China won’t hold trade talks unless Trump stops threats

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Chinese products hit with fresh United States duties include everything from vacuum cleaners to internet-enabled devices, while U.S. goods targeted by China include liquefied natural gas and certain types of aircraft.

The US administration will levy tariffs of 10 percent on the $200 billion of Chinese products, with the tariffs to go up to 25 percent by the end of 2018.

"We're going to get an outcome which forces China to behave in a way that, if you want to be a power, a global power - transparency, rule of law, you don't steal intellectual property - the fundamental principles of trade around the world. those are things the American people are demanding and the American workers deserve", he added.

The ministry's list includes big-ticket items like liquefied natural gas, lumber and electronics as well as everything from peppermint oil to pig hides to cocoa butter to condoms. Meanwhile, $US110 billion of goods from the US will become subject to Chinese retaliatory tariffs around the same time.

China has made "enormous efforts" to stabilise bilateral economic and trade relations by holding discussions and proposing practical solutions, but the U.S. has been contradicting itself and constantly challenging China, reported Xinhua.

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. Bloomberg reported that the white paper stated that trade negotiations "cannot be carried out under the threat of tariffs", suggesting talks between the two sides are unlikely.

On the contrary, Bank of America Merrill Lynch has forecasted that the trade war will damage the USA economy, resulting in the bullion to reach an average valuation of $1,350 an ounce (currently at $1,198.36 an ounce) in 2019.


Monday's tariff hike follows a report by The Wall Street Journal that Chinese officials pulled out of a meeting to discuss possible talks proposed by Washington.

Envoys last met August 22 in Washington but reported no progress.

Indeed, Cold War permafrost has already descended on the International Monetary Fund. The Trump administration exempted numerous other items from the new tariffs, including smart watches, Bluetooth devices, and infant auto seats.

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.

Accusations have also come from China that the United States is starting the "largest trade war in economic history".

China summoned the U.S. ambassador in Beijing and postponed military talks in protest against a United States decision to sanction a Chinese military agency and its director for buying Russian fighter jets and a missile system.

The two are also at odds over Beijing's wooing of Taiwan's diplomatic allies, treatment of religious groups and claims to disputed islands in the South China Sea.

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