China and the United States have agreed to roll back tariffs on each others’ goods in a ‘phase one’ trade deal if it is completed, officials from both sides said on Thursday, sparking division among some advisers to President Donald Trump.
The United States on Friday imposed a range of punitive tariffs on European goods.
China’s trade with the United States fell by double digits again in September amid a tariff war that threatens to tip the global economy into recession.
The U.S. and China have reached a partial trade pause.
Top U.S. and Chinese negotiators wrapped up the first day of trade talks in more than two months on Thursday as business groups expressed optimism the two sides might be able to ease a 15-month trade war and delay a U.S. tariff hike scheduled for next week.
The U.S. trade deficit has grown by nearly $1 billion after the Trump administration imposed new tariffs against Chinese products, the Commerce Department said in a report Friday.
The United States on Wednesday said it would slap 10% tariffs on European-made Airbus planes and 25% duties on French wine, Scotch and Irish whiskeys, and cheese from across the continent as punishment for illegal EU aircraft subsidies.
The European Union is reportedly considering hitting the US with $4 billion worth of new tariffs, potentially deepening one front in a long-running trade dispute between the transatlantic allies.
U.S. President Donald Trump said on Monday Washington had struck trade agreements with Tokyo that could be implemented without congressional approval, but stopped short of assuring Japan that new tariffs would not be slapped on vital auto exports.
Hong Kong leader Carrie Lam has accused the US of interference in the wave of protests that have swept through the Special Administrative Region of China since June.
President Donald Trump on Wednesday said the United States will postpone a planned 5 percent tariff increase on Chinese goods.
The U.S. trade deficit narrowed slightly in July, but the gap with China, a focus of the Trump administration’s ‘America First’ agenda, surged to a six-month high.
President Donald Trump said trade talks with Beijing are still planned for September after a new round of tariffs went into effect on Sunday.
US President Trump said Thursday that trade negotiations with China scheduled to occur later in the day would be ‘at a different level,’ according to Fox News Radio.
U.S. economic growth slowed in the second quarter, the government confirmed on Thursday, but the strongest consumer spending in 4-1/2 years amid a solid labor market threw cold water on financial market expectations of a recession.
The United States and China gave signs on Thursday that they will resume trade talks as the two economic superpowers discussed the next round of in-person negotiations in September ahead of a looming deadline for additional U.S. tariffs.
China signaled on Monday it was now seeking a ‘calm’ end to its ongoing trade war with the U.S., as Asian markets crumbled and China’s currency plummeted to an 11-year low following the latest tariffs on $550 billion in Chinese goods announced last Friday by the Trump administration.
President Trump on Friday directed all U.S. businesses to immediately find alternative sources for any goods they were importing from China. The comments came in response to China’s announcement earlier in the day that it was enacting additional tariffs on $75 billion worth of U.S. goods.
The economy is on everyone’s mind this week as fears about a possible recession continue to capture headlines. Now, the Bureau of Labor Statistics has released some revised employment numbers showing 500,000 fewer jobs were created than initially reported.
China said on Thursday it hopes the United States will stop its wrong tariff action, adding that any new tariffs would lead to escalation.