odds with his own top economic adviser, Larry Kudlow, who has said "both sides will suffer".

The announcement sent Wall Street stocks plunging Monday, with losses on the tech-rich Nasdaq exceeding three percent, the Dow Jones Industrial Average sliding 2.3pc, and the broad-based S&P 500 tumbling 2.4pc.

Trump has said he would meet with Chinese President Xi Jinping next month, with focus now turning to an upcoming G20 meeting.

Sid Ready, a farmer in Scribner, Nebraska, says the trade war has hurt but farmers were hanging in there. It said the new measures could impose an additional duty of up to 25%. "China trade war are poor", Dollar told Xinhua.

"This is only too belatedly they've accepted the fact that it is a trade war", he said.

The new round of tariffs will hit other parts of the U.S. food industry, with beans, lentils, honey, flour, corn and oats all on the list of goods that will be taxed. "So we've got to confront China on that".

"The question is what's the smartest, most effective way to do it", Van Hollen said. Obviously, Americans and American consumers are paying more and more by the day.

"We stand ready to work with the USDA to facilitate U.S. pork exports as food aid to a number of nations", NPCC President David Herring said in a statement. I see a tariff-only strategy; I don't see a more comprehensive strategy towards China. Trump warned his Chinese counterparts that they would live to regret not accepting his proposed trade deal, accusing them of stalling for time in the hope of cutting a more favorable deal with a hypothetical Democratic replacement after the 2020 election.

Lachman said that if a deal is not reached soon, the world will see more sell-offs such as the one seen on Monday in the United States.

Shi Yinhong, director of the American studies center at Renmin University, said: "Previously the Chinese government always understated the trade conflict with the United States, only said this is trade friction but now the trade friction has hit to this level".