"We're gonna take the highest year, the biggest purchase that China has ever made with our farmers, which is about $15 billion", Trump told reporters at the White House on Monday, "and do something reciprocal to our farmers so our farmers can do well, they'll be planting, they'll be able to sell for less and make the same kind of money until such a time as it's all straightened out".
The prospect of the global economy being derailed by the United States and China sliding into a fiercer, more protracted dispute has rattled investors and sparked a sharp selloff on equities markets in the past week. The tech-heavy Nasdaq composite closed the day down 3.4%. China's yuan currency fell to its lowest level since December and oil futures slumped.
Trump has said he would meet with Chinese President Xi Jinping during a G20 meeting at the end of June. "I think it's going to turn out extremely well we're in a very strong position".
China is not to blame for the huge trade deficit the United States runs, and China was a hugely profitable market for US companies, the paper said, in a commentary published under the pen name "Zhong Sheng", meaning "voice of China". "And they continue to say that the funds are in process, and the funds are going to be sent to me".
China's diversified trading partners mean the country can easily find alternative buyers in face of Trump's tariffs.
In early-morning tweets, Trump kept up his "America First" agenda in support of hefty tariffs and called on US companies to back him by shifting their businesses away from China.
"Make your product at home in the US and there is no Tariff".
Trump warned Xi on Twitter that China "will be hurt very badly" if it doesn't agree to a trade deal.
It's the latest move in America's trade war with China - and it's likely to affect the price you pay for a variety of items, ranging from computers to toilet paper.The full list of these goods, which can be found here, is 194 pages long and contains more than 6k individual items.
Larry Kudlow, the chairman of the president's National Economic Council, conceded Sunday in a TV interview that tariff costs are generally passed through in the form of higher prices for customers.
USA 10-year Treasury yields also rose away from Monday's six-week lows, rising back above shorter-dated three-month bill yields after the yield curve inverted on Monday for the second time in less than a week. "If the United States places 25 percent tariffs on all Chinese imports and no substitution for those goods and services occurs, the additional cost would be $145 billion". The move affected 5,700 categories of Chinese products, including internet modems and routers.
Sources have said the trade talks hit an impasse after China tried to delete commitments from a draft agreement that said its laws would be changed to enact new policies on issues from intellectual property protection to forced technology transfers. But we should all be able to agree that China is an economic predator against which we need to fight back.
Forecasters have warned that the US tariff increases could set back a Chinese recovery that had appeared to be gaining traction.
President Donald Trump says consumers can avoid getting hit by tariffs if they "buy from a non-Tariffed country instead of China". The U.S. has long complained about other governments applying political pressure on central banks and argued that Fed policy is driven by domestic economic priorities rather than any worldwide competition.
"They've increased consumer costs by $1.4 billion a month, according to experts from the Federal Reserve Bank of NY and Princeton and Columbia University".