USA retailers blast new China tariffs, see boost in consumer prices


In a series of four tweets, Trump said that the United States "thought we had a deal with China three months ago, but sadly, China made a decision to renegotiate the deal prior to signing". Benchmark U.S. Treasury yields also fell.

Treasury Secretary Steven Mnuchin and U.S. Trade Representative Robert Lighthizer returned from talks with Chinese counterparts in Shangai this week without reporting much progress. "This does not include the 250 Billion Dollars already Tariffed at 25%", Trump wrote in a tweet.

The Footwear Distributors and Retailers of America said the tariffs would jack up prices for consumers and could have a chilling effect on hiring.

He also criticised China for not honouring promises to buy more United States agricultural products and attacked Chinese President Xi Jinping for failing to do more to stem sales of the synthetic opioid fentanyl.

United States and Chinese negotiators ended a brief round of trade talks in Shanghai on Wednesday with little sign of progress and agreed to meet again in September, prolonging a truce in a year-long trade war between the world's two largest economies.

Trump has lately indicated that the US can win a trade war with Beijing, pointing out that China's economy has been slowing after a long period of rapid growth.

Trump Says Apple With Not Get Tariff Exemption for New Mac Pro
For years, the president has tried to press the tech company to make more of its products in the U.S. The tariffs are 25% on certain parts, which means that customers might be footing the bill.

Trump's remarks came just after a United States delegation met with Chinese officials earlier this week, the first in-person talks to be had since officials' May breakdown.

The Trump administration has struggled to win concrete commitments from China on issues identified a year ago in its Section 301 investigation, which has also led to retaliatory tariffs on roughly $110 billion worth of American products. The two sides confirmed they had discussed increasing Chinese imports of USA agricultural products, which have fallen dramatically this year, and that they would meet again in September in Washington.

Trump subsequently threatened to impose 25% sanctions on the remaining $300 billion in Chinese imports, prompting warnings from Walmart and other major USA retailers of a sharp spike in consumer prices.

Mr Trump issued the tariff threat in a series of tweets. Trump said in a tweet.

The U.S. Department of Agriculture confirmed a small sale of soybeans to China on Thursday, the first in more than a year.