China says can’t hold US trade talks with ‘knife to the throat’

The United States has put

Extensive trade tensions between Beijing and Washington started in early July after the world's two largest economies imposed taxes on mutual imports.

Last week, China announced retaliatory tariffs on United States products worth $60 billion after the U.S. did not withdraw its duties on Chinese imports worth $200 billion effective from Monday.

Beijing's retaliatory tariffs on US$60 billion of USA goods were set to go into effect soon after the U.S. action, the Chinese Ministry of Finance said last week.

But Mr Trump warned he could ramp up to "phase three", slapping tariffs on approximately US$267 billion of additional imports, or the entirety of the goods the United States buys from China.

The latest round of Chinese imports will face 10 per cent tariffs through the end of the year, and then the rate will jump to 25 per cent.

China exports far more goods to the US than it imports, which means it has fewer options to slap retributive tariffs on.

Also Monday, the Chinese government accused the Trump administration in a report of "trade bullyism" and of preaching "economic hegemony".

Wang said that if and when talks restart would depend on the "will" of the United States, suggesting a solution can be found if both sides show sincerity with negotiations on an equal footing. While the USA has a trade deficit with China, Chinese companies have a profit deficit with the US, he said. Beijing continued to try to occupy the moral high ground on the trade issue and globalisation in general while portraying the United States as the economic aggressor and China as the undeserving victim.

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-China trade talks. The Wall Street Journal first reported late last week that China had cancelled talks with the USA on trade as both countries impose tariffs on billions of dollars worth of their goods.

According to the minister, trade measures introduced by the White House over recent months have been damaging not only for China, but for the USA as well. "This is why we believe that the trade war complies neither with the Chinese nor with USA trade interests". And President Trump has threatened to tax effectively all of China's imports to the USA - a move China can't match with tariffs alone.

"As such, it is an attractive prospect for other countries including the USA to coexist with China peacefully", said the newspaper, which is published by the ruling Communist Party's People's Daily.

But he said the government is working to accommodate their needs and reduce their tax burdens.

Hopes for talks to resolve the issue appeared to have been dealt a blow as the Wall Street Journal reported Beijing canceled the visit of a negotiating team expected on Thursday and Friday in Washington.

"[The trade war] has cut off connections between industries in different sectors, risking fragmentation of global supply chains", said Luo Wen, vice-minister of the Ministry of Industry and Information Technology.

"We believe the vast majority of companies will remain in China and deepen their development", he said.

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