Tariffs to take effect Friday could impact KC companies

Yuan Plunges U.S. Stock Futures Drop on Trade War Markets WrapMore

Earlier in the week, US President Donald Trump tweeted that he would increase tariffs to 25 per cent in relation to $US525 billion worth of Chinese goods.

Buffett said, "If we actually have a trade war it will be bad for the whole world", He said. 'The Tariffs paid to the United States of America have had little impact on product cost, mostly borne by China. Seemingly out of nowhere, after weeks of encouraging press coverage that seemed to suggest the two sides were zeroing in on a deal, Trump said that he would hike tariffs by the end of the week, blaming China for dragging its feet. "First, focused on US domestic audiences, he wants to appear to be "tough" on China, and to maintain his image among domestic constituencies as a trade warrior fighting on behalf of the US", Geoffrey Gertz, a fellow at the Brookings Institution, told DW.

Pressure tactic or genuine roadblock? "If the Trump administration follows through with the tariffs threats on Friday, I think it means the talks fall apart". "Let's say the worst happens and they raise tariffs on Friday, well you're going to get another buying opportunity".

Stocks sank sharply Tuesday as investors fretted that delicate trade talks between the US and China could collapse. Beijing hit back with duties on $110 billion of USA goods.

The trade tensions have also rattled financial markets, jeopardizing a USA stock market rally that Trump sees as a vote of confidence in his economic policies. Yields were at 2.53 percent at last week's close in the cash market. Trump has pushed for sweeping changes to China's policies on intellectual property theft, technology transfers industrial subsidies and market access. -China Business Council. He said the Chinese public might "view this as a capitulation" if Beijing reached an agreement before Trump's Friday deadline.

The possibility that the trade dispute could escalate represents a marked shift from just a few weeks ago, when talks between the United States and China appeared to be on track for an agreement.

Trump said Sunday he also planned to impose 25% tariffs on another $325 billion in Chinese products. China wants the tariffs to be removed, while USA officials want to keep some, if not all, as part of any final deal, to ensure China lives up to its commitments.

"Week after week, we've heard there has been progress and that a deal would be reached", said Kate Warne, investment strategist at Edward Jones. "I drive a Honda that's partially Japanese but was built here in the States", Lix, founder and CEO of Cleveland Whiskey, said Monday afternoon, as he spoke at an event organized by several groups opposed to tariffs and hosted at his downtown Cleveland distillery.

He said the opposing party will not be successful if it moves forward with impeachment, based on his economic record, in spite of the worldwide stock selloff connected to his rage-tweeting at China.

China has confirmed that a delegation will travel to Washington to take part in the talks starting Wednesday.

The Commerce Ministry issued a statement Tuesday that Vice Premier Liu He, President Xi Jinping's top economic advisor, will meet with U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin for two days of talks beginning Thursday.

China was "well prepared for other potential outcomes" of its trade talks with the US, "including a temporary breakdown in talks", the Global Times newspaper said in an editorial Tuesday. He declined to give specifics and said the United States side had originally hoped to conclude a deal one way or the other this week. "Most notably, we think GPUs and Semi-cap are most at risk to the downside if tensions continue to rise".

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