China tariffs list includes 194 pages of products as trade war escalates

Andrew Cummings
May 13, 2019

Some people just don't get it!" the United States president wrote, after tweeting that the tariffs can be "completely avoided if you by from a non-Tariffed Country, or you buy the product inside the U.S. (the best idea).

Trump denies that USA consumers will pay the price for higher tariffs on Chinese imports, claiming that China will shoulder the bill, but his own economic advisor, Larry Kudlow, admitted that "both sides will suffer" in the escalating trade war.

"It's clear that there is a lot of nervousness around the U.S".

Trump insisted the tariffs the U.S. has placed on Chinese goods don't hurt American consumers, saying there is "no reason for the U.S. Consumer to pay the Tariffs".

Kudlow added, "Both sides will pay", but he stipulated that China "will suffer (economic) losses" from reduced exports to the United States, not from paying the tariffs.

Japan's Nikkei average sunk as much as 1pc to hit its lowest level since March 28, before it closed down 0.7pc.

China said it would impose higher tariffs on a range of U.S. goods, striking back in its trade war with Washington shortly after U.S. President Donald Trump warned it not to retaliate in the long-running trade dispute between the world's two biggest economies.

On Friday May 10, 2019 President Donald Trump imposed sanctions on $200 billion (€178 billion) worth of Chinese goods. "But news flow today suggests this could take more time and is unlikely to be concluded until late June", said John Woods, Hong Kong-based chief investment officer of APAC at Credit Suisse AG. "Both sides will pay", he told Fox News. "We have to do this", Kudlow said.

"It is a negotiation and part of the negotiation is taking action, " he said.

Trump warned China not to intensify the trade dispute and urged its leaders, including President Xi Jinping, to continue to work to reach a deal.

The first round of tariffs in 2018 were on all imported washing machines and solar panels - not just those from China.

Economists point out the burden of higher tariffs will be borne by buyers of Chinese-made products, which are American consumers.

Last week, the White House increased American tariffs on $200 billion worth of Chinese goods to 25 percent from 10 percent, previously.

Last week's talks between Vice Premier Liu He, Xi's top economic emissary, and U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin, were focused on that changing commitment but made little progress, according to people familiar with the discussions. "In fact, both sides will pay".

Trump: "Tariffs will bring in FAR MORE wealth to our Country than even a phenomenal deal of the traditional kind. Both sides will pay in these things".

People close to the talks said finding an agreement is likely to prove increasingly hard with hardliners on both sides seeing the latest breakdown as evidence the other side can not be trusted.

Trump on Saturday took to Twitter to taunt the Chinese.

"We're in terrific shape in order to correct 20 years plus of unfair trading practices with China", Kudlow said.

Kudlow also said that China needs to agree to "very strong" enforcement provisions for an eventual deal and said the sticking point was Beijing's reluctance to put into law changes that had been agreed upon.

Other reports by iNewsToday