U.S., China hike tariffs as trade war intensifies

A Chinese tour guide leads a tour group past a store from American sportswear retailer Under Armour at an outdoor shopping area in Beijing Tuesday Sept. 25 2018. A Chinese trade envoy said Tuesday that talks with Washington are impossible while the Uni

A Chinese tour guide leads a tour group past a store from American sportswear retailer Under Armour at an outdoor shopping area in Beijing Tuesday Sept. 25 2018. A Chinese trade envoy said Tuesday that talks with Washington are impossible while the Uni

U.S. tariffs on $200bn worth of Chinese goods and retaliatory taxes by Beijing on $60bn worth of United States products kicked in on Monday as the trade dispute between the world's two biggest economies escalated, unnerving global financial markets.

Trump has threatened another round of tariffs, effectively covering every product the United States imports from China, if Beijing retaliates against Monday's tariffs.

United States exporters including LNG suppliers would "certainly" be hurt, but Beijing's retaliation would provide opportunities to other LNG-exporting countries, Wang Shouwen said, adding that Australia is an important source of the fuel for China.

Tensions between Washington and Beijing continue to escalate, with Mr Trump threatening to impose further tariffs of £203 billion (US$267 billion) on Chinese products.

Terming Washington's actions "bullying", Beijing quickly responded that it would retaliate with penalties of the same scale on American goods - and it spelled out details to impose tariffs on 545 U.S. exports, including farm products, autos and seafood, according to the Xinhua state news agency.

The report by the Chinese government said: "It has brazenly preached unilateralism, protectionism and economic hegemony, making false accusations against many countries and regions, particularly China".

About $50 billion in tariffs have already been applied, potentially disrupting global supply chains, since the United States' first round of tariffs were imposed in July.

Soon after the new duties went into effect, China accused the U.S. of engaging in "trade bullyism" and said it was intimidating other countries to submit to its will, the official Xinhua news agency said, reiterating China's willingness to fight if necessary.

Chinese police sit in their vehicle as it is parked outside an Apple store at an outdoor shopping area in Beijing Tuesday Sept. 25 2018. A Chinese trade envoy said Tuesday that talks with Washington are impossible while the United States “holds a kni
Huge US-China punitive tariffs take effect

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. The new tariffs begin at 10 percent, then will rise to 25 percent on January 1, 2019.

The latest escalation in the US-China trade war came after China cancelled further trade talks with Washington.

The United States' changing trade policy following Donald Trump's taking office threatens the global economy as Washington is not discriminating between key allies and rivals.

Trump has hit 12 percent of total U.S. imports this year alone.

Washington is demanding Beijing improve market access and intellectual property protections for United States companies, cut industrial subsidies and slash a $375 billion trade gap.

It accused the United States of contradicting itself on trade policy and called for cooperation.

China's top diplomat State Councillor Wang Yi had a similar message when he spoke to USA business leaders in NY. "With thousands of consumer products included, little warning, and no time to prepare, businesses are left scrambling".

Still, China has other methods of retaliation open to it.

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