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China talks on trade war resume as new tariffs kick in

China talks on trade war resume as new tariffs kick in

China Thursday slapped 25 per cent tariffs on American imports worth about USD16 billion in retaliation to a similar move by the United States as the two economic giants escalated their trade war. Beijing issued a $60 billion list of American imports for retaliation if Washington goes ahead with that.

Hours later, Chinese officials said Beijing had filed a complaint to the World Trade Organization (WTO) regarding the latest USA tariffs.

The world's largest economies have now slapped tit-for-tat tariffs on a combined $US100 billion worth of products since early July, with more in the pipeline, adding to risks to global economic growth.

Trump has pushed aggressive trade actions to lower the United States trade deficit, which he equates with theft from Americans.

However US trading partners have retaliated aggressively, which is hurting US farmers, manufacturers and consumers.

USA businesses have become increasingly concerned about the exchange of tariffs, which are raising prices for manufacturers and hurting U.S. consumers and farmers.

However, Federal Reserve officials have warned that "an escalation in global trade disputes was a potentially consequential downside risk for real activity", according to the minutes of its July 31-August 1 policy meeting. If the White House continues to raise trade barriers, the purchasing power of US households will be reduced, the officials said, according to a report from Agence France-Presse.

This week's talks are also taking place as hundreds of executives and officials from USA companies, trade groups and other entities have descended on Washington to weigh in on the administration's planned tariffs on the additional US$200 billion in Chinese imports.

Ironically, the goods the United States has targeted are mostly intermediate products manufactured in China by multinational companies imported by US-based manufacturers, and miss Chinese firms, according to analysts.

The Trump administration has promised that these tariffs-which are legally and logistically separate from the tariffs on steel and aluminum imports-will force China to stop engaging in unfair trade practices and bring an end to the theft of American intellectual property.

"Naturally they'll retaliate a little bit".

"When we are slower, we will make fewer mistakes, and we will be able to better manage and control mistakes when they happen", he told the Post. An NBC/Marist poll of Texas voters released this week shows that 40 percent believe tariffs will hurt the economy while only 31 percent say they will protect jobs.

"We certainly hope the talks could lead to good outcomes", Lu Kang told reporters Tuesday, "but one thing you should know is that we prefer no unnecessary prejudgments and predictions".

China immediately retaliated, imposing duties on USA exports worth $16 billion and threatening legal action as tensions continue to rise.

US Treasury's David Malpass, undersecretary for global affairs, is leading two days of talks with China's Vice Commerce Minister Wang Shouwen, and Chinese Vice Finance Minister Liao Min that began yesterday.

The talks were to continue Thursday morning, but the Treasury has not specified what topics are being discussed.

"It has to be a two-way street".

"We hope that the USA side can meet China halfway, and with a rational, pragmatic attitude, conscientiously with China get a good result", Lu said.

"To safeguard free trade and multilateral systems, and defend its own lawful interests, China will file a suit regarding these tariff measures under the WTO dispute resolution mechanism", it said.

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