The FT reported that a trade war between the US and China over duties is approaching


China and the United States may start a full-scale trade war if they fail to resolve their differences before Chinese retaliatory duties on U. S. exports take effect on Monday, February 10. The British newspaper Financial Times (FT) reported on February 9, citing sources.
"This could be just the beginning of a trade war. It could turn out to be a very, very bad situation," said Zhang Yanshen, an expert at the China Center for International Economic Exchanges.
US President Donald Trump last week announced the imposition of additional duties of 10% on Chinese goods and threatened to increase them if China retaliates, the publication said.
China, in turn, announced duties of 10-15% on energy and agricultural equipment exports from the U.S., which will take effect Feb. 10.
Some analysts expected the U.S. and China to hold talks to avert major trade duties.
Experts in Beijing said Trump's actions to get Chinese leader Xi Jinping to quickly strike a deal could have had "unpleasant consequences".
The U.S. president gave just two days between the announcement and the imposition of duties a timeline that was likely "unacceptable" to Xi Jinping, the paper wrote.
"China does not want this kind of deal. You should have equal negotiations and an equal agreement, not one where you first impose high duties on us and then say we should urgently make a deal," concluded Ma Wei, an expert from the Chinese Academy of Social Sciences (CASS) Research.
Trump signed an executive order on Feb. 1 imposing trade tariffs of 25 percent on goods from Canada, China and Mexico. At the same time, he also promised to impose duties on goods from the EU. With this decision, Trump seeks to reduce the flow of the opioid fentanyl across the border, as well as the flow of migrants.
In response, the State Council of the People's Republic of China on February 4 reported that from February 10, China imposes duties of 15% on coal and liquefied natural gas (LNG) from the United States. In addition, it was noted that tariffs of 10% would be imposed on U.S. oil, multi-cylinder cars, pickup trucks and agricultural machinery.
On the same day, new duties on imports from the PRC came into force in the United States. The amount of the tax is 10%. In general, in relation to China introduced lower tariffs than planned. Earlier Trump stated that the tax will amount to 60%.
Chinese economist Andrew Leung, in turn, told Izvestia that the tariffs imposed by Trump on imports of goods from China and Mexico will lead to an increase in consumer prices in the United States itself.
On February 7, Trump signed an executive order imposing duties on goods from China to combat shipments of synthetic opioids. After the same day, it was reported that the U.S. leader suspended duties on small parcels from China after his executive order eliminating duty-free treatment for shipments under $800 had struggled to get the U.S. Postal Service and other agencies to comply.
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