United States readies new tariffs as Trump says he'll meet China's Xi

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The retaliatory measures were announced about an hour after US President Donald Trump tweeted directly to Chinese President Xi Jinping saying: "China will be hurt very badly if you don't make a deal because companies will be forced to leave China for other countries". Add Donald Trump as an interest to stay up to date on the latest Donald Trump news, video, and analysis from ABC News.

Farmers, who are a core political constituency for Trump's Republicans heading into the 2020 presidential and congressional elections, are growing increasingly frustrated with the protracted trade talks and the failure to reach an agreement. The Trump administration also plans to put 25% tariffs on the remaining Chinese imports, worth about $300 billion.

While Mr Trump said he plans for the USA to work with other trading partners instead of China, many trade experts have outlined that it is not a simple process to change the supply chain. "At the same time, supporting our agriculture industry will send a clear message to China that the U.S.is going to do what it takes to get better trade deals".

Foreign ministry spokesman Geng Shuang, speaking at a daily briefing, also said both countries agreed to continue pursuing a process of talks to resolve their trade dispute.

The exemption will be valid within one year after the release of the exemption list, according to the Customs Tariff Commission of the State Council.

Tariffs will be imposed on 5,140 United States products with an annual value of about $60bn (£46bn) from 1 June, the Chinese finance ministry said on Monday. To date, tariffs have largely affected raw materials like chemicals and wooden beams used to make other products, so the cost increases appear incremental to the consumer. The yellow portion represents the next escalation of tariffs that President Trump announced a week ago.

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The tensions reverberated through global financial markets, with the yield curve between three-month U.S. Treasury bills and 10-year notes inverting for the second time in less than a week on Monday. "China needs to get with it", he said. Numerous 3,805 products that could get hit by the next round of tariffs represent everyday consumer items like smartphones and shoes.

Washington wants Beijing to roll back government support for Chinese companies striving to become global leaders in robotics and other technology.

"I think that China felt they were being beaten so badly in the recent negotiation that they may as well wait around for the next election, 2020, to see if they could get lucky & have a Democrat win - in which case they would continue to rip-off the United States of America for $500 Billion a year", he tweeted.

The "points" are a reference to the percentage increase in tariffs on Chinese goods, from 4 per cent to 25 per cent, compared to a more modest tariff hike the Chinese have recently enforced in the other direction.

Last year, the United States imposed $250 billion, with Trump threatening to impose $325 billion more. The president has repeatedly insisted that China will bear the brunt of his tariffs.

'Their [sic] is no reason for the U.S. Consumer to pay the Tariffs, which take effect on China today, ' he wrote. They also have caused senior Republicans like Chuck Grassley, the powerful head of the Senate Finance Committee, to say they will block any vote for Trump's re-branded Nafta, the US-Mexico-Canada Agreement.

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