As US-China trade war intensifies, India plans incentives for 324 companies including Tesla to invest in India

As US-China trade war intensifies, India plans incentives for 324 companies including Tesla to invest in India

As US-China trade war intensifies, India plans incentives for 324 companies including Tesla to invest in India

The U.S. and China imposed tariff increases on $16 billion worth of goods Thursday, just hours after the two sides reportedly failed to make progress in ending the dispute during negotiations in Washington. The Trump administration’s 25 percent penalty duties on Chinese goods kicked in just after midnight Washington time, prompting an angry statement from China’s Commerce Ministry condemning the Trump administration for “remaining obstinate” in the ongoing trade war. The U.S. tariffs will affect 279 categories of Chinese import products, including Chinese-made pumps, cutting tools, and other industrial machinery, as well as vehicles and electronic components. China’s own retaliatory tariffs on $16 billion worth of U.S. goods also took effect just after midday in Beijing, with fuel, steel products, autos, and medical equipment to face levies.

“We concluded two days of discussions with counterparts from China and exchanged views on how to achieve fairness, balance, and reciprocity in the economic relationship,” White House spokeswoman Lindsay Walters said in a brief emailed statement.

The discussions included “addressing structural issues in China,” including its intellectual property and technology transfer policies, Walters said.

The mid-level Trump administration officials participating in the talks would brief the heads of their agencies on the discussions, she added.

Implementation of the latest 25 percent tariffs on Thursday did not derail the talks, led by U.S. Treasury Under Secretary David Malpass and Chinese Commerce Vice Minister Wang Shouwen. They were the first face-to-face U.S.-China meetings since early June to try to find a way out of a deepening trade conflict and escalating tariffs.

Earlier, a senior Trump administration official downplayed chances for success, saying China had yet to address U.S. complaints about alleged misappropriation of U.S. intellectual property and industrial subsidies.

“In order for us to get a positive result out of these engagements, it’s really critical that they (China) address the fundamental concerns that we have raised,” the official said on a press call on the new U.S. security review law for foreign acquisitions. “We haven’t seen that yet, but we are going to continue to encourage them to address problems that we have raised.”

In a brief statement on Friday, the Chinese commerce ministry said both sides had a “constructive” and “candid” exchange over trade issues, and will stay in touch on the next steps.

Speaking in Beijing, Chinese Foreign Ministry spokesman Lu Kang said China did not like providing a running commentary while talks were under way, and preferred to quietly do the work.