Economy

China Imposes New Tariffs on US, Accuses Washington of 'Trade Bullyism'

China Imposes New Tariffs on US, Accuses Washington of 'Trade Bullyism'

Meeting representatives of the US-China Business Council and National Committee on United States-China Relations in New York, Wang YI said certain US forces have been making groundless accusations against China on trade and security, China's Foreign Ministry said in a statement issued in Beijing on Tuesday.

"Now that the USA has taken such sweeping measures of trade restrictions, which is like putting a knife to others' neck, how could we conduct negotiations?" questioned the Chinese commerce minister.

But Trump has taken an increasingly hard line on trade around the world, with $200 billion (R2 863 300 000 000,00) in tariffs on Chinese exports set to take effect on Monday.

The US president has also threatened to withdraw the US from the World Trade Organization (WTO) if "they don't shape up". "Under these circumstances, how can negotiations proceed?"

'How could you negotiate with someone when he puts a knife on your neck?' Wang complained at the press conference.

USA tariffs on $200 billion (£152.6 billion) worth of Chinese goods and retaliatory taxes by Beijing on $60 billion worth of US products including liquefied natural gas (LNG) kicked in on Monday, unnerving global financial markets.

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He said Tuesday the U.S. measures "have made it impossible for the negotiations to proceed" and blamed the United States for abandoning a consensus on a trade that was struck in May but was quickly followed by new USA tariffs.

Beijing's latest tariffs include an additional 5 per cent duty on about 1,600 kinds of US products including computers and textiles and an extra 10 per cent on more than 3,500 items including chemicals, meat, wheat, wine and liquefied natural gas.

One can not say that all previous trade discussions have been useless, but the United States has abandoned its mutual understanding with China, Wang said.

The white paper blames US President Donald Trump's "America First" policy for torpedoing years of progress in settling differences through bilateral forums and exchanges.

China's exports to the USA accounted for 19% of all its overseas shipments a year ago, according to the white paper published by China's cabinet, the State Council, on Monday.

Rob Carnell, ING's chief Asia economist, said in a note to clients that in the absence of any incentives Beijing would likely hold off on any further negotiations for now.

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"We will actively take all types of measures to help companies resolve their difficulties", said Luo Wen, vice minister of industry and information technology.

"To improve the ability of companies to adapt, China will further reduce their [social insurance] fees and taxes", Lian said.

China has referred to United States tariffs as a knife at its throat since the first levies were imposed in July.

Foreign firms said the latest round of USA tariffs, hitting a wide swathe of products including electronics and furniture, would worsen their problems, according to the surveys.

"It would look weak both to the U.S. 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 economy. "We remain open to continuing discussions with China, but China must meaningfully engage on the unfair trading practices".

Trade War With China Could Cost Auto Industry Billions
The economies of developing countries that export farm goods and other commodities to China could weaken. Beijing's answer so far: to prepare retaliatory tariffs on $60 billion worth of US goods, despite Mr.


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