S&P 500 futures tumble as U.S.-China trade fears escalate

US-China relations

The White House's top economic adviser has admitted US businesses will suffer from tariffs on Chinese goods, contradicting US President Donald Trump's widely denounced claim that it will only be China that pays.

"We're in terrific shape in order to correct 20 years plus of unfair trading practices with China", Kudlow said. Farmers have seen the most notable impact, as China slapped additional taxes on agricultural products imported from the U.S. Last year, the Trump administration set aside billions to bail out farmers impacted by the trade dispute, but for many, the bailout was not enough to recuperate the losses they've experienced.

USA demands for reform are seen by China as unwanted meddling in the way China runs its economy, Ms Carr said. Yet nearly no economist has agreed with Trump's view and fact-checkers routinely brand Trump's assertion false and point out that American importers of goods from China pay the tariffs. "We see a significant risk for all Chinese imports to be subject to tariffs over the next month or so", said Michael Hanson, head of global macro strategy at TD Securities.

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Mr. Kudlow acknowledged that Americans will feel the brunt of consequences from the tariffs, in having to pay high taxes on Chinese goods.

"But if it is tariffs on goods coming into the country, the Chinese aren't paying", he said, eventually eliciting a "No" from Kudlow.

He then ordered a tariff hike on nearly all remaining imports from China, which are worth about $300 billion, according to US Trade Representative Robert Lighthizer.

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"We are right where we want to be with China", Trump tweeted.

In an attack on both Beijing and his Presidential rivals, Trump released a statement where he accused Beijing of hoping for Joe Biden or any of his rivals to take over as the next President. "Buyers of product can make it themselves in the U.S. (ideal), or buy it from non-Tariffed countries". One study released this week said that as companies which import steel absorb the cost of tariffs by passing it on to their customers, American consumers and businesses are paying $900,000 a year for every job created or saved by the United States action. "In the meantime, the United States has imposed Tariffs on China, which may or may not be removed depending on what happens with respect to future negotiations!"

On Friday, the Trump administration raised duties on $200 billion of Chinese imports to 25% from 10%, after charging that China had backtracked on commitments it made earlier in the talks. And officials have targeted American companies operating in China by slowing customs clearance and stepping up regulatory scrutiny.

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