US Using False Accusations On Trade To "Intimidate" Countries: China

Shamubeel Eaqub

Shamubeel Eaqub"The US is treating trade negotiations like a high stakes poker game. But don't expect China to fold

U.S. tariffs on $200 billion worth of Chinese goods and retaliatory tariffs by Beijing on $60 billion worth of U.S. products took effect at midday Asian time, though the initial level of the duties was not as high as earlier feared.

China imports far less from the United States, making a dollar-for-dollar match on any new USA tariffs impossible.

"We are going to win it", Trump's Secretary of State Mike Pompeo said of the trade war on "Fox News Sunday".

Hopes for talks to resolve the issue appeared to have been dealt a blow as the Wall Street Journal reported Beijing canceled the visit of a negotiating team expected on Thursday and Friday in Washington.

"The door for trade talks is always open but negotiations must be held in an environment of mutual respect", according to a white paper carried by the state-run Xinhua News Agency.

Fitch Ratings has cut its growth estimates for China and the world for 2019.

The latest round of escalating tariffs on Chinese imports took effect today, meaning thousands of products may cost more.

The U.S. also imports a lot of finished electronic goods from China and many are included in the tariff.

In announcing the rates for the retaliatory duties last week, the government in Beijing said the tariffs would be effective as of 12.01pm local time on Sept 24.

The commercial battle between the United States and China heated up Monday as the economic powerhouses slapped each other with the largest rounds of tariffs yet, unleashing punitive duties now on roughly half of their traded goods.

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The United States still has the advantage of cheap gas to lure developers, but projects with unfettered access to a massive market such as China will likely gain an edge in attracting investment dollars, Bordoff said.

Efforts at diplomacy have failed, with no breakthroughs since high-level talks began in May.

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.

Still, the United States remains open to talks, Lindsay Walters, deputy White House press secretary, said.

US President Donald Trump, left, and Chinese leader Xi Jinping. Trump has been repeatedly threatening to add duties on remaining imports from its trade partner if it retaliates.

The white paper came as a fresh round of tariffs came into force against Chinese goods coming into the US.

Separately on Monday, Australian investment bank Macquarie said that Mexico stands to benefit the most from rising trade tensions between the U.S. and China.

"Retailers are already facing a tidal wave of tariffs".

A swathe of products are on the hit list, including Chinese-made voice data receivers, computer memory modules, automatic data processors, and accessories for office equipment such as copiers and banknote dispensers - instantly making widely used goods more expensive. The Chinese tariff, though smaller than the duty Beijing threatened to levy earlier this year, makes USA gas a bit more expensive and less competitive in the world's second-largest LNG market.

Edward Alden, senior fellow at the Council on Foreign Relations, said there was a chance the trade war could spiral out of control but that there is "a window for serious negotiation".

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