The China-US Trade War Might Go Beyond Tariffs Soon

China hikes tariffs on US imports

Extensive trade tensions between Beijing and Washington started in early July after the world's two largest economies imposed taxes on mutual imports.

China's retaliatory levies target 5,200 U.S. goods worth $60 billion with new five to 10 percent tariffs, including big ticket items such as liquefied natural gas, lumber and electronics, as well as peppermint oil, pig hides and condoms.

The four-page section in Sunday's Des Moines Register, which carried the label "paid for and prepared exclusively by China Daily, an official publication of the People's Republic of China", featured such articles as one outlining how the trade dispute is forcing Chinese importers to turn to South America instead of the U.S. for soybeans.

Trump threatened last week to add an additional $267 billion in Chinese imports to the target list if Beijing retaliated for the latest USA taxes, which would cover almost everything China sells to the US.

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

Earlier this month, strategists at the Commonwealth Bank of Australia warned the United States could eventually apply 25% tariffs on all Chinese imports, totalling over $US500 billion per annum, resulting in a 0.4 percentage point hit to Chinese GDP growth should such an outcome eventuate.

The remarks followed the publication of a white paper from China's State Council earlier this week that described recent USA actions as "trade bullyism".

Wang said that if and when talks restart would depend on the "will" of the United States, suggesting a solution can be found if both sides show sincerity with negotiations on an equal footing.

"We're going to get an outcome which forces China to behave in a way that, if you want to be a power, a global power - transparency, rule of law, you don't steal intellectual property", Pompeo said. A senior White House official said last week the United States will continue to engage China, but added there was no date for further talks.




China said on Tuesday it was impossible to hold trade talks with the United States while Washington is imposing tariffs that are like "holding a knife to someone's throat".

Japan and the European Union signed a free trade deal that creates the world's largest open economic area, amid fears that a US-China trade war will diminish the role of free trade in the global economic order.

Officials in Beijing said they planned to step up support for harmed industries and companies as they seek to offset the trade war's effects.

Wang concluded that it was "entirely up to the US" to broker a truce over the current trade war. And President Trump has threatened to tax effectively all of China's imports to the US - a move China can't match with tariffs alone.

Luo called the trade-related risks driving firms out of China a natural phenomenon and said Beijing would look at the situation rationally.

"To improve the ability of companies to adapt, China will further reduce their [social insurance] fees and taxes", Lian said.

China, which has accused Washington of being insincere in the negotiations, has decided not to send Vice Premier Liu He to Washington this week, The Wall Street Journal reported late last week.

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

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