China makes statement on US planned measures to raise tariffs


'Weak growth in Chinese exports to the United States will also be concerning to Chinese officials, particularly amid a potential escalation in the trade war, ' said Nick Marro, an analyst at The Economist Intelligence Unit.

Another round of negotiations is slated to begin in Washington on Thursday.

In the United States the S&P 500 fell for the fourth session in five days, declining by as much as 2.1%.

Mr Trump's tough stance on China has won plaudits from both the American left and the right, but the rare bipartisan support also makes it politically hard for him to accept any watered-down deal.

'The outlook for Chinese exports is challenging.

In a tweet Wednesday, he reiterated a previous claim that the US loses $500 billion a year to China because of its unfair trade practices.

President Donald Trump said China would prefer to negotiate a trade pact with his "weak" Democratic challengers to "ripoff" the USA but he said that won't happen and that he's been told Chinese representatives are planning to make a deal.

Asked about news reports that China backtracked on commitments about intellectual property and other sensitive areas, a foreign ministry spokesman said disagreements were a normal part of negotiations.

Trump said in another tweet that "China has just informed us that they (Vice-Premier) are now coming to the make a deal". They wouldn't identify the specific issues involved.

Shares of Boeing Co, the largest USA exporter to China, slipped 3.9 per cent, and shares of Caterpillar Inc, another industrial stalwart sensitive to China, declined 2.3 per cent.

USA markets are set to open lower.

The US and China have moved to within 36 hours of a full-scale trade war after Washington published a list of imported products that will face higher tariffs from Friday.

Both governments have said negotiations are making progress, but Trump expressed frustration Sunday at what he called their slow pace.

In the same four-month period, imports of American goods plunged 30.4% following Chinese retaliatory duties and orders to buyers to find other suppliers.

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Beijing has said it will respond in kind if President Trump imposes higher tariffs on Chinese goods on Friday.

Yes. Last week, Myron Brilliant, head of global affairs at the US Chamber of Commerce, who has been briefed on the negotiations, told reporters that "94.5 per cent" of the issues had been resolved and that talks had reached the "end game".

China is an important gaming market.

Investors and analysts questioned whether Trump's tweet was a negotiating ploy to wring more concessions from China.

Whether China's delegation intends to cut a deal while in the USA remains to be seen, as Trump says.

He added: "While the impact of more tariffs will be harmful to both the USA and China economies, it is hard to overlook the damaging effect on other economies in Asia".

"We're moving backward instead of forward, and in the president's view, that's not acceptable", U.S. Trade Representative, Robert Lighthizer, told reporters Monday. "But it is a decidedly false narrative that any failure to reach a deal will lead to a market meltdown and economic implosion", Bannon wrote. A year ago it hit a record $323.3 billion.

"We think that the direct effect of an increase in the tariff on the $200bn list to 25% would be to hit Chinese GDP by around another 0.1 percentage points". Investors who have been around for decades also understand that big corrections occur from time to time in the middle of great bull markets, often for reasons that may sound bleak in the middle of any given day but are forgotten within a week or month. Trump's decision to potentially upend an agreement that many expected to be finalized this week in Washington appears to be a political calculation that staying tough on China will be a better proposition in the 2020 campaign. He accused China of attempting to renegotiate the deal, going back on commitments made earlier.

The president made protecting American manufacturers and farmers central planks of his 2016 candidacy, and his pledge to reverse the tide of globalization helped him win over voters in Democratic-leaning states like MI and Wisconsin. But he, too, faces pressure not to cave in to American demands. According to Trump, the vice premier will meet him "to make a deal" at the White House.

Forecasters at the International Monetary Fund and World Bank have already downgraded the outlook for the global economy.

Meanwhile, the Australian dollar was buying 70.1 U.S. cents.

Despite the show of optimism from the president, tariffs are set to increase on Friday.

April exports sank 2.7 per cent from a year ago to $193.5 billion United States, a reverse from March's 14.2 per cent growth, customs data showed.