Published 12:32 p.m. ET May 12, 2019 | Updated 6:27 p.m. ET May 12, 2019CLOSE
U.S.-China trade talks end with no deal.
APWASHINGTON (AP) — The U.S. is awaiting retaliation from China over increased tariffs, after talks in Washington ended without a deal on trade, the president’s chief economic adviser said on Sunday.“The expected countermeasures have not yet materialized. We may know more today or even this evening or tomorrow,” Larry Kudlow told “Fox News Sunday.” Kudlow also said that President Donald Trump’s plan to raise US tariffs on Chinese goods across the board could take months to take effect.“Call it a couple of months. Call it three months. I don’t know. That will take some time and then of course the president’s going to have to make the final decision on that,” Kudlow said.President Donald Trump and Chinese President Xi Jinping. (Photo: Alex Brandon, AP)The United States began raising tariffs on $200 billion in Chinese imports from 10% to 25% on Friday after American officials accused Beijing of backtracking on commitments made in earlier rounds of negotiations.No hot air: Not just balloons. Helium shortage may deflate MRIs, airbags and researchTrade troubles: How the trade war with China could hit you: Higher prices, lost jobs and falling stocksTalks in Washington broke off on Friday without a deal on trade, but both sides have indicated that future talks are likely.“I think that China felt they were being beaten so badly in the recent negotiation that they may as well wait around for the next election, 2020, to see if they could get lucky & have a Democrat win,” Trump tweeted Saturday.Beijing retaliated for previous tariff hikes by raising duties on $110 billion of American imports. And officials have targeted American companies operating in China by slowing customs clearance and stepping up regulatory scrutiny.Legal woes: Tesla CEO Elon Musk faces trial for calling British diver a ‘pedo’Sen. Rand Paul, R-Ky., told ABC’s “This Week” on Sunday that he advised the president to finalize a trade deal with China soon, “because the longer we’re involved in a tariff battle or a trade war, the better chance there is that we could actually enter into a recession because of it.”The two countries are sparring over U.S. allegations that China steals technology and pressures American companies into handing over trade secrets, part of an aggressive campaign to turn Chinese companies into world leaders in robotics, electric cars and other advanced industries.CLOSE
A trade expert from Northwestern University says the Trump administration’s tariff hikes will be painful for consumers. U.S. import taxes on $200 billion of Chinese goods jumped to 25% on Friday, from 10%, (May 10)
AP, AP Read or Share this story: https://www.usatoday.com/story/money/2019/05/12/new-tariffs-2019-white-house-expects-china-retaliate-trade-war/1183367001/