The Latest: China's premier appeals for global support
FILE- In this July, 5, 2018, file photo, a ship to shore crane prepares to load a 40-foot shipping container onto a container ship at the Port of Savannah in Savannah, Ga. China said Tuesday, Sept. 18, that it will take "counter-measures" to U.S. President Donald Trump's decision to raise tariffs on $200 billion of Chinese imports and an American business group warned a "downward spiral" in their trade battle appears certain. (AP Photo/Stephen B. Morton, File)
The Latest on the U.S.-China trade war (all times local):
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11:30 p.m.
China's No. 2 leader has appealed for global support for free trade following tit-for-tat U.S. and Chinese tariff hikes in an escalating battle over Beijing's technology policy.
Premier Li Keqiang said Wednesday in a speech to a business conference that disputes must be worked out through consultation.
China announced a tariff hike on $60 billion of American imports on Tuesday in response to U.S. President Donald Trump's increase on $200 billion of Chinese goods.
Speaking at the World Economic Forum in the eastern city of Tianjin, Li said, "it is essential that we uphold the basic principles of multilateralism and free trade."
Li said disputes "need to be worked out through consultation. No unilateralism will offer a viable solution."
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3:30 p.m.
President Donald Trump is defending the nation's continuing trade deficits, arguing that he's only "just started."
Trump is telling reporters at a joint White House press conference with the president of Poland that, "this is a process" and that "it takes a little time."
Trump is also complaining that the U.S. has been "ripped off" by China, the European Union and "virtually every country that it does business" with for too long.
He says he's no longer letting that happen.
He's also recounting his conversations with European Commission President Jean-Claude Juncker, calling Juncker "tough" and "nasty" and "the kind of guy I want negotiating for me."
Poland is a member of the EU.
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1:58 p.m.
President Donald Trump says he's prepared to impose a 25 percent tax on an additional $267 billion in Chinese imports.
He tells reporters at the White House that the new tariffs would be a response to Beijing's announcement that it's retaliating against the Trump administration's imposition of a 10 percent tax on $200 billion of Chinese imports, to begin Monday. That tax will jump to 25 percent in 2019, Trump said.
The president has previously floated the $267 billion figure, but Tuesday was the first time he's specified that the tax rate on those goods would be 25 percent.
If Trump ultimately enforces another round of tariffs against China, practically every Chinese good imported to the United States would be hit by higher tariffs.
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11:55 a.m.
U.S. Commerce Secretary Wilbur Ross is downplaying the economic impact of the US-China trade war on consumers. When asked Tuesday morning on CNBC how tariff increases will impact American families, Ross said: "Because it's spread over thousands and thousands of products, nobody's going to actually notice it at the end of the day."
China on Tuesday said it will retaliate with higher tariffs on $60 billion worth of U.S. goods after President Donald Trump announced new U.S. tariffs on $200 billion worth of Chinese imports.
Overall, the aluminum and steel tariffs could cost the U.S. beverage industry nearly $348 million, according to The Beer Institute.
Coca Cola has announced plans to raise prices, citing the cost of raw materials and packaging, though the impact on consumers is hard to gauge.
China's Finance Ministry says it is going ahead with plans announced in August for increases of 10 percent and 5 percent on 5,207 types of U.S. goods.
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10:40 a.m.
Wall Street, which has anticipated rising trade tensions between the U.S. and China, took the latest volley of tariffs in stride. Gains in technology, energy and consumer-focused companies outweighed losses in utilities and elsewhere.
Apple, which has an exemption to the new tariffs on goods imported from China, is up 1 percent.
The S&P 500 index rose 8 points, or 0.3 percent, to 2,897. The Dow Jones Industrial Average climbed 32 points, or 0.1 percent, to 26,094. The Nasdaq composite gained 54 points, or 0.7 percent, to 7,949.
China says it will increase tariffs on $60 billion worth of U.S. goods Tuesday in retaliation after President Donald Trump announced new U.S. tariffs on $200 billion worth of Chinese imports.
Both sides are ratcheting up tariffs and rhetoric with an American business group is warning that a downward spiral in the conflict appears certain.
China's Finance Ministry says it is going ahead with plans announced in August for increases of 10 percent and 5 percent on 5,207 types of U.S. goods.
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9:45 p.m.
China says it will increase tariffs on $60 billion worth of U.S. goods in retaliation after President Donald Trump announced new U.S. tariffs on $200 billion worth of Chinese imports.
It's the latest volley in the trade war between the two countries, and an American business group is warning that a downward spiral in the conflict appears certain.
China's Finance Ministry says it is going ahead with plans announced in August for increases of 10 percent and 5 percent on 5,207 types of U.S. goods. A list released last month included coffee, honey and industrial chemicals.
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6:55 p.m.
The European Union's trade chief says U.S. President Donald Trump's decision to raise tariffs on $200 billion of Chinese imports is "very unfortunate" and that the EU disagrees with the methods he's using.
EU Trade Commissioner Cecilia Malmstrom told reporters in Brussels on Tuesday that "this escalation is of course very unfortunate."
Malmstrom said the 28-nation EU — the world's biggest trading bloc — shares Washington's concerns about some of China's policies "but we disagree with the methods that the U.S. is using."
She noted that "trade wars are not good and they are not easy to win."
Trade officials from the EU, U.S. and Japan meet again next week for talks aimed at easing trade tensions.
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3:40 p.m.
China said Tuesday it will take "counter-measures" to U.S. President Donald Trump's decision to raise tariffs on $200 billion of Chinese imports and an American business group warned a "downward spiral" in their trade battle appears certain.
The Commerce Ministry gave no details of China's response to U.S. tariffs imposed in their fight over Chinese technology policy. But Beijing previously released a $60 billion list of American goods for retaliation.
The Trump administration announced the tariffs on some 5,000 Chinese-made goods will start at 10 percent, beginning Monday. They rise to 25 percent on Jan. 1.
If China retaliates, Trump threatened Monday to add a further $267 billion in Chinese imports to the target list.
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3:20 p.m.
The American Chamber of Commerce in China says Beijing will "dig its heels in" after U.S. tariff hikes and appealed for a negotiated end to their trade battle.
The chamber on Tuesday warned a "downward spiral" appears certain after President Donald Trump approved a tariff hike on $200 billion of Chinese imports in a dispute over Beijing's technology policy. China has said it will retaliate.
The chamber chairman, William Zarit, said in a statement, "Contrary to views in Washington, China can — and will — dig its heels in and we are not optimistic about the prospect for a resolution in the short term."
The chamber appealed to both governments for results-oriented negotiations.