Tit-for-tat tariffs by U.S., China go into effect

Sep 25, 2018, 01:20
Tit-for-tat tariffs by U.S., China go into effect

China dashed prospects for a near-term resolution to the trade war with the U.S., warning President Donald Trump his threats of further tariffs are blocking any potential negotiations.

The US has "made a series of false accusations, and used increasing tariffs and other means of economic intimidation, to try to impose its own interests on China by way of extreme pressure", the State Council (cabinet) said in a white paper on trade and economic tensions with Washington.

"After more than a century of hard work, China has returned to the center of the world stage, and this is the basic fact we must observe in the China-US trade friction", the People's Daily stated in a commentary.

On Saturday China called off planned trade talks with USA officials, and there's a growing consensus in Beijing that substantive talks will be possible with the Trump administration only after the U.S. midterm elections in November, according to people familiar with the matter. The rate will increase to 25 percent by the end of the year. The Chinese tariffs are a response to President Donald Trump's strategy to pressure Chinese companies to adjust trade practice which he says are damaging USA businesses.

The Wall Street Journal has it wrong, we are under no pressure to make a deal with China, they are under pressure to make a deal with us.

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The white paper came as a fresh round of tariffs came into force against Chinese goods coming into the US.

Citing the white paper, state news agency Xinhua said that since taking office in 2017, Mr Trump's administration has "abandoned fundamental norms of mutual respect and equal consultation that guide global relations".

In a first, the Trump administration has also punished a unit of China's defense ministry for buying fighter jets and missiles from Russian Federation in defiance of sanctions on Moscow.

"The trade war is now a reality", Fitch chief economist Brian Coulton said in the release. China has promised to respond with tariffs on $60 billion worth of USA imports. "We remain open to continuing discussions with China, but China must meaningfully engage on the unfair trading practices".

After accusing the U.S. of launching the "largest trade war in economic history", analysts worry Beijing could shift to threatened "qualitative" retaliatory measures, such as damaging U.S. firms in China or restricting the export of crucial items.

More news: China's trade surplus with US hits record $31 billion in August

Bloomberg reported that the China Daily, Beijing's official English newspaper, paid for a four-page advertising supplement on Sunday in the Des Moines Register - the largest newspaper in the politically important state of Iowa - that highlighted the impact of the trade war on soybean farmers.

China may also be waiting for USA mid-term elections early next month for any hints of changes in Washington's policy stance, Carnell added.

WASHINGTON READYING MORE MEASURES Trump on Saturday reiterated a threat to impose further tariffs on Chinese goods should Beijing retaliate, suggesting that Washington may slap tariffs on virtually all imported Chinese goods if the administration does not get its way.

The new restrictive measures against China would also result in an inflation rise in the US, Goldman warns. Beijing vowed to strike back, slapping duties of up to 10pc on an additional $60bn in American products.

Some analysts say there is also a risk that China could allow its yuan currency to weaken again to cushion the blow to its exporters.

More news: Britain to brief United Nations council on charges against Russian spies

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