China trade war escalates with £16bn of new tariffs

China trade war escalates with £16bn of new tariffs

"The threat that these tariffs could be imposed, and even expanded to include all consumer goods imported from China, has already started a scramble among importers to find alternative sources of supply, including in the United States", Gold said.

Beijing has denied U.S. allegations that it systematically forces the unfair transfer of United States technology, and has said that it adheres to World Trade Organisation rules.

The penalties, previously announced, apply to $16 billion of goods from both sides including automobiles and metal scrap from the United States and Chinese-made factory machinery and electronic components.

"U.S. trade tensions with China are more likely to worsen this year, weighing on global growth in 2019", according to a research report from analysts at Moody's Investors Service.

China's tariff list covers 333 products including large passenger cars, motorcycles and baby carriages.

The latest action completes the first round of duties on $50 billion in Chinese products that President Donald Trump targeted.

The Trump administration says its aggressive stance is to pressure Beijing to change policies that allow the theft of U.S. technology and undercut American producers. They were the first face-to-face U.S. "However, Washington remains nebulous in this regard, given that the USA authorities such as the White House, the Treasury Department and the Office of the United States Trade Representative have been at cross purposes regarding their priorities with China", it said.

Earlier, Trump indicated that he was ready to impose duties on over $500 billion of Chinese goods exported annually to Washington unless China agrees to sweeping changes in its intellectual property practices, industrial subsidy programmes and tariff structure.

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WASHINGTON-Trade talks between the USA and China failed to produce any visible sign of progress, reducing the prospects of a deal soon, people closely tracking the talks said.

The Chinese government criticized the USA increase as a violation of World Trade Organization rules and said it would file a legal challenge.

The escalation came despite Chinese Vice Commerce Minister Wang Shouwen held talks with US Treasury under secretary David Malpass to resolve the dispute.

U.S. commerce secretary Wilbur Ross said China would not be able to continue to retaliate at the same pace as the United States, since "we have many more bullets than they do".

China immediately responded in kind with an equivalent tariff of its own against United States exports.

Some commentators also struck a note of caution for China in taking tit-for-tat approach. However, US President Donald Trump said he wasn't expecting much from this week's negotiations.

Though it is too early for trade damage to show up in much economic data, tariffs are beginning to increase costs for consumers and businesses on both sides of the Pacific, forcing companies to adjust supply chains and pricing, with some US companies looking to decrease reliance on China. In response, the Chinese delegation could this week offer a private pledge not to let the currency weaken further as long as negotiations continue, said Derek Scissors, a China expert at the American Enterprise Institute in Washington.

"The gulf between the Trump administration and the Chinese is as wide as the Pacific, and it looks like it's getting wider". The list of USA products this time includes oil products and coal for the first time, S&P Global Platts reports.

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