Asian markets tumble early Monday after US President Trump threatens to impose more tariffs on China
U.S. President Donald Trump answers a question during an Oval Office meeting with Slovakia’s Prime Minister Peter Pellegrini at the White House in Washington, U.S. May 3, 2019.
China is now considering canceling the next round of talks scheduled to start Wednesday in Washington, The Wall Street Journal reported, citing a person briefed on the matter. The two sides have imposed tariffs on $360 billion in two-way trade since last year. But Trump and Chinese leader Xi Jinping agreed to a truce in December to refrain from further escalation."The Trade Deal with China continues, but too slowly, as they attempt to renegotiate. No!" Trump complained.
Trump is also demanding that China halt intellectual property theft and subsidies to state-owned companies. Trump asserted that so far the tariffs he imposed on Chinese goods "are partially responsible" for the robust US economy, which in the first quarter grew at an annual rate of 3.2 percent.Some US manufacturers who import Chinese products that are subject to tariffs are already complaining of higher costs. And economists warn that US consumers will end up paying more for everyday items.
But one major obstacle to reaching a final deal continues to be a mechanism for enforcing any accord that is agreed upon.
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