Trade exec calls China's tariffs on American autos 'egregious'

Hannah Rogers
November 30, 2018

"I really don't know, but I will tell you that I think China wants to make a deal", he continued.

On Tuesday, the United States president suggested he could place 10 percent tariffs on popular electronic products imported from China, also confirming that Washington would likely increase tariffs on Chinese production from 10 percent to 25 percent on 1 January. However, according to the past protocols of Xi's diplomatic summit meetings, the president could bring his chief of staff, Ding Xuexiang; his top diplomat, Yang Jiechi; foreign minister Wang Yi; and commerce minister Zhong Shan, in addition to Liu He, the vice-premier in charge of trade talks with the US. Another official said Navarro's addition was meant to send a message to China about the administration's resolve on trade.

"Frankly", he said, "I like the deal we have right now".

However, U.S. companies and consumers are bearing part of the cost by paying higher prices for the goods.

USA stocks fell yesterday amid uncertainty over the outcome of the talks.

In its "Beige Book", a separate report on the economic conditions of the United States that is released eight times per year, references to tariffs have played a major role during the Trump presidency.

The trade tension between the US and China poses risks for the economy and has already led to higher costs for business, some of which have been passed on to consumers, Federal Reserve officials warned, according to minutes released Thursday from the November 7-8 meeting of the Federal Open Market Committee.

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"I don't know if we want to do it".

In a statement on Wednesday, US Trade Rep. Robert Lighthizer complained that China slaps 40-percent tariffs on US auto imports-more than the 15-percent tariffs it imposes on other countries and the 27.5-percent US tax on Chinese auto imports.

A Reuters poll on Wednesday showed China's factories likely struggled to grow for a second straight month in November as cooling demand at home and the threat of higher US tariffs stifled new orders.

"The Chinese side has repeatedly stressed that the essence of Sino-US economic and trade cooperation is about mutual benefit and win-win", Gao said.

Modi will also meet the presidents of China and Russia - Xi Jinping and Vladimir Putin - as well in a meeting of the Russia-India-China grouping, people familiar with the matter said late Thursday.

Trump, whose economic record is likely to be a key factor in his race for re-election in 2020, lashed out at General Motors Co after the company's recent announcement of USA layoffs and plant closures and threatened additional tariffs.

"I have another 250 billion dollars' worth of tariffs to put on if we don't make a deal", Trump told reporters last week. One offer, according to Chinese officials: in return for the suspension of USA tariffs, Beijing would agree to lift restrictions on China's purchases of US farm and energy products.

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