USA using false accusations to intimidate, China says

China calls US an 'economic bully' as Trump imposes $200bn of trade tariffs

Huge US-China punitive tariffs take effect

Those tariffs took effect on Monday, with China retaliating with tariffs on US$60 billion of U.S. goods.

President Donald Trump had warned Beijing against retaliating by threatening levies on another US$267 billion of Chinese goods.

But the document also says cooperation is the only correct option for China and the United States. Barrick Gold Corp.'s stock rose more than 2 percent in premarket trading on the news it is buying Randgold, whose shares jumped more than 6 percent, to create the world's biggest gold miner.

Image Signs featuring U.S. and Chinese flags are seen outside a store selling foreign goods in Qingdao China
Signs featuring U.S. and Chinese flags are seen outside a store selling foreign goods in Qingdao

The trade fight between the top two economic giants has steadily escalated through the summer, as the USA levied two waves of new tariffs that have now hit about $250 billion worth of goods, roughly half of China's exports to the United States. USA exports of goods to China amounted to $129.89 billion in 2017, an increase of 577 percent from $19.18 billion in 2001.

"One of the bigger risks with these tariffs going into effect is that the United States may be pushed out of the Chinese market, and it is a growing market", said Scott Brown, chief economist at Raymond James in St. Petersburg, Florida.

Beijing fired back Monday, accusing the USA of making "false accusations" and using "increasing tariffs and other means of economic intimidation in an attempt to force its own interests on China by way of extreme pressure". The products include liquefied natural gas, coffee, frozen vegetables, cocoa powder and chemical products.

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China's state media has portrayed the trade war as a USA effort to constrict China's economic and technological rise.

While the US has a trade deficit with China, Chinese companies have a profit deficit with the USA, he said.

This is not only irresponsible but has also poisoned ties, he was quoted as saying.

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Echoing a position outlined in the 36,000-word document, Wang left the door open for further trade talks but emphasized it was "entirely up to the United States side" to show respect and sincerity for negotiations to restart. Monday's tariff hike follows a Wall Street Journal report that Chinese officials pulled out of a meeting to discuss possible talks proposed by Washington; envoys last met August 22 in DC but reported no progress.

There is no sign that the us will resume negotiations, with President Donald Trump threatening further tariffs and a USA official telling farmers they they should diversify away from the Chinese market. The threatening duties to a further $267 billion made in China products will hit nearly every other consumer product that includes shoes, clothes, and mobile phones.

Most countries affected by the United States tariffs have responded back in kind.

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The EU also retaliated by imposing 25 to 50 percent taxes on more than $3 billion of United States goods, including blue jeans, Harley-Davidson motorcycles, peanut butter, orange juice, rice and corn. A move by the U.S. State Department to sanction China's defense agency and its director on Thursday contributed to the decision, according to people familiar with the situation.

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