China cancels trade talks with U.S. as new tariffs loom

Pauline Gross
September 24, 2018

Vice Premier Liu He was planning to travel to Washington next week with a trade delegation, following an invitation from US Treasury Secretary Steven Mnuchin. "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".

President Donald Trump's latest round of punitive tariffs on China took effect on Monday, adding US$200 billion in Chinese imports to the escalating trade war that is clouding the global economic horizon. Beijing has imposed rates of 5-10 percent and warned it would respond to any rise in US tariffs on Chinese products accordingly.

The four-page section in Sunday's Des Moines Register, which carried the label "paid for and prepared exclusively by China Daily, an official publication of the People's Republic of China", featured such articles as one outlining how the trade dispute is forcing Chinese importers to turn to South America instead of the United States for soybeans.

Trump has warned tariffs would increase to 25 percent by January 1 unless the U.S. and China reach a trade deal, which was expected to be reached at a meeting in Washington, DC later this month.

In an interview with Fox News on Sunday, Secretary of State Mike Pompeo said that the USA is "going to win" the so-called trade war.

"We are going to win it", Pompeo said in an interview on Fox News broadcast Sunday.

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.

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The advertising targets a state critical to Trump and Republicans as the trade war between the world's two largest economies intensifies.

On Thursday, in a first, the Trump administration imposed sanctions on a unit of China's defence ministry for buying fighter jets and missiles from Russian Federation.

China may also be waiting for US mid-term elections early next month for any hints of changes in Washington's policy stance, Carnell added.

It leaves Beijing hitting $110 billion worth of U.S. goods, almost everything China buys from the United States.

The targeted Chinese imports will face 10 per cent tariffs through the end of the year, and then the rate will jump to 25 per cent.

Trump has warned any retaliatory measures from China would force the United States to "immediately pursue phase three", which is tariffs on $267bn of additional imports. The Trump administration has also called on China to allow USA companies greater access to Chinese markets and to cut its US trade surplus.

Some analysts say there is also a risk that China could allow its currency to weaken again to cushion the blow to its exporters.

Other reports by GizPress

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