China accuses USA of 'trade bullyism' amid escalating dispute

China flag US flag

China flag US flag

China dashed prospects for a near-term resolution to the trade war with the United States, warning President Donald Trump his threats of further tariffs are blocking any potential negotiations.

The General Administration of Customs said it started collecting additional taxes of 5 to 10 percent on a list of thousands of American goods at noon Monday, ratcheting up their fight over Beijing's technology policy.

The US on Monday imposed duties on another US$200 billion (S$273 billion) of Chinese imports, prompting China to respond by slapping tariffs of its own on US$60 billion of US goods. American officials say Chinese plans for state-led development of global competitors in robotics and other technologies violate its market-opening obligations and might erode USA industrial leadership.

The Wall Street Journal has it wrong, we are under no pressure to make a deal with China, they are under pressure to make a deal with us.

Citing the white paper, state news agency Xinhua said that since taking office in 2017, Mr Trump's administration has "abandoned fundamental norms of mutual respect and equal consultation that guide worldwide relations".

China's finance ministry said last week it would activate tariffs of five to 10 percent on 5,200 categories of USA goods totalling $60 billion. To the contrary, Trump has claimed that his tariffs are meant to protect and support American industry.

Shipping containers, including those of China Shipping, a shipping conglomerate under direct administration of China'a State Council, await transportation on a rail line at the Port of Long Beach on July 12, 2018 in Long Beach, California.

Mr Trump has threatened to impose tariffs on a further US$267 billion of Chinese goods if Beijing does so.

A report published Monday by the Chinese government accused the United States of abandoning fundamental norms of worldwide relations.

It affirmed China's stance that it is a developing country, a claim that rankles Washington, Europe and other trading partners.

"The only closed economy is the global economy, if the Chinese economy weakens, so by definition does the US economy weaken".

Chinese leaders have announced changes this year including tariff cuts and plans to end ownership limits in their auto industry.

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.

The U.S. imported more than $9 billion worth of furniture from China in 2017. This time worth US$200 billion.

"The implementation of President Trump's tariffs and the Chinese reaction to cancel talks in the face of the US President's decision should force investors to come to grip with reality", Konstantinos Anthis, head of research at ADSS, said in an email on Monday.

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