China hikes tariffs on USA imports

China flag US flag

China flag US flag

China has retaliated by hitting $60 billion (R858 990 000 000,00) in USA products and the world's two largest economies have already imposed tariffs of $50 billion (R715 825 000 000,00) on each other.

The new messaging from Beijing came hours after the USA imposed new tariffs on $200 billion worth of Chinese goods, drawing a pledge of tit-for-tat action from Beijing. In response, Beijing slapped tariffs on another $US60 billion worth of USA goods.

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

But Trump warned he could ramp up to "phase three", with tariffs on approximately $267 billion of additional imports, or all the goods the USA buys from China.

Just last month, the USA imposed a further 25 percent taxes on $16 billion worth of goods from China, in its second wave of tariffs against the Asian superpower. The Trump administration has also called on China to allow US companies greater access to Chinese markets and to cut its USA trade surplus.

The Trump administration has "has brazenly preached unilateralism, protectionism and economic hegemony, making false accusations against many countries and regions, particularly China, intimidating other countries through economic measures such as imposing tariffs, and attempting to impose its own interests on China through extreme pressure", the official Xinhua News Agency said. The company said prices for items ranging from food to vehicle seats to luggage to gas grills and Christmas lights, could increase in price by anywhere between 10 percent to 25 percent.

Beijing fired back Monday, accusing the U.S. of making "false accusations" and using "increasing tariffs and other means of economic intimidation in an attempt to force its own interests on China by way of extreme pressure".

Among the US items expected to be hardest hit, according to an analysis from the Trade News Centre, are printed circuit boards, desktop computers, computer parts and metal and wooden furniture.

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"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", he said.

That would cover almost everything China sells to the United States.

"We are going to win it", Trump's Secretary of State Mike Pompeo said of the trade war on "Fox News Sunday".

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.

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

Earlier, both sides had slapped additional tariffs of worth $50 billion on each other's products. China cancelled talks that were scheduled for this week, and is digging in by prepping stimulus measures to cushion the economy.

Trump earlier this month accused China of targeting rural voters who support his presidency by hitting agricultural goods.

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