WASHINGTON (AP) – President Donald Trump says trade talks between China and the U.S. are continuing in a “very congenial manner” despite new tariffs the U.S. imposed Friday on $200 billion in Chinese imports.
Trump tweeted Friday that the increased tariffs will bring in “FAR MORE wealth” to the United States, although a study by the Federal Reserve Bank of New York and Columbia and Princeton universities says the burden of Trump’s tariffs falls on U.S. consumers and businesses that buy imports.
The U.N. chief says “no winners” emerge from rising trade tensions, which over time amount to a “major setback” to efforts to keep the world on a path to economic prosperity while preserving the environment.
Secretary-General Antonio Guterres made no reference to a spike in U.S.-China trade tensions during his long-planned speech at the World Trade Organization.
Electronic Specialties Inc. in southern Wisconsin already increased prices on their products last year during the first wave of tariffs and will have to do so again. President Steve White is concerned about how customers will react.
“Probably the main thing is customer relations – trying not to upset them too much when we have to increase our prices,” he says.
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