Washington's top trade negotiator confirms tariff hikes on China from Friday
- 5 years ago
Despite recent negotiations on trying to reach a trade deal.... the trade war between China and the U.S. might be on again... with U.S. President Donald Trump's latest threat to increase tariffs on Chinese goods.
And South Korea is getting ready for a possible impact its financial markets.
Our Ko Roon-hee starts us off.
A fresh battle in the trade war between Washington and Beijing now appears inevitable... despite weeks of signals the two sides were edging closer to reaching a deal.
U.S. Trade Representative Robert Lighthizer told reporters on Monday that there was an "erosion of commitments" by China...and said Washington plans to raise tariffs on Chinese goods on Friday.
However, he emphasized the trade talks will continue because significant issues, including tariffs, remain unsolved.
Lighthizer added a Chinese delegation will still visit Washington on Thursday and Friday.
The announcement confirms that President Trump's previous tariff threat wasn't a bluff or a negotiating tactic.
On Sunday, Trump tweeted that tariffs on 200-billion U.S. dollars' worth of Chinese goods will be hiked to 25-percent from current 10-percent starting May 10th,... mentioning the trade deal was moving too slowly.
To discuss the impact of the rapidly re-escalating trade tensions, South Korea's central bank chief held a meeting on Tuesday to examine the potential impact on local and international financial markets.
Bank of Korea Governor Lee Ju-yeol said uncertainties in the U.S.-China trade dispute have emerged again...but the situation doesn't look overly concerning right now... because the two sides are still negotiating.
For instance in South Korea, he said the conditions for foreign currency borrowing remain solid.
However, Lee emphasized that officials should closely monitor the situation...after stocks in emerging Asian countries plunged on Monday.
The three main indices on Wall Street also closed lower after the first session of the week.
Ko Roon-hee, Arirang News.
And South Korea is getting ready for a possible impact its financial markets.
Our Ko Roon-hee starts us off.
A fresh battle in the trade war between Washington and Beijing now appears inevitable... despite weeks of signals the two sides were edging closer to reaching a deal.
U.S. Trade Representative Robert Lighthizer told reporters on Monday that there was an "erosion of commitments" by China...and said Washington plans to raise tariffs on Chinese goods on Friday.
However, he emphasized the trade talks will continue because significant issues, including tariffs, remain unsolved.
Lighthizer added a Chinese delegation will still visit Washington on Thursday and Friday.
The announcement confirms that President Trump's previous tariff threat wasn't a bluff or a negotiating tactic.
On Sunday, Trump tweeted that tariffs on 200-billion U.S. dollars' worth of Chinese goods will be hiked to 25-percent from current 10-percent starting May 10th,... mentioning the trade deal was moving too slowly.
To discuss the impact of the rapidly re-escalating trade tensions, South Korea's central bank chief held a meeting on Tuesday to examine the potential impact on local and international financial markets.
Bank of Korea Governor Lee Ju-yeol said uncertainties in the U.S.-China trade dispute have emerged again...but the situation doesn't look overly concerning right now... because the two sides are still negotiating.
For instance in South Korea, he said the conditions for foreign currency borrowing remain solid.
However, Lee emphasized that officials should closely monitor the situation...after stocks in emerging Asian countries plunged on Monday.
The three main indices on Wall Street also closed lower after the first session of the week.
Ko Roon-hee, Arirang News.