US President DonaldTrump said he was in no hurry to sign a trade deal with China as Washington imposed a new set of tariffs on Chinese goods.
Washington/Beijing - US President Donald Trump on Friday said he was in no hurry to sign a trade deal with China as Washington imposed a new set of tariffs on Chinese goods and negotiators entered a second day of last-ditch talks to try to salvage an agreement.
Despite Trump's insistence that China will absorb the cost of the tariffs, U.S. businesses will pay them and likely pass them on to consumers. Following the U.S. tariff hike, China's Commerce Ministry said it would take countermeasures but did not elaborate. Trump gave U.S. importers less than five days notice about his decision to increase the rate on $200 billion worth of goods, which now matches the rate on a prior $50 billion category of Chinese machinery and technology goods.Investors worry that an escalating trade war could further damage a slowing global economy. The higher tariffs could reduce U.S. gross domestic product by 0.3% and China's by 0.8% in 2020, consultancy Oxford Economics said.
Mats Harborn, president of the European Union Chamber of Commerce in China, said: "European companies are watching aghast as the U.S. and China play Russian roulette with the world economy."The biggest Chinese sector affected by the latest tariff increase is a $20 billion-plus category of internet modems, routers and other data transmission devices, followed by about $12 billion worth of printed circuit boards used in a vast array of U.S.-made products.
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