US, China Exchange New Round of Tariffs in Trade War

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On Tuesday, Wang and the other officials played down the trade war's threat to China, but warned that the global economy would be the biggest victim of Washington's trade policies. The US is imposing tariffs on an additional $US200 billion worth of Chinese imports starting Monday, on top of the $US50 billion in goods already hit with tariffs. China has retaliated with 5-10% tariffs on $60 billion worth of American goods.

US Treasury Secretary Steven Mnuchin had invited Chinese officials to hold new talks, but President Donald Trump's latest tariffs salvo appear to have scuttled that effort.

As China called off planned trade talks with USA officials, the latest round of retaliatory tariffs went into effect on Monday.

Defiant in the face of increasing fears about the impact to the United States economy, Mr Trump has threatened to go after 100 per cent of imports from China if the country refuses to change policies he says harm USA industry, particularly the theft of American technology.

Adding further to tensions, China's state-backed Global Times newspaper said on Tuesday that conflict with China would "come at a huge price". Beijing continued to try to occupy the moral high ground on the trade issue and globalisation in general while portraying the United States as the economic aggressor and China as the undeserving victim.

China accused the United States of engaging in "trade bullyism" and intimidating other countries to submit to its will through measures such as tariffs, the official Xinhua news agency said Monday, hours after the two sides imposed fresh duties.

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Secretary of State Mike Pompeo seemed confident on Sunday, however, that the US would win any potential trade war with China.

News of Beijing's decision to skip the talks pushed China's yuan currency down 0.3 per cent on Monday in offshore trade, reinforcing investors' fears that both sides are digging in for a long fight. In 2017, the USA imported quantities of these items from China ranging from $3 billion (wooden furniture) to $11.6 billion (printed circuit boards), Business Insider reported.

While Vice Commerce Minister Wang said he still hopes "there is a way out" if both sides treat each other with sincerity, analysts say neither side looks to be in the mood to compromise in the increasingly bitter dispute, raising the risk of a lengthy battle that could chill the global economy by discouraging business investment and disrupting trade.

"Containing China or fighting a trade war - neither is in line with the direction of peace and development for mankind", Fu Ziying said.

Wang concluded that it was "entirely up to the US" to broker a truce over the current trade war. He added that the resumption of talks was up to Washington.

"As such, it is an attractive prospect for other countries, including the United States, to coexist with China peacefully".