Trump Administration Awaits China's Response After Tariff Spike

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"I say openly to President Xi and all of my many friends in China that China will be hurt very badly if you don't make a deal because companies will be forced to leave China for other countries", Trump said.

While in the past, jewelry products have, with few exceptions, not been subject to tariffs in President Trump's rapidly escalating trade war with China, that may change. Add Donald Trump as an interest to stay up to date on the latest Donald Trump news, video, and analysis from ABC News.

White House economic advisor Larry Kudlow told USA media Sunday that Trump and Chinese President Xi Jinping could meet next month on the sidelines of the G20 summit to hash out their differences on trade, although no new talks are scheduled.

The S&P 500 on Friday racked up its worst weekly decline since December, as Washington raised tariffs on Chinese goods worth US$200 billion to 25 per cent from 10 per cent.

Trump launched the trade war previous year to extract profound economic reforms from Beijing, accusing China of seeking to forge global industrial dominance through massive state intervention in markets and the theft of American technology - all in violations of its commitments upon joining the World Trade Organization in 2001.

China will impose tariffs on a total of 5,140 U.S. products from June 1, the ministry said in a statement.

Foreign ministry spokesman Geng Shuang, speaking at a daily briefing, also said both countries agreed to continue pursuing a process of talks to resolve their trade dispute.

The Chinese government's top diplomat, State Councilor Wang Yi, said during a trip to Russian Federation that China-U.S. talks were not a "one-way street" and needed to be conducted on the basis of equality, according to China's Foreign Ministry.

In an interview with Yahoo Finance, Humpton urged the United States and China to come to an agreement to ensure fair, open trade with enforceable rules.

Beijing's retaliation will infuriate the US President, who had warned his Chinese counterpart against raising tariffs.

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The announcement followed an increase of US duties on $200 billion of Chinese imports to 25% from 10% in the increasingly bitter dispute.

"We're having a little squabble with China", he said. Numerous 3,805 products that could get hit by the next round of tariffs represent everyday consumer items like smartphones and shoes.

Uber's share price has fallen another 8.5% amid wider stock market turmoil, as the trade war between the U.S. and China escalates.

China's vice-premier, Liu He, listens to U.S. Trade Representative Robert Lighthizer as they exit the office of the U.S. Trade Representative on Friday.

China is not to blame for the huge trade deficit the United States runs, and China was a hugely profitable market for US companies, the paper said, in a commentary published under the pen name "Zhong Sheng", meaning "voice of China".

The White House is also determined to impose a cost on Beijing for not clamping down on its own companies selling counterfeit products that knock off American brands.

The combination of the US's actions and China's retaliation has sent stock markets sliding around the world.

Trump has said that trade wars are "easy to win".

"We've been understanding during this negotiation process, but we can not withstand another year in which our most important foreign market continues to slip away and soybean prices are 20 to 25 percent, or even more, below pre-tariff levels", John Heisdorffer, American Soybean Association chairman and Iowa soy farmer, said Monday.

Last year, the federal government ended up paying farmers $12 billion to cover the loss of foreign sales to tariff increases, and this year it's looking like the aid package is going to be $15 billion.