After numerous clashes held between China and U.S., China ultimately canceled the trade talks with the United States and is not going to send their Vice Premier to the U.S.
The level of playfield in a deal with China, President Donald Trump has imposed tariffs on $220 billion worth imports and frightens more if Beijing reacted. China said on Tuesday that they would impose a tax on $60 billion amount of U.S. goods and services effective from Sep 24.
This new tariff has brought new kind of uncertainties to U.S.-China trade negotiations. While answering a question in a press conference on whether the trade between two countries would resume, GaoFeng of China’s Commerce Ministry used the same words that were used in earlier statements.
The Phone inquiries remained shut and unanswered of Ministry of Commerce on Saturday.
On Trump administration side, they said that it is needed to be confronted by China about the trading practices for defending U.S. long-term interests. If talk about U.S. Industries, they are widely pushing back against the tariffs used by Trump administrations that are forcing China’s economy and companies such as Gap Inc. to Walmart Inc. and Samsonite International, which are ready to raise their prices if new tariffs are imposed to the business.
This is Trump’s one of the biggest stroke yet in a foster trade conflict between the world’s copious economies will be seen as 10 percent of duty applied on $200 billion of Chinese goods, which can rise up to 25 percent in the coming year. The threatening duties to a further $267 billion made in China products will hit almost every other consumer product that includes shoes, clothes, and mobile phones.
The Trump’s Stand
Trump is continuously hitting out China later this week, which has signaled everyone that trade war, will not end soon.
Trump has said in an interview that the time has come to take a stand over China, They have been hurting for a long time.
These new tariffs on Chinese products are mainly consumer-oriented and going to hurt the sector of retail at the beginning of 2019. Danielle McIntee and Seema Shah, the analysts with Intelligence of Bloomberg, wrote on Friday that the Low-income families will get affected largely with the tariff related price, which is going to increase on everyday items.
The Secretary of Commerce Wilbur Ross said earlier this week that the tariffs are spread in such a way on the goods that people should not notice an increase in prices.