China to retaliate if United States raises tariffs as planned -commerce ministry

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Trump's also facing criticism from business leaders over his decision to ratchet up tariffs on $200 billion of Chinese goods to 25 percent from 10 percent as of Friday, despite high-level trade negotiations continuing this week.

The market volatility has been ignited by weekend tweets from President Trump that shook up trade negotiations with China.

In response to the president's tweets, a national campaign of US trade organizations called Tariffs Hurt the Heartland said in a statement, "For 10 months, Americans have been paying the full cost of the trade war, not China".

"The intensification of the trade war between the US and China sustains the negative spell on markets with Asian risk assets poised for another bad day today", ING said in a commentary. Trump and his advisers have seized on strong first-quarter growth in the gross domestic product as vindication that their tough approach to trade is accelerating the economy, and putting the United States in a stronger position than China to withstand any blowback from higher tariffs.

"Guess what, that's not going to happen!"

Chinese trade officials intend to "make a deal" in a new round of talks in Washington this week, President Donald Trump said Wednesday, reviving hopes for negotiations that appeared to be hanging by a thread. Jennifer McKeown, of Capital Economics, said goods exports to the United States accounted for 3.2% of China's national output, while exports to China made up only 0.6% of United States gross domestic product.

Mnuchin, who has been more open to a deal with improved market access, and at times clashed with Lighthizer, appeared in sync with Lighthizer in describing the changes to reporters on Monday, while still leaving open the possibility new tariffs could be averted with a deal.

This mismatch between what the tariff lists intend to target and actual trade flows can be found in previous lists as well as in Trump's tweets.

He also said any hope by the Chinese regime to renegotiate a future trade deal with a Democratic presidential administration would go unfulfilled.

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In April China's exports across the Pacific fell 13.2 percent from a year earlier, while imports from the USA fell 25.7 percent, according to the data from China's customs administration.

The president confirmed that Vice Premier Liu He was coming to Washington as part of the delegation.

But William Reinsch, a trade policy expert at the Center for Strategic and International Studies, cautioned that China will never meet all the United States demands, which complicates Trump's strategy.

Geng referred specific questions on the trade talks to the Commerce Ministry, which did not respond immediately to faxed questions from Reuters.

Stocks treaded water Wednesday after tumbling in prior-day trading, when the Dow fell 473 points and other benchmark indexes also slumped amid mounting investor concerns about trade tensions.

US President Donald Trump announced last Sunday that he was ready to increase the US tariff on $200 billion worth of Chinese imports if nothing substantial comes out of today's meeting.

Markets continued to fall on Tuesday as investors grew increasingly concerned about a fallout in upcoming trade talks between the USA and China.

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

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