Trump Warns China Impasse to Worsen If Xi Retaliates on Tariffs

China hikes tariffs on most U.S. goods in $60 billion target list

-China trade talks end without a deal. That dispute grew out of an earlier deadlock over how and when to remove existing American tariffs that provoked Beijing to threaten quit the talks, people briefed on the discussions said. And China's retaliatory tariffs are inflicting pain on American farmers, a key part of Trump's political base.

"So you absolutely can't put the hat on China of reversing positions and going back on one's promises", Geng said, adding China had shown goodwill in the talks and kept its promises.

President Donald Trump has repeatedly declared that China is paying for the tariffs he has imposed in his trade war against the Asian powerhouse.

People's Daily, the flagship newspaper of China's Communist Party, said in a front-page commentary that the USA should take full responsibility for the setbacks because it went back on its word and imposed more levies on Chinese products. "China should not retaliate-will only get worse!"

The ruling Communist Party's official People's Daily said in a commentary that the United States needed to "give it a rest" with the complaints that it was losing out to China in the trade relationship because China was a hugely profitable market for US companies.

The ongoing uncertainty means more turmoil for financial markets: Stocks in Asia fell along with US and European equity futures, the yuan and Treasury yields.

The events have cast doubt on the conventional wisdom, dominant just 10 days ago, that the world's two biggest economies were edging toward a compromise on trade.

On Monday, U.S. officials are expected to announce details of their plans to impose a 25% additional tariff on all remaining imports from China - some $300 billion in trade.

White House economic advisor Larry Kudlow told United States 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.

To do so would be an unacceptable concession for the country that is still sensitive to what it considers years of subjugation from foreign powers until at least the mid part of the last century - a topic that is not only still taught to every Chinese student but which has become part of the Chinese national psyche.

Other analysts point to a smaller impact, though, particularly for the United States, the world's largest economy. Though a slowdown in global economic growth will take several months to be felt, it will come at a precipitous time for President Trump as the 2020 presidential election cycle heats up.

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President Donald Trump and China's President Xi Jinping meet business leaders at the Great Hall of the People in Beijing, China, Nov. 9, 2017.

"Many Chinese scholars are discussing the possibility of dumping US Treasuries and how to do it specifically".

The Trump administration's previous decision to impose 10 percent tariffs on $200 billion of Chinese imports and 25 percent on another $50 billion worth was followed by Chinese countermeasures, with Beijing targeting $110 billion of Chinese imports.

The president believed Treasury Secretary Steve Mnuchin and US Trade Representative Robert Lighthizer had cut a deal until the Chinese officials told them no.

Lighthizer and his office didn't respond to a request for comment.

"Both sides will pay these things.but the Chinese will suffer GDP losses and so forth with respect to diminishing export markets and goods".

Since a year ago the U.S. and China had exchanged tariffs on two-way trade worth hundreds of billions of dollars, gutting United States agricultural exports to China and weighing on both countries' manufacturing sectors.

Both countries have indicated that more talks are likely.

"Focus on what you can control, which is how much risk you're taking, and if you take your 401k to a risk level you feel good about, then you have peace no matter what the government decides to do tomorrow", Burns said.

China will raise duties as high as 25% on American goods including frozen fruit and animal products in an escalation of the ongoing trade war between the two countries.

"If the U.S.is to play a roller-coaster-style thriller game, it will bear the consequences, " the state-run Global Times said in an editorial.

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