First day of U.S.-China trade talks; Trump's tariff hikes take effect
Arirang News
2019-05-10
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미중 첫날 협상 종료
As of Friday U.S. time, new U.S. tariffs on 200 billion dollars worth of Chinese goods took effect,... even as negotiators from the two sides meet in Washington.
China says it regrets the decision by President Trump, and says it will respond.
Kim Hyesung reports..
U.S. tariffs on 200 billion U.S. dollars' worth of Chinese imports have been increased from 10 percent to 25 percent starting Friday, Washington time...just as President Trump threatened to do so last weekend after accusing China of backtracking on commitments made in its draft trade deal.
The U.S. Customs and Border Protection says the new 25 percent duty on around 57-hundred import items, ranging from auto parts to clothes, will not affect U.S. bound goods that had already left Chinese ports and airports before midnight.
China's Commerce Ministry said it deeply regrets the U.S. decision Friday, adding that it would take necessary countermeasures, without elaborating.
China's foreign ministry spokesperson Geng shuang also called on the U.S. to “meet halfway”, to help ensure stable relations between the two countries
The tariff hike came even after top U.S. and Chinese negotiators began additional talks in Washington.
The Chinese delegation led by Vice Premier Liu He sat down with U.S. officials including trade representative Robert Lighthizer and Treasury Secretary Steven Mnuchin for around 90 minutes Thursday in Washington.
Already, the U.S. and China have exchanged tariffs on over 360 billion U.S. dollars worth of goods since last year.
High level trade talks between the two have been going on for months with Washington calling on Beijing to make changes to its trade and regulatory practices, including protection over U.S. intellectual property and increased market access to China.
Bloomberg Economics estimates the new 25 percent increase on Chinese imports will raise the drag on Chinese growth to zero-point-nine percent from zero-point-five percent while the IMF estimates the negative impact on the U.S. growth at zero-point-two percent, and potentially more if there’s a blow to markets and confidence.
Amid growing uncertainties over the trade row, the U.S. and China will resume talks on Friday in Washington.
Kim Hyesung, Arirang News.
As of Friday U.S. time, new U.S. tariffs on 200 billion dollars worth of Chinese goods took effect,... even as negotiators from the two sides meet in Washington.
China says it regrets the decision by President Trump, and says it will respond.
Kim Hyesung reports..
U.S. tariffs on 200 billion U.S. dollars' worth of Chinese imports have been increased from 10 percent to 25 percent starting Friday, Washington time...just as President Trump threatened to do so last weekend after accusing China of backtracking on commitments made in its draft trade deal.
The U.S. Customs and Border Protection says the new 25 percent duty on around 57-hundred import items, ranging from auto parts to clothes, will not affect U.S. bound goods that had already left Chinese ports and airports before midnight.
China's Commerce Ministry said it deeply regrets the U.S. decision Friday, adding that it would take necessary countermeasures, without elaborating.
China's foreign ministry spokesperson Geng shuang also called on the U.S. to “meet halfway”, to help ensure stable relations between the two countries
The tariff hike came even after top U.S. and Chinese negotiators began additional talks in Washington.
The Chinese delegation led by Vice Premier Liu He sat down with U.S. officials including trade representative Robert Lighthizer and Treasury Secretary Steven Mnuchin for around 90 minutes Thursday in Washington.
Already, the U.S. and China have exchanged tariffs on over 360 billion U.S. dollars worth of goods since last year.
High level trade talks between the two have been going on for months with Washington calling on Beijing to make changes to its trade and regulatory practices, including protection over U.S. intellectual property and increased market access to China.
Bloomberg Economics estimates the new 25 percent increase on Chinese imports will raise the drag on Chinese growth to zero-point-nine percent from zero-point-five percent while the IMF estimates the negative impact on the U.S. growth at zero-point-two percent, and potentially more if there’s a blow to markets and confidence.
Amid growing uncertainties over the trade row, the U.S. and China will resume talks on Friday in Washington.
Kim Hyesung, Arirang News.
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