China expresses regret over U.S. tariff hike, vows countermeasures

Posted May 10, 2019

"I just received it", Trump said.

President Donald Trump got a briefing from his trade negotiators after the first day of talks with the Chinese side on Thursday, but made no move to hold off on the tariffs - dashing hopes there might be a last-minute reprieve as the negotiations continued.

Ahead of the discussions, Mr Trump accused China's leaders of breaking the deal the United States was negotiating on trade. "You can't do that", Trump said on Thursday.

The Dow and broader USA stock market resumed their selloff on Thursday after China hardened its stance on free-trade negotiations following a new tariff threat from President Trump earlier this week.

"The Chinese side has kept its promises and this has never changed", he added, without specifying what measures Beijing would take but warning that it "has already prepared for all possible situations".

The increase went ahead even as American and Chinese negotiators began another round of talks in Washington aimed at ending a battle that has disrupted billions of dollars in trade and shaken global financial markets.

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The Dow Jones Industrial Average fell 138.97 points, or 0.54 percent, to 25,828.36, the S&P 500 lost 8.7 points, or 0.30 percent, to 2,870.72 and the Nasdaq Composite dropped 32.73 points, or 0.41 percent, to 7,910.59.

Markets in Europe and Asia sank again on Thursday.

The two countries are sparring over United States allegations that China steals technology and pressures American companies into handing over trade secrets, part of an aggressive campaign to turn Chinese companies into world leaders in robotics, electric cars and other advanced industries.

The US team met with Trump late Thursday night to brief him and "agreed to continue discussions tomorrow morning at USTR", the White House said in a statement. Nonetheless, the article sought to boost public confidence by stating that China will still come out strong. While these two superpowers attempt to position themselves for favorable outcomes for their countries during these negotiations, the chasm has widened and seemingly made it less likely that this week's negotiations will result in a resolution. Myron Brilliant, head of worldwide affairs at the U.S. Chamber of Commerce, described China's trade policies as "a threat to our economy, to our competitiveness and to our global trading system" late last week while calling for a strong deal.

On Sunday, Trump took to Twitter to express frustration with the pace of the talks. That includes a 25% charge on $50 billion of goods and 10% on $200 billion. Customers so far have suspended orders.

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"If the administration wants to put more pressure on China, it should form a multinational coalition with our allies who share our concerns".

Washington has demanded far-reaching changes to the Chinese economy, such as subjecting state enterprises to market principles, reducing massive subsidies and ending the alleged theft of U.S. technology.

Specialist worldwide distribution and services group Bunzl said finance director Brian May has chose to retire after more than 13 years in the role and 25 years at the company.

"The US has assigned a lot of labels, such as backtracking, going back on one's word, and so on".

But each side believes it is better positioned than the other to survive the dispute, Kennedy said.

With no action from the Trump administration to reverse the increase as negotiations moved into a second day, US Customs and Border Protection (CBP) imposed the new 25 per cent duty on affected US-bound cargo leaving China after 12.01am EDT (12.01pm Singapore time) on Friday.

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