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

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

Trump threatened last week to add $267 billion in Chinese imports to the target list if Beijing retaliated for the latest US taxes.

The General Administration of Customs said it started collecting additional taxes of 5 and 10 percent on a $60 billion list of 5,207 American goods from honey to industrial chemicals at noon.

The conflict stems from U.S. President Donald Trump's complaints Beijing steals or pressures foreign companies to hand over technology.

His latest attack means that the United States is collecting import levies on $250 billion of Chinese goods.

China published a white paper on Monday that attacked the "protectionist practices" and "trade bullyism practices of the us administration", according to state-run Chinese news service Xinhua.

China has pulled out of trade talks with the United States in response and attacked the Trump administration's "trade bullyism" in a white paper.

Earlier, the two sides imposed 25 per cent penalties on $34 billion of each other's goods in July and another $16 billion in August.

Beijing fired back Monday, accusing the United States of making "false accusations" and using "increasing tariffs and other means of economic intimidation in an attempt to force its own interests on China by way of extreme pressure".

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. The company said prices for items ranging from food to auto seats to luggage to gas grills and Christmas lights, could increase in price by anywhere between 10 percent to 25 percent.




China's top diplomat also told business people at a meeting in NY that talks could not take place against the backdrop of "threats and pressure", the Foreign Ministry said.

Even before Trump's election, the United States has complained vigorously that China has been unfair to USA businesses and has stolen technology by forcing firms to reveal secrets as a condition to operate in the fast-growing Asian economy.

"It would look weak both to the United States 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.

It accused the United States of contradicting itself on trade policy and called for cooperation.

FILE - Chinese-made children shoes carrying a Chinese map and US flags are on display for a sale at a shop in Beijing, July 13, 2018.

"We remain open to continuing discussions with China, but China must meaningfully engage on the unfair trading practices".

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.

However, he added that given the current divide between the two sides, the risk of a trade war is "rising". It includes many food products, including seafood.

It indicates that about 70 percent of the value of goods imported from, the United States to China will face tariffs by the end of 2018.

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