Singapore — The US-China trade talks concluded Thursday evening in Washington, which left the hike in tariffs on imports of $200 billion worth of Chinese goods to kick in at 12:01 am Friday (0401 GMT).
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Talks were expected to resume Friday morning, even as China reiterated that it would have to take countermeasures, without specifying what those measures would be.
Earlier in the week, the United States Trade Representative had formalized the increase in tariffs on $200 billion worth of Chinese goods to 25% from 10%.
"China deeply regrets that it will have to take necessary countermeasures," a spokesperson for the Ministry of Commerce said on Friday, in response to the official implementation of the tariff increase by the US.
"The eleventh round of China-US high-level economic and trade consultations is underway. It is hoped that the US and the Chinese side will work together and work together to resolve existing problems through cooperation and consultation," the ministry said in a statement.
"I believe that the US have missed their optimal point in these negotiations with the advantage having swung towards China. The improvement in the Chinese economy has enabled their negotiators to take a harder line in discussions, which has led to this new escalation," Chris Midgley, Global Director of Analytics, S&P Global Platts, said.
He said in the meantime US exports of LNG and oil are increasing and will continue to grow, and are likely to be subjected to high tariffs, which will make them uncompetitive into the largest energy importer, potentially putting pressure on them over other supplies from alternative origins.
"The tariffs have already impacted petrochemicals from the US with imports into China dropping significantly after being imposed with a 25% tariff," Midgley added.
-- Analysis by Daisy Xu, firstname.lastname@example.org
-- Edited by Norazlina Jumaat, email@example.com