Agriculture producers and related industries dependent on exports to China are turning to Congress for help as the Trump administration prepares to levy trade tariffs on China.
"China opts for the first one and has made such a decision", Wang said before warning, "we hope the USA will make a wise choice and China on its part is prepared on all fronts".
The tariffs will not go into effect immediately, but Trump has said that he wants them to be imposed by the end of the month, if not sooner, an administration official said Thursday.
The president said that the United States will pursue additional tariffs if China retaliates "such as imposing new tariffs on United States goods, services or agricultural products; raising non-tariff barriers; or taking punitive actions against American exporters or American companies operating in China".
"If and when tariffs are implemented, China has already outlined its retaliation in the form of a 25 percent tariff on 106 USA goods worth $50 billion", B. Riley FBR's Salisbury wrote.
Trade tensions between the world's two largest economies have been steadily escalating over recent months as Trump began tariff fights with long-standing USA allies Canada, Mexico and the European Union over steel and aluminum production. The U.S. tariffs are designed specifically to punish China for forcing American companies to hand over technology in exchange for access to the Chinese market.
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Chinese State Councilor and Foreign Minister Wang Yi held talks with Pompeo on Thursday. Economic adviser Larry Kudlow, who had a heart attack on Monday, didn't take part, she said. A recent study by Purdue University economists predicts that soybean exports to China could drop by a whopping 65% if China imposes a 25% tariff on USA soybeans. President Trump shot back with a warning of up to an additional $100 billion in USA tariffs on China.
"What we're seeing here is a bargaining process in which the Trump team has found that by continuing to put pressure on China, the offers have become better and better", said Dennis Wilder, head of a Georgetown University program on US-China relations.
He also met with Mr. Wang and addressed the trade issue.
Wall Street has viewed the escalating trade tensions with wariness, fearful that they could strangle the economic growth achieved during Trump's watch and undermine the benefits of the tax cuts he signed into law a year ago.
China has pledged a tit-for-tat response.
"If you end up with a tariff battle, you will end up with price inflation, and you could end up with consumer debt".
A White House spokeswoman confirmed that Trump has made a decision about the tariffs, but declined to say what the decision is. "His fundamental commitment to the "deplorables" on the campaign trail was that he was going to bring manufacturing jobs back, particularly from Asia". "This situation is no longer sustainable", he said. "It's really not just tariffs, it's tariffs on a scale never before considered". Chinese officials have said they would drop agreements reached last month to buy more US soybeans, natural gas and other products. (ZTCOY.PK) In April, the US banned ZTE from buying American technology for seven years, effectively putting the company out of business. So far, Trump has yet to signal any interest in backing away.