China denounces US 'rumors' and 'lies' about Huawei ties to Beijing

Jeannie Matthews
May 25, 2019

"Consumers in the U.S. and China are unequivocally the losers from trade tensions", Gopinath stated, noting that the "tariff revenue collected has been borne nearly entirely by USA importers".

Agriculture Secretary Sonny Perdue said the bulk of the funds will go to direct payments to crop and livestock producers, while a small portion will be used to purchase food to use in USA aid programs like food banks and school lunch programs.

Chinese Foreign Ministry spokesman Lu Kang answers questions about a major bus accident in North Korea, during a news conference in Beijing, China April 23, 2018. China is the U.S.'s fourth-largest agricultural export market, and the USA sent almost $10 billion worth of agriculture products to the country past year.

"I guess we would make more of an effort to get something planted", Hefner said.

"On every front, we are fighting for our great farmers, our ranchers, our growers", Trump said in a statement Thursday.

American farmers have dealt with unjustified retaliatory tariffs and years of non-tariff trade disruptions, which have curtailed USA exports to China.

However, the president has not talked about China in the last 10 days via his Twitter account as the US-China trade war escalated.

Ultimately, the costs of the tariffs to the USA economy and consumers comes down to how long the trade dispute festers.

The newest round of U.S. tariffs on Chinese imports will cost the typical American household US$831 (RM3,483.47) annually, researchers said yesterday, as the Trump administration came under growing political pressure over its trade war with China.

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Pompeo, speaking on Thursday, also dismissed Huawei CEO Ren Zhengfei's assertions that his company would never share user secrets, and said he believed more American companies would cut ties with the tech giant.

"China hasn't played by the rules for a long time and President Trump is standing up to them, sending the clear message that the United States will no longer tolerate their unfair trade practices, which include non-tariff trade barriers and the theft of intellectual property".

Following an event with the USDA (US Department of Agriculture), a reporter asked the President about the Huawei ban where Trump offered a vague and contradicting explanation around the 41-minute mark of the Source video.

"We will be taking in, over a period of time, hundreds of billions of dollars in tariffs and charges to China and our farmers will be greatly helped". Administration officials have said the hike came after Chinese trade negotiators attempted to renegotiate terms of the trade agreement.

- The $16bn farm plan largely consists of direct payments to U.S. farmers hit hard by Chinese tariffs on crops. For the company (and the eventual consumer) that's a $1 savings per item over continuing to buy from China and paying $110 including the tariff. Economists refer to this as "dead weight", and according to the NY Fed's research, the 10 percent tariffs cost the USA economy $1.4 billion a month in dead weight, along with the $3 billion a month paid in tariffs.

China can maintain healthy, sustainable economic growth even as it suffers some impact from the trade friction, a senior official from China's state planner told state television on Friday. But tariffs are taxes paid by US importers, and studies have shown that American consumers and businesses usually end up absorbing the higher costs.

Awash in a sea of red for most of the week, Wall Street is slowly coming to terms with the terrible truth Trump's trade war against China is bound to get worse and last far longer than even the pessimists predicted.

But Gopinath argues that while the tensions have damaged both countries, reducing overall trade and hurting companies, "the bilateral trade deficit remains broadly unchanged". "Our door is still open", Cui said on Tuesday.

All told, tax payments from the latest round of tariffs come to about $26.9 billion a year, or $211 for each US household, while deadweight losses came to around $79.1 billion, or $620 per household, the report found.

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