Beijing to detail trade war stand after calling off United States talks

File Secretary of State Mike Pompeo vowed that the United States would emerge victorious in an intensifying trade war with China

New US tariffs on $200 billion worth of Chinese imports kicked in on Monday.

China's finance ministry said last week it would activate tariffs of five to 10 percent on 5,200 categories of U.S. goods totalling $60 billion.

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". In 2017, the US imported quantities of these items from China ranging from $3 billion (wooden furniture) to $11.6 billion (printed circuit boards), Business Insider reported. Earlier, he threatened Beijing with further tariffs on around $267 billion of imports if Beijing retaliates against the latest measure.

The US administration "has brazenly preached unilateralism, protectionism and economic hegemony, making false accusations against many countries and regions, particularly China, intimidating other countries through economic measures such as imposing tariffs", Xinhua quoted the State Council's white paper as saying.

China doesn't appear to be backing down from its ongoing trade war with the U.S. But the latest round of mutual tariffs shows the country is going to have to look for new avenues if it wants to keep up the fight.

Economists warn that a protracted dispute will eventually stunt growth not just in the U.S. and China but across the broader global economy.

Walmart, one of the country's largest retailers, wrote in a letter earlier this month to U.S. Trade Representative Robert Lighthizer that the new tariffs could result in higher consumer prices at its stores.

In an interview with Fox News Sunday, Secretary of State Mike Pompeo promised the United States will be victorious in any trade war with China.

Rouhani: US Threat to Stop Iranian Oil Exports 'Empty Promise'
Under the accord, most worldwide sanctions against Tehran were lifted in 2016 in exchange for Iran curbing its nuclear program. European countries are trying to salvage the landmark accord.

The trade tensions have also cast a pall over broader relations between Beijing and Washington, with the two sides butting heads on a growing number of issues.

Most notably, China called off planned talks between mid-level officials over the weekend, and reengagement appears to be unlikely until at least after the U.S. midterm elections in November.

This week the U.S. sanctioned a Chinese military procurement organisation, drawing a sharp protest from Beijing and a decision to postpone planned military talks.

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

"It would look weak both to the United States and at home", he said, adding that there is "sufficient stimulus in the pipeline" to limit the damage of the latest tariffs on China's growth. "We are increasingly convinced that tariffs are not the means to the end, but the end". Business groups say American companies also report Chinese regulators are starting to disrupt their operations through slower customs clearance and more environmental and other inspections.

As the fight intensifies, China is running out of US imports for retaliation.

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.

Related:

Comments

Latest news

Roughing call on Clay Matthews raises questions in Packers' loss to Redskins
Some adjectives that can describe the Green Bay Packers on Sunday in Week 3 include, sluggish, lethargic and generally poor. With 5:32 left, cornerback Fabian Moreau stripped Packers wideout Randall Cobb and Josh Norman recovered.

Penn State Opens As 3.5-Point Underdog Against Ohio State
The latest AP poll was released Sunday afternoon, and the Buckeyes and Nittany Lions continue to pace five ranked Big Ten teams. The Buckeyes returned the favor with a huge second-half rally in Columbus last fall to knock off the No. 2 Lions.

Internet reacts to Philadelphia Flyers' new mascot 'Gritty'
His bio says he is loyal and mischievous and earned his name by displaying a gritty attitude, much like that of the Flyers . This is the first time the club has introduced a mascot since. "I've never seen that thing before in my life".

Meghan Markle plays netball in FOUR-INCH HEELS with Prince Harry
Attending the We Are Coach Core awards with her new husband, Meghan sported the new look and we have to say we're loving it. The Duke and Duchess of Sussex showed off their competitive streaks when they joined opposing teams for a netball shootout.

US warns Russia over providing Syria with missile defense system
Russia laid the blame squarely on Israel, saying that its fighter jet pushed the Russian aircraft into the line of fire. Earlier in the war, Russian Federation suspended a supply of S-300, which Israel feared Syria could use against it.

Roku Premiere (2018) hands on review
To get this to work, though, you'll need a Google Home product in your house, or the Google Assistant app on your phone. The OS updates are pushing the Roku Wireless Speakers - meant for Roku-powered TVs - back a few weeks to November.

Dozens protesting Kavanaugh arrested outside Susan Collins’s office
But she could also face a primary challenge from the right in 2020, raising the stakes of her voting against her party. "Many of our faculty and students have taken actions to raise these concerns about the confirmation process".

Jets Inquire With Steelers On LeVeon Bell Trade
As of right now, an official offer has not been made as the team just began talking to the Steelers about his availability. ESPN reported Sunday that the Steelers are now open to trading Bell after initially saying they were not interested.

Modric ends Ronaldo-Messi era to be crowned world´s best
The former Chelsea man helped Belgium to the semifinals of the World Cup before losing to eventual champs France. There will be a total of nine categories including the best manager and the best goalkeeper awards.

Opec predicts massive rise in oil production over next five years
On Sept. 20, Trump sent a tweet demanding OPEC produce more to get oil prices down and goose the US economy. But Energy Minister Khalid al-Falih said on Sunday such a move was not needed at the moment.

Deputy Attorney General Rosenstein has resigned
It is to Trump's advantage if Rosenstein officially resigns, because it allows Trump to handpick his successor. US Deputy Attorney General Rod Rosenstein is heading to the White House amid reports he will offer to quit.

Deputy Attorney General Rod Rosenstein reportedly resigns
Some news organizations reported that Rosenstein had submitted a verbal resignation to White House officials. Update 3: Now there are more sources saying he won't resign and will force Trump to fire him.

Prince George and Princess Charlotte take part in another wedding
A spokesperson for Amaia Kids said: 'The picture was removed as it was not for publicity purposes in case it was wrongly used'. Besides his official portraits, he's been out of the spotlight since he was born, but we bet he's just as fun as his sibs.

Huawei claims the Kirin 980 is faster than Apple’s A12 Bionic
Interestingly, Apple was the second to announce its 7nm chip, the A12 Bionic , but it became the first commercially available. The dedicated NPU features real-time processing as well as possessing the capability to recognize 4,500 images per minute.

Giroud, Morata battle for Chelsea starting spot
Mateo Kovacic has admitted that he did not know just how good Eden Hazard really was until he saw him in action in the flesh. Ever since joining from Lille in 2012, Hazard has consistently been regarded as one of the Premier League's elite players.

Other news