China will hit back at any new U.S. tariffs: ministry

China will hit back at any new U.S. tariffs: ministry

Economists at UBS Group AG say even a 10 percent tariff would slow the USA economy in the fourth quarter by enough to stop the Federal Reserve hiking interest rates again in December, Bloomberg reported.

"We have always stated that negotiations on the basis of equality, honesty and mutual respect represent the only right way out of the current trade issue between China and the USA", said Geng.

In a tweet Monday, the president said billions of dollars and jobs have been pouring into the U.S.as a result and increased costs have been essentially unnoticeable.

The Trump administration also threatened to pursue additional tariffs on $267 billion worth of Chinese goods if Beijing retaliates against farmers or other US industries.

A senior administration official told Reuters over the weekend that Trump was likely to announce the new tariffs as early as Monday. U.S. Treasury Secretary Steven Mnuchin has made clear that high-level talks aimed at alleviating the trade tensions between Washington and Beijing will be held late next week.

Bloomberg News earlier reported that the Trump administration will soon impose s imposing a 10 percent tariff on $200 billion of Chinese goods, which Beijing has already said it will retaliate against, according to three people familiar with the decision.

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Also Monday, an official newspaper called for more aggressive measures to "make American pain worse" following tariff hikes by both sides on $50 billion of each other's goods.

The White House said in a statement that Trump had been clear that he and his administration would continue to take action to address China's trade practices and encouraged Beijing to address US concerns.

China's foreign ministry said Monday it would strike back at the USA if Washington moved forward with new tariffs on $200 billion of its exports.

Repeated Chinese vows to reform what critics have argued is one of the world's most restricted markets among major economies have in recent years triggered "promise fatigue" among foreign business groups that viewed changes as piecemeal. "We encourage China to address the long standing concerns raised by the United States".

President Trump has threatened to intensify his tariff assaults on nations which fail to bow to America's trade demands as China braced for a fresh attack. According to these experts, a large USA trade deficit with China means that America is a wealthy country and American consumers can afford the most up-to-date devices. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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