China vows fight against Trump’s latest tariffs as stocks sink

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China on Friday vowed to fight back against U.S. President Donald Trump’s abrupt decision to slap 10% tariffs on the remaining $300 billion in Chinese imports, a move that ended a month-long trade truce.

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BEIJING/WASHINGTON (Reuters) – China on Friday vowed to fight back against U.S. President Donald Trump’s abrupt decision to slap 10% tariffs on the remaining $300 billion in Chinese imports, a move that ended a month-long trade truce.

The Fed got another possible signal for a second rate cut next month from U.S. July jobs data on Friday, which showed a slowdown in hiring and fewer hours for manufacturing workers.

But new data also showed the U.S. goods trade deficit dipped 0.3 percent in June to $55.2 billion in a sign that Trump’s tariff policies were restricting trade flows. The goods trade deficit with China shrank 0.8% to $30 billion with Chinese imports falling 0.7% and U.S. exports to China unchanged.

U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin briefed Trump earlier this week on their first face-to-face meeting with Chinese officials since Trump met Xi at the G20 summit at the end of June and agreed to a ceasefire in the trade war.

Previous negotiations collapsed in May, when U.S. officials accused China of backing away from earlier commitments.

Reporting by Andrea Shalal, Alexandra Alper, Steve Holland, David Lawder, Susan Heavey in Washington; Michelle Nichols at the United Nations; Huizhong Wu, Xu Jing, Stella Qiu, Se Young Lee and Min Zhang in Beijing; and Brenda Goh in Shanghai; Writing by David Lawder and Ryan Woo; Editing by Grant McCool, Will Dunham and Sandra Maler


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Author:

China on Friday vowed to fight back against U.S. President Donald Trump’s abrupt decision to slap 10% tariffs on the remaining $300 billion in Chinese imports, a move that ended a month-long trade truce.

Source: {authorlink}

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