China accuses USA of "trade bullyism" as both sides impose fresh tariffs

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Earlier this month, President Donald Trump threatened more tariffs on Chinese goods - another $267 billion worth of duties that would cover virtually all the goods China imports to the United States.

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.

"After more than a century of hard work, China has returned to the center of the world stage, and this is the basic fact we must observe in the China-US trade friction", the People's Daily stated in a commentary.

But in a policy statement issued just hours after the dual tariffs took effect, Beijing accused Washington of using tariffs as a means of intimidating other countries to submit to US wishes on economic matters. The new tariffs begin at 10 percent, then will rise to 25 percent on January 1, 2019.

Despite the ballooning trade deficit, there are bigger issues at stake for the United States, such as containing China's rise as it moves towards economic superpower status through its "Made in China 2025" policy and the $1 trillion Belt and Road Initiative.

The latest escalation is a result of China cancelling further trade talks with the U.S. according to media reports. We will soon be taking in Billions in Tariffs & making products at home.

Trump threatened last week to add $267 billion in Chinese imports to the target list if Beijing retaliated for the latest USA taxes.

"Since the new USA administration took office in 2017, under the slogan of "America First", the U.S. has abandoned the basic norms of global exchanges such as mutual respect and equal consultation, and implemented unilateralism, protectionism and economic hegemonism", it said.

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

"The US-China trade war has no clear end in sight".

"While these actions seem to be already priced in, investors are becoming increasingly anxious that the trade war may enter phase III", Hussein Sayed, the chief market strategist at trading platform FXTM, said in an email on Monday morning.

Even before Trump's election, the United States has complained vigorously that China has been unfair to U.S. businesses and has stolen technology by forcing firms to reveal secrets as a condition to operate in the fast-growing Asian economy.

"The US-China trade war has no clear end in sight".

The General Administration of Customs said it started collecting additional taxes of 5 and 10 percent on a $60 billion list of 5,207 American goods from honey to industrial chemicals at noon.

"With generic polls favouring the Democrats, they may feel that the trade environment will be less hostile after November 6".

Instead, it has warned of "qualitative" measures to retaliate.

Analysts said the news reflects the breakdown in the global relationship.

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