President Trump's Latest Tariffs on Chinese Goods will Hurt Consumers

Wang met US officials in Washington in August but there have been no high-level meetings for months

Wang met US officials in Washington in August but there have been no high-level meetings for months

The US has "made a series of false accusations, and used increasing tariffs and other means of economic intimidation, to try to impose its own interests on China by way of extreme pressure", China's State Council said in a white paper on trade and economic tensions with Washington.

The Trump administration officially levied tariffs on $200 billion worth of Chinese imports Monday. Beijing countered with tariffs on $60 billion worth of goods, at rates between 5 percent and 10 percent.

President Donald Trump is pressing China to reduce its huge bilateral trade surplus and make sweeping changes to its policies on trade, technology transfers and high-tech industrial subsidies.

US regulators went ahead with a planned 10 per cent tax on a $200 billion list of 5,745 Chinese imports including bicycles and furniture.

Vacuum cleaners, of which more than $1.8 billion worth were imported into the USA last year, as well as light bulbs, could also take a hit.

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China's exports to the USA accounted for 19 percent of all its overseas shipments past year, according to a white paper published by China's cabinet, the State Council, on Monday. The two nations had already slapped tariffs on $50 billion worth of each other's goods earlier this year.

A news report suggested that China will block any potential negotiations unless United States president Trump withdraws his threats of further tariffs on the country.

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 US has approved a $456 million arms deal with Taiwan - a move one expert warns threatens to further inflame relations with China.

On the contrary, Bank of America Merrill Lynch has forecasted that the trade war will damage the United States economy, resulting in the bullion to reach an average valuation of $1,350 an ounce (currently at $1,198.36 an ounce) in 2019. A senior White House official said last week the USA will continue to engage China, but added there was no date for further talks.

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"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.

China opposes all United States military sales to Taiwan.

Several rounds of Sino-U.S. talks in recent months have appeared to produce no breakthroughs, and fresh mid-level negotiations which had been expected in coming weeks have been shelved after Beijing reportedly decided late last week not to send a delegation to Washington.

China also scheduled a bump in tariff rates for its targeted $60 billion of USA goods for the end of the year, but it is running out of options to even the score on Trump's threatened third wave of tariffs. Business groups say American companies also report Chinese regulators are starting to disrupt their operations through slower customs clearance and more environmental and other inspections.

"As such, it is an attractive prospect for other countries including the United States to coexist with China peacefully,"said the newspaper, which is published by the ruling Communist Party's People's Daily".

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