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Top Chinese, US officials to continue trade talks

Top Chinese, US officials to continue trade talks

President Donald Trump authorized a plan to slap new tariffs worth $50 billion on Chinese goods Thursday, targeting 1,300 items.

On the other hand, Beijing is planning to offer US companies a greater access to the Chinese market by loosening foreign ownership rules in the financial sector and dropping domestic-partnership regulations for foreign manufacturers.

An importer based in eastern China's Shandong province said: "With those tariffs, we wouldn't import USA pork".

The United States runs a hefty goods trade deficit with China of $375 billion.

Foreign Ministry spokeswoman Hua Chunying told reporters that Beijing hoped the US would "refrain from taking actions that are detrimental to both sides".

President Donald Trump will announce tariffs on Chinese imports on Thursday, a White House official said, in a move aimed at curbing theft of USA technology and likely to trigger retaliation from Beijing and stoke fears of a global trade war.

On the economic front, US new orders for manufactured durable goods in February increased 7.4 billion USA dollars, or 3.1 percent, to 247.7 billion dollars, the Commerce Department said Friday.

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"We don't want any trade war with anyone", Cui was quoted. "But China is not afraid of and will not recoil from a trade war", the embassy said in a statement sent to reporters.

Meanwhile, American stocks sank again for the second straight day, giving Wall Street its worst week in two years, as fear gripped investors that China and the US were headed for a trade war. "We are still trying to avoid one [with the US]".

During an event at the White House, the US President said that imposing tariffs on China is "going to make the US a much stronger and a much richer nation".

This has raised the prospect of a global trade war.

"We'll have to develop other markets to off-set what China was buying if that's the case it just takes time".

The risk of an escalation in which there were a broad-based tariff across a range of Chinese goods followed by a response from Beijing that was commensurate with that would cause a hit to US and Chinese growth, a rise in USA inflation and possibly prompt China to take domestic action to boost growth.


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