US-China Trade Talks Developments
Dear traders,
U.S. President Donald Trump is likely to announce new tariffs on about $200 billion on Chinese imports as early as Monday, a senior administration official told Reuters on Saturday, despite Treasury Secretary Steven Mnuchin’s attempts to restart trade talks with China.
The tariff level will probably be about 10%, the Wall Street Journal reported, quoting people familiar with the matter. This is below the 25% the administration said it was considering for this possible round of tariffs.
The decision comes despite a Treasury invitation last week to senior Chinese officials, including Vice Premier Liu He, for more talks to try to resolve trade differences between the world’s two largest economies.
Trump has demanded that China cut its $375 billion trade surplus with the United States, end policies aimed at acquiring U.S. technologies and intellectual property and roll back high-tech industrial subsidies.
Investors fear an escalating trade war between the world’s two biggest economies could hit global growth and damage sentiment. (Investing.com)
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