Published: Mon, September 24, 2018
Global News | By Blake Casey

Pompeo confident U.S. will win China trade war

Pompeo confident U.S. will win China trade war

As the latest round of USA tariffs on China, a 10% levy targeting $200 billion in imported goods, comes into play starting at midnight Washington DC time, China is flat-out rejecting proposals for trade talks with the US.

China imports far less from the United States, making a dollar-for-dollar match on any new U.S. tariffs impossible.

"Protectionist US trade policies have now reached the point where they are materially affecting what remains a strong global growth outlook", the agency said in a report Friday.

In relation, China has entrenched itself in the current stage of the US-Sino trade war, and turned down the possibility of negotiations between the two sides in the immediate future.

Trump has warned tariffs would increase to 25 percent by January 1 unless the U.S. and China reach a trade deal, which was expected to be reached at a meeting in Washington, DC later this month.

Chinese products hit with new United States duties include vacuum cleaners to internet-connected devices, while United States goods targeted by Beijing include liquefied natural gas and certain types of aircraft.

US President Donald Trump on Saturday reiterated a threat to impose further tariffs on Chinese goods should Beijing retaliate, in line with his previous comments signalling that Washington may move to impose tariffs on virtually all imported Chinese goods if the administration does not get its way.

It leaves Beijing hitting $110-billion worth of U.S. goods, almost everything China buys from the United States.

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But Mr Trump warned he could ramp up to "phase three", slapping tariffs on approximately US$267 billion of additional imports, or the entirety of the goods the United States buys from China.

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

The targeted Chinese imports will face 10% tariffs through the end of the year, and then the rate will jump to 25%.

A broad swath of products are on the hit list, including billions in Chinese-made voice data receivers, computer memory modules, automatic data processors, and accessories for office equipment such as copiers and banknote dispensers - instantly making widely used goods more expensive.

However, following complaints from thousands of USA firms - including powerhouses like Apple and Walmart - 300 product lines were dropped from the target list.

China summoned the US ambassador in Beijing and postponed military talks in protest against a USA decision to sanction a Chinese military agency and its director for buying Russian fighter jets and a missile system.

China also announced it was lodging a new complaint with the World Trade Organization in its tariffs battle with the US.

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