China and USA to hold trade talks in Beijing

Trump Economic Advisor Says 'Heck Of A Lot Of US Companies' Have Trade War Earnings Risk

USA access to China to do business has been one of the key sticking points of the two countries' trade relationship, and President Trump has explicitly criticised the Made in China plan previously.

When the administration ramped up tariffs in July, President insisted the higher duties would encourage USA manufacturers to bring overseas jobs back home. As of July, the USA was running a $222.6 billion trade deficit with China. That news that helped boost global markets. In practice, it raises the price that USA consumers will pay for certain goods. One estimated the economic impact of lost wages and higher prices at $2,400 per household in 2019.

Trump initiated the trade war because of complaints over unfair Chinese trade practices - concerns shared by the European Union, Japan and others.

China and the United States have been engaged in a trade war since Trump announced in June that $50 billion worth of Chinese goods would be subject to 25 percent tariffs in a bid to fix the US-Chinese trade deficit. The shares closed at US$148.26 on Friday, down about 5.1 percent for the week. Trump has also threatened to impose duties on $267 billion more of goods if Beijing does not meet his demands.

China's own stock market has fallen by about 25% in the a year ago as investor concerns grew about the impact of the trade war on China's economy. The measures have disrupted trade, hurt manufacturing, roiled worldwide markets and slowed the global economy.

U.S. President Donald Trump has again expressed confidence that he can put an end to the trade war with China which is jolting the global economy.

More news: Markets Right Now: Asian shares mixed as Japan tumbles

President Donald Trump and Chinese President Xi Jinping made their New Year's resolution early.

Trump told The Wall Street Journal it was "highly unlikely" he would accept China's request to hold off on the increase, which is due to take effect on January 1. "I hope we're going to make a deal with China". "As far as other countries are concerned, that's up to them".

Lighthizer's office was also responsible for the original report past year that laid out allegations of Chinese theft of USA intellectual property and formally kicked off the tariff process.

Both governments face economic pressure to reach a settlement.

As Chinese tariffs take a bigger bite out of profits, US manufacturers with operations there are scrambling to find alternatives. American exports to China fell nearly 30 percent in October compared to a year earlier.

In the US, the persistent rhetoric and reality of trade troubles with China (and other countries) has taken its toll.

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