Trump's new tariff policy on Chinese goods sparks fear of trade war

US-China trade battle Catch up here

In his own tweet on Sunday, Trump said he and Chinese President Xi Jinping would consistently befriends despite the dispute, " including: "China will take down its transaction barriers because it is the ideal issue to really do.

The additionally tariffs were now being contemplated "in mild of China's unfair retaliation" against sooner US transaction activities, that contained an estimated $50 billion of tariffs on Chinese goods, Trump said in a White House announcement on Thursday.

A deal addressing China's theft of USA intellectual property is also expected to be made. "Great future for both countries!"

China has denied American accusations of unfair trade practices and vowed to retaliate if the USA follows through on plans to put tariffs on Chinese goods, claims that have roiled global markets over fears that prices will rise and demand will slow worldwide. In office he has made overtures to Xi and pressed China for help with derailing North Korea's nuclear ambitions.

The two countries have threatened each other with tens of billions of dollars' worth of tariffs in recent days and Chinese officials have said this is not the time for negotiations.

Citing State Intellectual Property Office senior official Zhang Zhicheng, Xinhua said the US' accusations over technology transfers, IP and innovation were groundless and the tariffs would damage the USA economy as well as that of the wider world.

"We're talking about a lot of money that goes down, just on the speculation of having a tariff put in place", Rounds said on "Meet the Press". Earlier in the week, Trump threatened to introduce tariffs against China worth up to $150 billion annually.

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Larry Kudlow, the new director of the National Economic Council, said the tariff threats are part of a negotiating tactic created to pressure China to end unfair trade practices. He also said that though the USA hoped to avoid taking action, Trump "was not bluffing".

Larry Kudlow, Trump's new top economic advisor, has expressed interest in negotiating with the Chinese as the tariffs are all still proposals and nothing is official.

But he also downplayed the tariff threat as "part of the process", suggested on CNN that the impact would be "benign" and said he was hopeful that China would enter negotiations. They would receive a 25% duty increase, mirroring Trump's 25% tariff hike for steel. In a separate interview on "Fox News Sunday", Kudlow acknowledged "jitters" but insisted "we're not gonna to end up in a trade war".

But another top White House economic adviser, Peter Navarro, took a tougher tack, declaring China's behavior "a wake-up call to Americans". "We're moving forward on a measured way with tariffs, with investment restrictions", Navarro added. "Every day of the week China comes into our homes, our business and our government agencies. This country is losing its strength even as China has grown its economy".

Trump has also said the ongoing trade dispute may generate "a little pain" in the short term, including big losses on Wall Street. In turn, the Chinese Commerce Ministry imposed new import tariffs on 128 USA products.

USA authorities also are investigating whether Beijing improperly compels foreign companies to hand over technology in exchange for market access, which could lead to still more trade penalties.

Further escalation could be in the offing.

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