China Hopes to "Negotiate" Trade Issues With Joe Biden or 'Weak' Dems

Trump's Tariffs on Chinese Electric Cars Seen Likely to Last

"A sudden tariff increase with less than a week's notice would severely disrupt USA businesses, especially small companies that have limited resources to mitigate the impact".

China's exports unexpectedly shrank in April but imports surprised with their first increase in five months, painting a mixed picture of the economy as Beijing and Washington make a last-ditch bid for a trade deal before a hike in USA tariffs.

Vice-Premier Liu He will go to Washington this week in a bid to salvage trade talks and stop a new economic Cold War from breaking out between China and the United States.

Lighthizer has pushed hard for an enforcement regime more like those used for punitive economic sanctions - such as those imposed on North Korea or Iran - than a typical trade deal. Jennifer McKeown, of Capital Economics, said goods exports to the United States accounted for 3.2% of China's national output, while exports to China made up only 0.6% of USA gross domestic product.

Such moves would mark a sharp escalation in the yearlong trade dispute that has raised prices on goods for consumers and companies.

Alongside Secretary of the Treasury Steven Mnuchin, Lightizer accused China of reneging on certain agreement, saying "we have seen an erosion in commitments by China". Phillips views the likelihood that tariffs are applied to the final round of $300 billion of Chinese imports as one-in-four, and just a one-in-10 chance that auto tariffs are announced on Canada and Mexico, as this would scuttle the odds of the passage of a renegotiated trade pact among the three North American countries. China, as a reaction, initially decided against sending its envoy to the United States for talks.

CURRENCY NEWS: China's yuan edged up against the U.

European and Asian equities and US futures slumped on Wednesday as traders, fearing a collapse of US-China trade negotiations, followed up Wall Street's rout on Tuesday and sold off riskier assets.

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"It's in both countries' interest to reach a deal". That would effectively cover all goods imported into the US from China, including electronic gear, apparel and other products previously exempted from earlier tariff hikes. The sources told Reuters the extent of the setbacks in the revised text were serious and that Trump's response was not merely a negotiating strategy. The S&P 500 has fallen more than 2 percent so far this week.

The Shanghai Composite Index lost 0.7 percent in early trading while Japan's Topix index dropped 1.7 percent.

"The Chinese are not going to do either of those things", so "the path to political victory for him is a narrow one", he said.

Changing any law in China requires a unique set of processes that can't be navigated quickly, said a Chinese official familiar with the talks.

Scott Kennedy, a China expert at the Center for Strategic and International Studies in Washington, said the talks were at a delicate stage and much depended on what sort of proposal Liu is bringing to Washington. Investors who have been around for decades also understand that big corrections occur from time to time in the middle of great bull markets, often for reasons that may sound bleak in the middle of any given day but are forgotten within a week or month.

"We strongly oppose the president's announcement that he will continue to penalize American families and add additional obstacles to economic growth by imposing further tariffs on USA imports from China", said Rick Helfenbein, president and CEO of the American Apparel & Footwear Association.

The talks were originally supposed to begin Wednesday, and hopes were pinned on them resulting in the elusive trade deal both Washington and Beijing have been seeking to strike.

Earlier this week Trump sent global financial markets plunging with a surprise threat of more penalties on Chinese imports.

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