Pompeo confident United States will win China trade war

The economic impacts of Trump’s tariffs are often exaggerated. But they still stink

The economic impacts of Trump’s tariffs are often exaggerated. But they still stink

Another set of tit-for-tat tariffs imposed by the United States and China on each other's goods took effect Monday.

The United States imposed tariffs on $200 billion of Chinese goods in the early hours, intensifying the acrimonious dispute. In response, China retaliated, slapping tariffs on $US60 billion worth of USA goods entering the country.

Beijing has struck back with each step, hitting $110 billion worth of USA goods, or almost everything China buys from the United States.

The Trump administration has argued tariffs on Chinese goods would force China to trade on more favorable terms with the United States.

Beijing has hit back with each step, hitting $110 billion worth of USA goods, or almost everything China buys from the United States.

"We are going to win it", US Secretary of State Mike Pompeo said of the trade war on Fox News Sunday. A senior White House official said last week the USA will continue to engage China, but added there was no date for further talks.

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.

News of Beijing's decision to skip the talks pushed China's yuan currency down 0.3 per cent on Monday in offshore trade, reinforcing investors' fears that both sides are digging in for a long fight.

The U.S. trade restrictions are responsible for the stalled talks and any resumption is up to them, according to Wang Shouwen, China's vice commerce minister.

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.

A protracted trade war will fuel inflation in the USA, particularly as tariffs are added to categories such as furniture, apparel and technology, according to analysts at Bloomberg Intelligence. "This is why we believe that the trade war complies neither with the Chinese nor with USA trade interests".

"As the largest importer of U.S. soybeans, China is a vital and robust market we can not afford to lose, " the supplement quotes Davie Stephens, vice president of the American Soybean Association and a Kentucky soybean grower, saying in a statement.

"[The trade war] has cut off connections between industries in different sectors, risking fragmentation of global supply chains", said Luo Wen, vice-minister of the Ministry of Industry and Information Technology.

But he said the government is working to accommodate their needs and reduce their tax burdens.

Monday's tariff hike follows a report by The Wall Street Journal that Chinese officials pulled out of a meeting to discuss possible talks proposed by Washington. "We remain open to continuing discussions with China, but China must meaningfully engage on the unfair trading practices".

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