China to hike tariffs on USA goods in June

China says will'never surrender as U.S. trade row heats upMore

"Maybe something will happen".

"I love the position we're in", Mr. Trump told reporters at the White House just before meeting with Hungarian Prime Minister Viktor Orban.

Trade talks between the United States and China concluded on Friday with no agreement and with the USA increasing import tariffs on US$200 billion (NZ$303 billion) of Chinese goods to 25 per cent from 10per cent. Officials also said they were preparing to expand tariffs to cover another $US300b of goods.

A commentary in Chinese state-run news agency Xinhua, citing Chinese academics at a think tank over the weekend, said that facing USA tariff hike threats, China has adhered to its bottom line, defended national dignity and people's interests. US soybean futures fell to their lowest in a decade on Monday.

That could all change if a U.S.

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

Shares retreated in Asia on Monday after trade talks between the USA and China wrapped up Friday without an agreement.

Beijing had vowed to respond to the latest United States tariffs.

Despite the retaliation, Beijing also appeared to give time to find a resolution by setting the June 1 date for those increases to take effect.

Trade talks with Beijing hit a rough patch when Chinese officials tried to renege on a draft trade deal that took months to put together.

Most Wall Street economists do not expect the hike from 10 percent to 25 percent to weigh all that much on economic growth. The move affected 5,700 categories of Chinese products, including internet modems and routers.

In an interview with CTV News Washington Bureau Chief Joy Malbon, economist Douglas Holtz-Eakin said that the right to try to pressure China into "behaving better" when it comes to things like currency manipulation and intellectual property. But according to Holtz-Eakin, the USA economy isn't as hot as it might look.

On Twitter, Trump warned Chinese President Xi Jinping (shee jihn-peeng) his country "will be hurt very badly" if it doesn't agree to a trade deal.

Trump has since defended the tariff hike and said he was in "absolutely no rush" to finalise a deal. He again defended the move to hike USA tariffs and said there was no reason why American consumers would pay the costs.

US equities hit record highs just two weeks ago on hopes of a trade deal and a positive first-quarter earnings season. Consumer spending accounts for more than two-thirds of USA economic activity.

US President Donald Trump has increased tariffs on $200 billion worth of Chinese goods to 25 percent and ordered the start of a process to impose new duties on another $300 billion worth of items.

Last year, Beijing imposed tariffs on imports of USA agricultural goods, including soybeans, grain sorghum and pork as retribution for US levies.

They added that the effects of the tariffs had spilled over noticeably to the prices charged by USA producers competing with goods affected by the levies. The lawsuit from attorneys general in more than 40 states alleges that for many years the makers of generic drugs worked together to fix prices. Trump said on Monday his administration was planning to provide about $15 billion to help farmers whose products might be targeted. In terms of the trade war itself, negotiations will continue as China will press for a win-win agreement in spite of the fact that Trump has publically claimed that he enjoys the gamesmanship element of the trade war.

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