Huge US-China punitive tariffs take effect

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

Still, the United States remains open to talks, Lindsay Walters, deputy White House press secretary, said.

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.

USA tariffs on $200 billion worth of Chinese goods and retaliatory tariffs by Beijing on $60 billion worth of US products are scheduled take effect at 0401 GMT. This, in turn, has caused "serious damage" to trade relations between the world's two largest economies.

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

"The key, however, lies in how to enhance mutual trust, promote cooperation, and manage differences", said the white paper. 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. Mr Trump has warned that the 10 per cent tariffs on US$200 billion in Chinese goods will rise to 25 per cent in January if Beijing refuses to offer concessions. Stock markets in China and Japan are closed for a local holiday on Monday but Hong Kong's Hang Seng index remains open and was down by 1.66% at 8.30 a.m. BST (3.30 a.m. ET).

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Forty-eight hours later, US Secretary of State Mike Pompeo was bragging on Fox News that there would be only one victor. This time worth US$200 billion.

China has cancelled trade talks with the United States, according to a Wall Street Journal report, after both sides announced new rounds of tariffs this week.

China has retaliated by hitting $60 billion (R858 990 000 000,00) in USA products and the world's two largest economies have already imposed tariffs of $50 billion (R715 825 000 000,00) on each other.

Indeed, Cold War permafrost has already descended on the International Monetary Fund.

Fitch, one of the "Big Three" ratings agencies along with Moody's and Standard and Poor's, was even more candid after cutting global growth estimates.

China published a white paper on Monday that attacked the "protectionist practices" and "trade bullyism practices of the USA administration", according to state-run Chinese news service Xinhua. "We are going to get an outcome which forces China to behave in a way that if you want to be a power, a global power. you do not steal intellectual property", Pompeo said.

(Copyright © 2015. All Rights Reserved.)
 
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