Retailers warn of price hikes due to Trump tariffs

China rules out currency devaluation to boost global trade

China plans import tariff cuts as soon as October - Bloomberg

In July, China cut import tariffs on nearly 1,500 consumer products ranging from cosmetics to home appliances as part of efforts to open up its economy, the world's second biggest.

Earlier this week, Trump escalated his trade war with China by imposing 10 percent tariffs on about $200 billion worth of Chinese imports, including consumer products like gas grills, luggage and travel bags, mattresses and helmets.

The US administration is expected to raise to rate to 25 percent by the end of 2018.

That's when Trump's fresh round of tariffs on Chinese goods goes into effect and chains - including Walmart, JC Penney and Target - are bracing for many items in their stores to go up in price.

"Walmart and our suppliers will pay the cost of increased duties, which are simply taxes levied on products at the border", Thorn wrote.

China scotched trade talks with the US that were planned for the coming days, according to people briefed on the matter, further dimming prospects for resolving a trade battle between the world's two largest economies. But most don't support Mr. Trump's tariffs as a way to prompt better behavior from Beijing.

This has led US President Donald Trump to repeat accusations first made on his campaign trail that China is manipulating its currency to combat US tariffs, "raising concerns that the currency market could become the next front in the economic battle between the two countries", says the BBC.

"So we charged 25 per cent on US$50 billion worth of merchandise tariffs coming in".

China also cancelled trade talks with the United States and abandoned plans to send Vice-Premier Liu He to Washington next week, the Wall Street Journal reported on Friday (Sept 22), without saying where it got the information. That would mean another $267 billion of Chinese imports would be subject to US tariffs - in all, every item imported from China. "We hope that the USA side will take measures to correct its mistakes".

About two-thirds of what Walmart spends on products sold in USA stores are sourced, assembled or grown in the U.S., the company said in its letter.

Latest News