China trade dispute escalates

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"The threat that these tariffs could be imposed, and even expanded to include all consumer goods imported from China, has already started a scramble among importers to find alternative sources of supply, including in the United States", Gold said.

Yet Beijing is not backing down despite insistence from Washington that it put the breaks on a technology development strategy that, according to the USA, features unfair trade practices.

The new analysis, prepared for NRF by the Trade Partnership, that found 25 percent tariffs on furniture from China would lead to American consumers paying $4.6 billion a year more for furniture even if retailers found new sourcing from foreign countries or USA furniture makers.

"The risk that current trade tensions escalate further with adverse effects on confidence, asset prices and investment is the greatest near-term risk to global growth", International Monetary Fund chief economist Maury Obstfeld told a news conference last month.

Trump, who has threatened to target all $500 billion in goods the US imports from China, has made that same point, noting that Beijing can not continue to retaliate in kind since it imports less than $200 billion a year in American goods. The US added its latest 25 per cent tariff today, completing Donald Trump's first round of measures targeting United States dollars 50 billion in Chinese products.

Late last month, President Trump said he's "ready to go to 500" - threatening to impose tariffs on imports of all Chinese goods.

U.S. Treasury officials have been working on a revised list of American demands in the lead-up to this week's meetings, according to people familiar with the U.S. preparations.

Economists reckon that every $100 billion of imports affected by tariffs would reduce global trade by around 0.5 percent.

China's foreign ministry said on Thursday it wants to reach a good result in trade talks with the U.S., adding it hopes Washington can meet Beijing halfway.

"China resolutely opposes this, and will continue to take necessary countermeasures", it said in a brief statement shortly after mid-day.

The dispute centres around Mr Trump's demand for Beijing to drop its protectionist economic stance and buy more USA goods.

Beijing has denied U.S. allegations that it systematically forces the unfair transfer of USA technology and has said that it adheres to World Trade Organization rules.

The official Xinhua news agency said in a commentary on Thursday that China approached the latest round of talks in good faith, but that Washington remains vague about what it wants.

Even as China and the USA trade tariffs, a Chinese delegation meeting with their American counterparts for trade talks this week in Washington, D.C. And a Chinese foreign ministry spokesperson expressed guarded optimism about how they're going.

CGTN did not immediately respond to a request for comment about the removal.

On Monday, Donald Trump told Reuters he did not "anticipate much" from the negotiations in Washington. US President Donald Trump is insisting that China should bring down the trade deficit by Dollars 100 billion immediately followed by USD 200 billion by improving access to more US goods ensuring intellectual property rights of the American technology.

"I think the fact that they would send lower level folks suggests that they're not talking about the big things", former Commerce Secretary Carlos Gutierrez said Thursday on CNBC. The list of USA products this time includes oil products and coal for the first time, S&P Global Platts reports.