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China imported 190,118 US-made vehicles in 2018, down 35 percent from 2017, according to data from the country's largest importer of vehicles, Sinomach Auto, citing trade tensions and tariff adjustments.
In a statement Friday, Ford urged "the US and China to find a short-term solution to the negotiations on the outstanding issues, and it is essential that these two important economies work together to promote balanced and equitable trade."
Earlier Friday, Trump launched a series of tweets that swept the country and reported growing frustration with the direction of trade negotiations.
"I will respond to China's tariffs this afternoon. This is a great opportunity for the United States, "Trump said Friday.
The president launched in China, saying: "We do not need China" and saying that the United States would be "better off without them". He also turned to the Fed to denounce what he called his inability to lower interest rates to revive the economy and prevent the dollar from becoming too strong, which weighs on exports.
Trump added that he had "ordered" American companies to start looking for alternatives to manufacturing products in China. We did not know at once what Trump meant, because the president does not have the legal authority to impose such decisions.
US stocks fell sharply Friday in response to Trump's remarks and fears that a growing trade war is slowing global economic growth.
A trade meeting was held around noon in the Oval Office, according to people familiar with the discussions. Trump is due to leave Friday night for the G7 summit in France, where trade tensions and their impact on the global economy are at the center of concern.
In addition to automakers, major business groups announced Friday the fallout of a long trade war.
The US Chamber of Commerce rejected Trump's call that US companies should immediately start looking for alternatives for their activities in China.
"While we share the President's frustration, we believe that a continued and constructive commitment is the right way forward," said Myron Brilliant, executive vice president and chief international affairs officer of the US Chamber, in a statement. communicated. He urged both parties to conclude a trade agreement swiftly. "Time is running out," said Brilliant. "We do not want to see a further deterioration of US-China relations."
The US-China Business Council said that millions of US citizens would be affected by the growing trade tensions between the United States and China, the world's largest economies, following the latest bursts.
The group, which represents US companies operating in China, has asked Trump and Chinese leader Xi Jinping to end the cycle of tariff cuts and focus on resolving their disputes.
"A trade agreement that addresses the legitimate concerns expressed by the (US Trade Representative) in its report on Section 301 would be in the mutual interest of both China and the United States. and should be pursued vigorously and as soon as possible, "said the group.
The Beijing news has rekindled worries about the global growth outlook, which already looks fragile. Emerging and commodities-related currencies also fell on Friday, while havens like the yen and gold were supported.
The announcement comes as leaders of the Group of Seven Countries prepare to meet in France and central bankers gather in Jackson Hole, Wyo., To discuss issues such as the global slowdown. The Chinese announcement was announced by a tweet from Hu Xijin, editor-in-chief of Global Times, a newspaper controlled by the ruling Communist Party.
China promised earlier this week that any new US tariff would escalate and retaliate. The United States has announced that it will increase tariffs on some Chinese products as of September 1, although Trump has already delayed some of this increase due to economic turbulence.
After Trump agreed earlier this month for 10% tariffs on Chinese imports of nearly $ 300 billion that were not affected by higher tariffs, China halted purchases of agricultural products and let the yuan weaken.
Negotiators have been talking by phone since then and planning further calls in the coming days. Some people aware of their intentions said earlier that the Chinese delegation was keen to plan to go to the United States in September for face-to-face meetings, which could offer a chance to rest more.
The United States still hopes the visit will happen, Trump's economic adviser Larry Kudlow told Fox Business Network: "Let's hope we're still planning to bring the Chinese team to Washington to continue negotiations."
"I do not want to predict, but we'll see," Kudlow said Thursday in Washington.
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