China cancels trade talks with US

Sep 25, 2018, 01:18
China cancels trade talks with US

Soon after the fresh duties went into effect, China accused the United States of engaging in "trade bullyism" and said it was intimidating other countries to submit to its will through measures such as tariffs, the official Xinhua news agency said.

It accused the United States of contradicting itself on trade policy and called for cooperation. This, in turn, has caused "serious damage" to trade relations between the world's two largest economies.

Soon after the new duties went into effect, China accused the United States of engaging in "trade bullyism" and said it was intimidating other countries to submit to its will, the official Xinhua news agency said, reiterating China's willingness to fight if necessary. "The key, however, lies in how to enhance mutual trust, promote cooperation, and manage differences", the white paper concluded. It also came out on the same day as the U.S. imposed another round of tariffs on Chinese imports. The duties on $200 billion worth of imports came into effect just after midnight on Monday morning Washington time.

Trump on Saturday reiterated a threat to impose further tariffs on Chinese goods should Beijing retaliate, in line with his previous comments signalling that Washington may move to impose tariffs on virtually all imported Chinese goods if the administration does not get its way.

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The latest volley against Beijing brings the amount of goods hit by duties to more than $250 billion, roughly half of China's USA exports, with American consumers set to increasingly feel the pain.

Beijing's vice premier Liu He was proposed to meet with the Trump administration in Washington to have mid-level trade talks.

"Should the escalation go further, the economic costs for both countries and around the world will quickly add up", International Monetary Fund spokesman Gerry Rice said last week.

On Monday, the ratings agency Fitch cut its forecasts for next year's Chinese and global economic growth by 0.1 percentage points to 6.1 per cent and 3.1 per cent, respectively.

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Among the USA items expected to be hardest hit, according to an analysis from the Trade News Centre, are printed circuit boards, desktop computers, computer parts and metal and wooden furniture.

"We are going to win it", Pompeo said in an interview on Fox News broadcast Sunday.

If the White House does up the ante by going all the way to "500", Beijing would be unable to match that in dollar terms.

Defiant in the face of increasing fears about the impact to the U.S. economy, Trump has threatened to hit all imports from China if it refuses to change policies he says harm USA industry, particularly the theft of American technology.

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The white paper - "Facts about the China-US trade dispute and China's stance" - is the first comprehensive Chinese government statement on the escalating conflict between the world's two biggest economies.