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.
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.
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