China on Friday said it will slap additional tariffs on about Dollars 60 billion worth of American products in retaliation to President Donald Trump's plan to raise duty on USD 200 billion Chinese imports, escalating the trade war between the top two economies of the world.
The conflict is expected to be high on the gathering's agenda, with the U.S. and China already imposing 25 per cent tariffs on US$34 billion of each other's goods and duties on another US$16 billion in Chinese products in the pipeline.
After months of economic tensions, the US and China are continuing trade talks, said President Trump, who on Saturday touted the effectiveness of tariffs in a series of tweets. Mr Trump is aiming to reduce his country's $375.6 billion trade deficit in goods - the gap between imports and exports - with China. US business and farm groups, which do extensive business with China, have complained for months about Trump's strategy, but there are no signs that the Chinese government is paying for a campaign in the United States.
"Tariffs are working far better than anyone ever anticipated", he wrote on Twitter.
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The Trump administration has issued temporary emergency financial support of $12 billion to help farmers hard-hit by China's retaliatory tariffs such as soybean farmers. Last month, the International Monetary Fund warned that escalating trade conflicts following US tariff actions on its trading partners threaten to derail the global economic recovery.
FILE PHOTO: Chinese and U.S. flags are set up for a signing ceremony during a visit by U.S. Secretary of Transportation Elaine Chao at China's Ministry of Transport in Beijing, China April 27, 2018.
China immediately expanded its own list of types of US products to be tariffed, including farm products, cars and crude oil.
China's stocks were lower on Monday as Beijing's latest tariff threats escalated the tit-for-tat Sino-U.S. trade war, while the yuan weakened after briefly edging up despite the central bank's latest efforts to shore up the tumbling currency.
The tariffs were the result of a Section 301 trade investigation launched the previous summer.
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"In addition to the tariffs impact, there might be some impact from front-loading of orders in previous months", said Betty Wang, Senior China Economist at ANZ in Hong Kong.
USA exports hit a record high in May as buyers stocked up on products before the tariffs.
He also said China was "for the first time doing poorly against us". The U.S. can buy more because the economy is strong.
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