President Trump speaks during a campaign rally July 31 at the Florida State Fairgrounds Expo Hall in Tampa.
President Donald Trump will keep pressing China for trade concessions, a top White House economic adviser said Friday, as the Asian nation continued the tariff escalation by announcing further retaliatory actions against us goods.
The two countries have already imposed £26bn ($34bn) worth of tariffs on each others' goods as the trade war ramped up in July.
The goal of the talks was to "prepare for more formal negotiations" but the progress had been slowed down due to the mistrust on both the sides, the Post quoted official sources as saying. Neither side is showing any sign of backing down.
But the U.S. Commerce Department reported today that the American trade deficit climbed to $46.3 billion in June from $43.2 billion in May.
The move was meant to bring China back to the negotiating table for talks over US demands for structural changes to the Chinese economy and a cut in the bilateral trade deficit.
But as is common with his Twitter posts, some of his claims were either unproven or incorrect.
Concerns about the trade war have already affected China's currency, which has fallen nearly 9% against the dollar since April. "Other countries use Tariffs against, but when we use them, foolish people scream!"More news: Chelsea Agree To Sell Thibaut Courtois To Real Madrid For £35m
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US and Chinese officials have held "hardly any conversations" in the past month, but there's "some hint" the Chinese may be warming to the idea of negotiations, Kudlow said.
Huang Libin, a spokesman for the Ministry of Industry and Information Technology recently said there has not been any significant impact on industrial output.
"Regardless of a potential breakthrough, we believe that this Chinese trade fight will last well beyond the midterm elections as the reforms sought by the Trump Administration will be hard for China to accept and implement".
Throughout all of this, the USA continues to criticise China's trade practices as "unfair" because of the domestic win-win relationship between central government and private producers.
At the same time, China has expressed a willingness to go to the mat over tariffs.
Speaking on the sidelines of a a Southeast Asian security conference also attended by the US Secretary of State Mike Pompeo in Singapore, Foreign Minister Wang Yi said China's threat of retaliatory tariffs was "fully justified and necessary". Over time, USA companies are likely to switch suppliers or change their products to use less of the higher-costing goods, but that doesn't happen right away.
"Every country on Earth wants to take wealth out of the United States, always to our detriment".
April 9: China filed a complaint to the World Trade Organization (WTO) against Trump's metal tariffs.
The 25 percent tax targeted some 1,300 items, including steel, aluminum, machinery, electronics and aerospace products. When Trump announced those duties, China hit back.
Their comments follow recent criticism by Larry Kudlow, a top White House economic adviser, who has been saying that Beijing's latest countermeasure was weak and China's economy is softening.