Trump's latest tariffs on China begin to bite

Trump's latest tariffs on China begin to bite

Trump's latest tariffs on China begin to bite

As the Trump administration escalated the ongoing trade conflict, government officials from Beijing on Monday accused the White House of engaging in "trade bullyism" to intimidate other countries into submission, as reported by Reuters.

The message from Beijing came hours after the USA imposed new tariffs on US$200 billion worth of Chinese goods, drawing a pledge of tit-for-tat action from Beijing.

Beijing's retaliatory tariffs on US$60 billion of USA goods were set to go into effect soon after the U.S. action, the Chinese Ministry of Finance said last week.

President Donald Trump is pressing China to reduce its huge bilateral trade surplus and make sweeping changes to its policies on trade, technology transfers and high-tech industrial subsidies. Meanwhile, $US110 billion of goods from the US will become subject to Chinese retaliatory tariffs around the same time. The two sides had previously reached some consensus in four rounds of talks, and Beijing has no idea why the USA went back on what they'd agreed, he told reporters on Tuesday.

A report published Monday by the Chinese government accused the United States of abandoning fundamental norms of worldwide relations.

When the talks can restart would depend on the "will" of the United States, Vice Commerce Minister Wang Shouwen said at a news conference in Beijing.

America has defended its policy, saying it is responding to Chinese state backing if its industries, which goes against global trade rules. "If this continues, it will destroy in an instant the gains of the last four decades of China-US relations".

Meghan Markle Reveals Her 'Something Blue' From Royal Wedding
The event is the first of its kind held in Britain and marks 250 years since Captain James Cook first travelled to the region. The Oceania exhibition at the Royal Academy of Arts will open to the public from 29 September to 10 December.

Officer Amber Guyger Fired After Fatally Shooting Botham Shem Jean
The Dallas County medical examiner's office said Jean died of a gunshot wound to the chest and abdomen. She drew her weapon and fired, killing Jean, an employee of accounting firm PricewaterhouseCooper.

Thousands of Iranians attend funeral for Ahvaz attack victims
Isil's official news agency, Amaq, released a video purporting to show three of the four gunmen shortly before the attack. The region's Arab separatists, once only known for nighttime attacks on unguarded oil pipelines, claimed responsibility.

The US had invited Chinese trade negotiators to Washington to resume talks earlier this month.

"Now that the USA has taken such sweeping measures of trade restrictions, which is like putting a knife to others' neck, how could we conduct negotiations?" questioned the Chinese commerce minister.

"As such, it is an attractive prospect for other countries including the United States to coexist with China peacefully,"said the newspaper, which is published by the ruling Communist Party's People's Daily". And President Trump has threatened to tax effectively all of China's imports to the USA - a move China can't match with tariffs alone.

Neither side has backed down since the tit-for-tat tariff war began in July when the USA imposed duties on US$34 billion of Chinese goods.

It's normal for the USA and China to have trade disputes, but their common interests are much bigger than the problem areas, according to Fu.

Isaac Boltansky, a policy analyst at the research and trading firm Compass Point, said the broadside against China and continued threats of tariffs could trigger a more forceful response from Beijing.

Still, China has other methods of retaliation open to it.

Related news