US, China raise tariffs in new round of trade dispute

US, China raise tariffs in new round of trade dispute

A Chinese trade delegation has reportedly told Washington there may be no substantial negotiations to avert a trade war between the world's number one and two economies until after United States mid-term elections in November.

Senior U.S. and Chinese trade officials had held meetings in both Beijing and Washington, DC, earlier this year, but those talks came to a halt as tariff tensions gained traction.

Senior administration officials told reporters Thursday that the Foreign Investment Risk Review Modernization Act was not aimed at any one country - but reiterated calls on China to end what Washington describes as predatory trade practices.

"The threat that these tariffs could be imposed, and even expanded to include all consumer goods imported from China, has already started a scramble among importers to find alternative sources of supply, including in the United States", Gold said.

Even as China and the US trade tariffs, a Chinese delegation meeting with their American counterparts for trade talks this week in Washington, D.C. And a Chinese foreign ministry spokesperson expressed guarded optimism about how they're going.

Customs officials will begin collecting the border tax on a list of imports on August 23, the Office of the US Trade Representative has said.

They gave no sign of progress toward a settlement of USA complaints that Beijing steals technology and its industry development plans violate Chinese free-trade commitments.

Trump has proposed another possible round of tariff hikes involving 25 percent increases on an additional $200 billion of Chinese goods.

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If those tariffs are approve, more than 50% of all Chinese goods into the U.S. will then be subject to import taxes. Since July, the countries have slapped each other with $50 billion-worth of retaliatory tariffs, amid Trump's threats to impose duties on more than $500 billion of Chinese goods.

In the early morning hours Thursday, the USA slapped long-promised tariffs of 25 percent on an additional 279 Chinese products, amounting to $16 billion.

Washington accuses Beijing of founding its aspirations for global industrial dominance on unfair state intervention in markets, state-sponsored corporate acquisitions, forcing foreign companies to divulge commercial secrets and hacking.

The Chinese government criticized the USA increase as a violation of World Trade Organization rules and said it would file a legal challenge.

The talks resume Thursday morning, according to the Treasury. "We only have one-way streets not only with China but everybody". "We haven't seen that yet, but we are going to continue to encourage them to address problems that we have raised".

Thousands of large and small companies and industry groups have urged the Trump administration to reconsider the tariffs which some say could put them out of business. "They know it", Mr Ross said on CNBC.

But so far it has largely been deaf to the complaints, as only a handful of product lines have been shielded from the punitive duties.

China's imports from the USA a year ago totaled about US$130 billion.

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