Beijing to detail trade war stand after calling off U.S. talks

WaPo China cancels trade talks with US

Defiant in the face of increasing fears about the impact to the USA economy, Trump has threatened to go after all imports from China if the country refuses to change policies he says harm United States industry, particularly the theft of American technology.

LONDON - European and Asian markets were lower on Monday after China said it won't negotiate with the U.S. on trade if the Trump administration continues to threaten higher tariffs.

China imports far less from the United States, making a dollar-for-dollar match on any new U.S. tariffs impossible.

On Monday, US imposed a 10 percent tax on 6,000 Chinese goods, ranging from rice and textiles to clothes and manufacturing goods. The spat between the United States and China further encouraged the markets to move to the USA dollar over gold. China is poised to retaliate with tariffs on US$60 billion in United States goods, a move that Mr Trump has said would spur new duties on another US$267 billion in Chinese imports. Beijing cancelled the visit of a Chinese negotiating team expected September 27-28 in Washington, The Wall Street Journal said.

"While these actions seem to be already priced in, investors are becoming increasingly anxious that the trade war may enter phase III", Hussein Sayed, the chief market strategist at trading platform FXTM, said in an email on Monday morning. A state-owned Chinese bank is helping with the project's financing, and a state-owned Chinese energy company is meant to buy much of its production.

Efforts at diplomacy have failed, with no breakthroughs since high-level talks began in May.

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The latest volley against Beijing brings the amount of goods hit by duties to more than US$250 billion, about half of China's USA exports, with USA consumers set to increasingly feel the pain.

Still, the USA remains open to talks, Lindsay Walters, deputy White House press secretary, said. In fact, Trump revels in it. Trump got himself elected in large part on a promise to get tough with China and other trading partners to reverse the damage done to American manufacturing over the last several decades.

The white paper came as a fresh round of tariffs came into force against Chinese goods coming into the US. Another US$16 billion of goods were included in August and China retaliated in kind to both moves.

Separately on Monday, Australian investment bank Macquarie said that Mexico stands to benefit the most from rising trade tensions between the U.S. and China. "This latest tranche is a tsunami", said Hun Quach, vice-president of worldwide trade for the Retail Industry Leaders Association.

But officials say Beijing will soon run out of U.S. goods to impose tariffs on. Though Beijing has not revealed what such steps might be, business executives and analysts say it could withhold exports of certain products to the U.S. or create more administrative red tape for American companies operating in China.

Trump earlier this month accused China of targeting rural voters who support his presidency by hitting agricultural goods. "Unless that happens, serious negotiations will be impossible and the likelihood of continued escalation increases", Mr Alden said.

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