Pompeo confident U.S. will win China trade war

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Just an hour after the new U.S. tariffs on Chinese imports kicked-in on Monday, China cancelled its negotiation talks with the world's largest economy.

The response, which came just over an hour after the U.S. imposed new duties on US$200 billion in Chinese goods on Monday, underscores a deepening gulf between both governments in a dispute that observers say is less about a row over a bilateral goods deficit and increasingly about a USA desire to put the brakes on China's economic ascent.

Beijing's retaliatory tariffs on $60 billion in American goods were set to go into effect soon after, the finance ministry announced last week.

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

The third round of tariffs on Chinese goods entering the United States is a significant escalation from prior levies, with 10 percent tariffs applied to $200 billion of Chinese products, including furniture and appliances.

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It added that China has responded to the US' tariffs by seeking common interests of not just both parties but also the global trade order, and has answered the US' concerns with the "greatest level of patience and good faith".

But Beijing also said it was willing to restart trade negotiations with the United States if the talks are "based on mutual respect and equality", Xinhua said, citing a white paper on the dispute published by China's State Council. The Trump administration has also called on China to allow US companies greater access to Chinese markets and to cut its USA trade surplus.

Mr Trump has repeatedly threatened higher tariffs on the remaining Chinese imports should Beijing retaliate against Monday's round.

The targeted Chinese imports will face 10 percent tariffs through the end of the year, and then the rate will jump to 25 percent.

Treasury Secretary Steven Mnuchin had been expected to oversee the talks, which were called in hopes of easing tensions between the world's two largest economies, United States officials have said.

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President Trump officially arrived at the annual United Nations General Assembly in New York City late Sunday evening and kicked things off Monday morning with a session on combating the global narcotics trade.

Pompeo said that President Donald Trump "very much likes" his Chinese counterpart Xi Jinping but said he would press policies that "the American workers deserve".

Hopes for talks to resolve the issue appeared to have been dealt a blow as The Wall Street Journal reported Beijing cancelled the visit of a negotiating team expected September 27-28 in Washington.

Earlier in July, Mr Trump insisted China was engaging in unfair trade practices, and imposed tariffs on $34billion worth of Chinese products.

"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.

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