China to cancel talks if Trump moves ahead with tariffs, sources say

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The US is imposing new tariffs on $US200 billion ($NZ304b) worth of Chinese goods as it escalates its trade war with Beijing.

The trade tiff has yet to be felt in US markets as the tariffs, which now are set at 3.8 percent, may rise to just 10 percent, which most companies can handle in a growing economy, said Brian Nick, chief investment strategist at Nuveen. If China does retaliate, Trump threatened to add a further US$267 billion (NZ$406 billion) in Chinese imports to the target list.

In a pair of early morning tweets, Trump hailed his combative trade policy as a boon to American economic health and said the U.S. steel industry, which the White House has championed in new protectionist measures, was now "the talk of the world".

"We've lost leadership", said Kantor, who led the negotiations that laid the foundations for the World Trade Organisation (WTO).

The lack of unity within the USA administration on trade isn't new - Chinese and American officials have held a series of talks over the dispute, and reached at least one agreement which was subsequently abandoned by the president.

Trump already has imposed 25 percent tariffs on $50 billion in Chinese goods.

US President Donald Trump's announcement of fresh tariffs on Chinese goods has shook Wall Street. "My administration will not remain idle when those interests are under attack".

After taking in public comments, the administration said Monday that it had withdrawn several items from an earlier list of $200 billion in Chinese imports, including child-safety products like bicycle helmets.

Kudlow laid out general demands for China - whose economic reforms, he said were moving in the wrong direction.

China's 'counterattack strategy needs to restrict exports to the United States as well as (imports of) US goods, ' Lou was paraphrased as saying.

Trump's tariffs on China raise costs and create uncertainty for companies that have built supply chains that span the Pacific Ocean.

"Once again, I urge China's leaders to take swift action to end their country's unfair trade practices", Trump said.

"After several rounds of trade war, China has realized that the USA government intends to decrease trade and economic integration of the United States and China", the Global Times wrote in its editorial.

China had issued a list of another $60 billion of USA goods for retaliation if the US proceeds with more tariffs.

The officials said China had been given "chance after chance" to change the trade practices considered unfair to U.S. businesses, but "have remained obdurate".

Carla Hills, US trade representative from 1989 to 1993 under George H.W. Bush, took aim at the Trump administration's disdain for multilateral agreements.

Chinese officials are likely already tired of entering negotiations with Mnuchin, after a truce he supposedly brokered with Liu in May was publicly undermined by Trump. "President Trump's decision to impose an additional $200 billion is reckless and will create lasting harm to communities across the country", said Dean Garfield, president of the Information Technology Industry Council, which represents major tech firms. Monday's announcement means almost half of all goods imported from China will be subject to tariffs.

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