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Tit-for-tat tariffs by U.S., China go into effect

Tit-for-tat tariffs by U.S., China go into effect

"It would look weak both to the USA and at home", he said, adding that there is "sufficient stimulus in the pipeline" to limit the damage of the latest tariffs on China's economy.

The United States and China are set to impose new tit-for-tat tariffs against each other's goods on Monday, the latest escalation in a heated trade war between the world's two largest economies.

On Monday, the Chinese government accused the Trump administration in a report of "trade bullyism" and of preaching "economic hegemony".

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.

Some media reports earlier this month said China had considered sending Vice Premier Liu He - who is President Xi Jinping's top economic policy adviser - at end-September before the USA announced its new tariffs.

Beijing cancelled the visit of a Chinese negotiating team expected September 27-28 in Washington, The Wall Street Journal said.

The white paper came as a fresh round of tariffs came into force against Chinese goods coming into the US.

Efforts at diplomacy have failed, with no breakthroughs since high-level talks began in May. US President Donald Trump will probably dismiss Beijing's white paper in little more than a 120-character tweet.




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

"President Trump has an excellent relationship with President Xi and our teams have been in frequent communication since President Trump took office", Ms Walters said.

"NO END IN SIGHT FOR TRADE WAR" Several rounds of China-US trade talks in recent months have yielded no major breakthroughs and attempts at arranging another meeting in coming weeks have fallen through.

Separately on Monday, Australian investment bank Macquarie said that Mexico stands to benefit the most from rising trade tensions between the United States and China. Another US$16 billion of goods were included in August and China retaliated in kind to both moves. This latest round of tariffs is no exception.

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

On the contrary, Bank of America Merrill Lynch has forecasted that the trade war will damage the United States economy, resulting in the bullion to reach an average valuation of $1,350 an ounce (currently at $1,198.36 an ounce) in 2019.

Edward Alden, senior fellow at the Council on Foreign Relations, said there was a chance the trade war could spiral out of control but that there is "a window for serious negotiation".

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