China hits back in trade war with US

Wallace Asks Kudlow 'Are You Reading Upside Down'

The pan-European STOXX 600 index lost 1.21%. On the other hand, Trump only wants to sell certain goods to China, such as soybeans, corns and natural gas, but China needs other high-tech products banned by the White House.

The result has been a volatile week-long roller coaster with no end in sight. These tactics, the USA contends, include hacking into US companies' computers to steal trade secrets, forcing foreign companies to hand over sensitive technology in exchange for access to Chinese markets and unfairly subsidizing Chinese tech firms.

Last Thursday morning the Dow skidded 580 points, only to regain almost 470 by close of trading on Friday.

The Finance Ministry said Monday, May 13, the penalty duties of 5% to 25% on hundreds of US products including batteries, spinach and coffee take effect June 1.

US equities hit record highs just two weeks ago on hopes of a trade deal and a positive first-quarter earnings season.

In a series of tweets on Monday, Trump said China had "taken so advantage of the U.S. for so many years". "The only problem is that they know I am going to win (best economy & employment numbers in US history, & much more), and the deal will become far worse for them if it has to be negotiated in my second term". "Too expensive to buy in China".

Trump tweeted China "had a great deal, nearly completed, & you backed out!"

Trump said in another Twitter post that the trade war would not have a significant impact on United States trade.

Trump sent out a series of tweets on Monday responding to Kudlow's comments.

In a series of early morning tweets, the president continued to falsely claim that US consumers do not need to pay for the tariffs, even though the reality is that the tariffs will be felt by USA consumers, who are set to pay higher prices for goods that impacted by the tariffs.

The president said Monday that that's not inevitable. The increase is set to take effect June 1, leaving time for the countries to reach a trade deal before the tariffs are bumped up.

The next US election is 18 months away.

Beijing's move came after the USA raised duties Friday on $200 billion of Chinese imports to 25%, up from 10%.

'Also, the Tariffs can be completely avoided if you by from a non-Tariffed Country, or you buy the product inside the U.S. (the best idea),' Trump added.

In a statement, American Soybean Association President Davie Stevens, a soybean farmer from Clinton, Kentucky, expressed frustration that "the US has been at the table with China 11 times now and still has not closed the deal".

Rather going through a multilateral organization like the World Trade Organization, which would have allowed China to save face against its biggest rival, Trump has chosen potentially humiliating bilateral talks. "They are not victims of China's 'unfair competition'". Beijing has counterpunched by targeting $110 billion worth of American imports, focusing on farm products such as soybeans in a deliberate effort to inflict pain on Trump supporters in the US heartland.

The White House is now considering levying tariffs on another $300bn worth of Chinese consumer products. After being pressed by Fox News Sunday anchor Chris Wallace, Kudlow said that "in fact, both sides will pay".

US President Donald Trump said he would meet Chinese President Xi Jinping next month as the trade war between the world's two largest economies intensified, sending shivers through global markets.

Fox News' Lou Dobbs doubled down in defense of President Donald Trump's repeated falsehood that Chinese exporters and manufacturers are paying the costs of the growing number of tariffs his administration has placed on goods from that country, instead of USA consumers and businesses.

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