Trump's tariffs on $200b of Chinese imports kick in

Trump's tariffs on $200b of Chinese imports kick in

Trump's tariffs on $200b of Chinese imports kick in

Talks in Washington last month produced no meaningful progress, and the latest tariffs have cast doubts on whether Beijing would still accept U.S. Treasury Secretary Steven Mnuchin's invitation for senior Chinese officials to visit Washington for more talks this month.

In a white paper, published Monday, China said the U.S. was applying "extreme pressure" on Beijing to push forward its own interests, while pursuing "economic hegemony".

But Trump warned he could ramp up to "phase three", with tariffs on approximately $267 billion of additional imports, or all the goods the USA buys from China.

In a white paper released by the official Xinhua News Agency on Monday, Beijing said Trump's "America first" economic policy and punitive tariffs on Chinese products had "greatly undermined" bilateral economic ties and threatened the world's multilateral system of trade.

Last week, China announced retaliatory tariffs on U.S. products worth $60 billion after the USA did not withdraw its duties on Chinese imports worth $200 billion effective from Monday. Mainland China markets were closed for a holiday. The duties on $200 billion worth of imports came into effect just after midnight on Monday morning Washington time.

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

"Since the new United States administration took office in 2017, under the slogan of "America First", the U.S. has abandoned the basic norms of worldwide exchanges such as mutual respect and equal consultation, and implemented unilateralism, protectionism and economic hegemonism", it said.

Fitch Ratings has cut its growth estimates for China and the world for 2019.

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"Protectionist US trade policies have now reached the point where they are materially affecting what remains a strong global growth outlook", a Fitch report revealed on Friday.

"We are going to win it", he said.

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.

"Whether Trump is president of the United States or not, in many ways we'll be facing such tensions".

If the president follows through on the escalation threat, U.S. tariffs would cover all goods the nation imported from China previous year, risking an escalating conflict that could upend the supply chains of multinational companies.

But according to the official newspaper of the country's ruling Communist Party, the People's Daily, the world's second-largest economy is being punished for "hard work and innovation".

But Beijing also said it was willing to restart trade negotiations with the United States if the talks are "based on mutual respect and equality", Xinhua said, citing a white paper on the dispute published by China's State Council.

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