Published: Sat, June 08, 2019
Markets | By Otis Pena

Trump says verdict on new China tariffs to come after G20

Trump says verdict on new China tariffs to come after G20

The Commerce Department said Thursday that the gap between the goods and services the USA buys and those it sells overseas fell 2.1% to $50.8 billion in April from March.

The two-day weekend meeting at Hilton Fukuoka Sea Hawk hotel is one of the eight ministerial gatherings being held throughout Japan alongside the G20 Summit in Osaka in late June.

US Secretary of Treasury Steven Mnuchin (R, on podium) delivers a speech during the G20 Ministerial Symposium on International Taxation in the G20 Finance Ministers and Central Bank Governors meeting in Fukuoka on June 8, 2019.

"To all of our friends and partners, our cherished alliance was forged in the heat of battle, tested in the trials of war and proven in the blessings of peace".

If the president's tariffs on China are still in place, and if Trump implements new tariffs, some costs will inevitably be passed on to customers, the National Retail Federation told Newsweek.

"If the United States wilfully decides to escalate tensions, we'll fight to the end", said ministry spokesman Gao Feng, according to Reuters.

America's huge trade deficit with China - a record $379 billion previous year - is one factor driving Trump's frustrations with Beijing. "If the United States wilfully decides to escalate trade tensions, we'll adopt necessary countermeasures and resolutely safeguard the interests of China and its people", he said.

Since the breakdown of talks, the communist regime has also ramped up its anti-U.S. rhetoric in commentaries published in state-run media and official statements, including a policy paper released over the weekend that squarely blamed the United States for the lack of progress in trade discussions. Trump's threat was also met with resistance by multiple USA business groups, as well as the Chamber of Commerce, which threatened legal action to prevent the White House from imposing the import tax.

Trade friction also impacted pork imports, which dipped 0.9 percent year-on-year to 774,000 tonnes in the first four months.

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Meanwhile, merchandise exports to Mexico are little changed so far this year while imports are up 6.1%, highlighting the diverging paths of USA trade with Mexico and China since Trump imposed the first wave of China tariffs in mid-2018.

Mr. Gao said the list did not target specific industries, companies or individuals, and details would be disclosed soon.

The International Monetary Fund warned on Wednesday that escalating tariff threats were sapping business and market confidence and could slow global growth that is now expected to improve next year.

HIs latest announcement, however - a threat of a 5 percent tariff on Mexican goods - has been met with fierce criticism and pushback from Capitol Hill, including Republican senators who've said they're nearly uniformly opposed to the plan, despite supporting previous tariffs levied against China.

U.S. Treasury Secretary Steven Mnuchin is scheduled to meet People's Bank of China Governor Yi Gang this weekend at a gathering of G20 finance leaders in Japan, the first face-to-face discussion between key negotiators in almost a month. The tariffs are slated to take effect on Monday if a deal is not reached.

How much are the tariffs worth? .

"Mexico was in yesterday".

"They have to step up and they have to step up to the plate and perhaps they will".

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