U.S. where 'we want to be with China'

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White House economic adviser Larry Kudlow clarified that China does not "pay" tariffs imposed by the United States on billions of dollars of imported goods, but said "both sides will suffer". After trade talks broke up later in the day, USA officials said they were preparing to expand those tariffs to cover another $300 billion of goods, covering most imports from China.

In particular, goods in the supply chain affected by the trade war, such as computers and parts, integrated circuits and rubber, have already shown a year-on-year contraction of 25.5, 28.8 and 18.2 per cent, |respectively, in the first quarter of this year, he said. Following the increase of the tariff rate, Trump issued a bold threat to China by stating that the United States is "right were we want to be with China".

"We were moving well, constructive talks and I still think that's the case", Kudlow said.

U.S. President Donald Trump, U.S. Secretary of State Mike Pompeo, U.S. President Donald Trump's national security adviser John Bolton and Chinese President Xi Jinping attend a working dinner after the G20 leaders summit in Buenos Aires, Argentina December 1, 2018.

While supporters laud Trump as a tough negotiator, free-trade-minded Republicans have warned that the tariffs could do real damage to the economy, and many farmers - including Trump supporters - say the tariffs have hit their bottom line.

Regulators threatened "necessary countermeasures" for Trump's tariff hikes on Friday on $200 billion of Chinese imports.

Trump issued a statement Friday saying the tariffs on Chinese goods "may or may not be removed" while trade talks continue. Additionally, Trump called for U.S. Trade Representative Robert Lighthizer to begin raising tariffs on "essentially all remaining imports from China, which are valued at approximately $300 billion".

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UBS economists said they believed Beijing might raise tariffs on $60b of U.S. goods and cancel an agreement to postpone a duty increase on imported American autos while the two sides negotiated.

Kudlow, however, said the economic impact of placing tariffs on all Chinese imports would be to cut economic growth 0.2 percentage points, "a very modest number".

Second, with Chinese goods being taxed at a higher rate in the U.S., other countries can pitch in and fill the gap.

We are now waiting to see if China will react to the higher tariffs imposed on its exports to the US.

Kudlow also said that Trump and China's President, Xi Jingping, may meet in late June at the G20 worldwide conference in Japan. "Again both sides will suffer on this".

Global equities fell on Monday after their worst week of 2019, as hopes of an imminent U.S. President Trump said Beijing "broke the deal" by backtracking on earlier commitments to change its policies. But academic studies have found that so far US consumers and businesses are bearing the cost of Trump's tariff hikes.

"The risk of a full blown trade war has materially increased", they said in a report. "The US-instigated trade war against China is just a hurdle in China's development process".

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