US, China Scramble To Revive Deal As Trade Truce Collapses.
This file picture taken on November 6, 2018 shows a Chinese and US flag at a booth during the first China International Import Expo in Shanghai. PHOTO: JOHANNES EISELE / AFP
The United States plans to increase tariffs on $200 billion in Chinese goods from 10 to 25 percent on Friday, prompting Beijing to vow to hit back with “necessary countermeasures”. “They didn’t realize when they pulled their concessions off the table that the administration would have the reaction that it did,” he told AFP.‘There’s a lot of pressure’
Chinese producers of the impacted goods this week said the abrupt tariff hike had wreaked havoc on operations and would bring high costs, layoffs and further shifts of production to Southeast Asia. And each side possibly believes it is better positioned than the other to survive the dispute, according to Kennedy.
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