China has canceled planned trade discussions with the United States as both sides escalate their dispute in the wake of a new round of tariffs, The Wall Street Journal reported on Friday.
This week, President Donald Trump slapped a fresh round of tariffs on Chinese goods ahead of scheduled trade talks with Beijing, placing 10 percent duties on $200 billion of goods. China almost immediately retaliated with tariffs on $60 billion in U.S. products.
The two camps were scheduled to meet in order to dial back tensions, but the Journal reported on Friday that China rescinded a proposal to send two delegations to Washington.
The new 10 percent tariffs are below an original figure of 25 percent floated by the administration earlier. The president is also expected to threaten to hike tariffs again to squeeze Beijing at the negotiating table, but the Chinese have shown no public signs of bending.
Treasury Secretary Steven Mnuchin had been pressing ahead with attempts to restart trade talks with China.
The White House did not immediately return CNBC's request for comment.
The full report can be found on The Journal's website.
lowdownlow on September 22nd, 2018 at 03:39 UTC »
As they have repeatedly said they would if the phase 2 tariffs were implemented.
autotldr on September 22nd, 2018 at 03:01 UTC »
This is the best tl;dr I could make, original reduced by 53%. (I'm a bot)
Extended Summary | FAQ | Feedback | Top keywords: tariffs#1 China#2 percent#3 Journal#4 report#5
slakmehl on September 22nd, 2018 at 02:49 UTC »
This includes cancellation of a precursor trip for mid-level delegates (original non-paywalled report from WSJ). They've just cancelled everything.
I normally believe in the efficiency of markets, but it just doesn't understand how deeply Trump believes in his bones that trade is bad. There has been no sign that this Trade War will be ended by anything other than the built-in mechanism: recession.