China says it won't hold trade talks unless Trump stops threats

China says it won't hold trade talks unless Trump stops threats

China says it won't hold trade talks unless Trump stops threats

Trump imposed tariffs for the first time in March this year, levying 25 percent on steel imports and 10 percent on aluminum.

On the contrary, Bank of America Merrill Lynch has forecasted that the trade war will damage the U.S. economy, resulting in the bullion to reach an average valuation of $1,350 an ounce (currently at $1,198.36 an ounce) in 2019.

"The hardening US stance against China and the new consensus in Washington that Beijing is a competitor instead of a partner means that the Taiwan issue will acquire renewed importance in US-China relations".

The U.S. imported more than $9 billion worth of furniture from China in 2017.

It leaves Beijing hitting US$110 billion worth of United States goods, almost everything it buys from the US.

As the trade war has raged on and tariffs have been slapped on more and more U.S. imports from China, U.S. consumer goods have been feeling more of the pain.

American officials say Chinese plans for state-led development of global competitors in robotics and other technologies violate its market-opening obligations and might erode US industrial leadership.

The conflict stems from U.S. President Donald Trump's complaints Beijing steals or pressures foreign companies to hand over technology. Beijing's vice premier Liu He was proposed to meet with the Trump administration in Washington to have mid-level trade talks.

Rob Carnell, ING's chief Asia economist, said in a note to clients that in the absence of any incentives Beijing would likely hold off on any further negotiations for now. A protracted trade war will fuel inflation in the US, particularly as tariffs are added to categories such as furniture, apparel and technology, according to analysts at Bloomberg Intelligence.

The US recently sanctioned a Chinese military procurement organisation, drawing a sharp protest from Beijing and a decision to postpone planned military talks. A year ago the US spent $3.15 billion on them.

These accusations against China have poisoned the atmosphere of Sino-US ties, Wang Yi added.

China may also be waiting for USA mid-term elections early next month for any hints of changes in Washington's policy stance, Carnell added.

The remark follows a string of inflammatory remarks from Chinese policymakers following the introduction of new tariffs on Chinese imports from the United States on Monday.

Bloomberg reported that the China Daily, Beijing's official English newspaper, paid for a four-page advertising supplement on Sunday in the Des Moines Register - the largest newspaper in the politically important state of Iowa - that highlighted the impact of the trade war on soybean farmers. Instead, it has warned of "qualitative" measures to retaliate. Business groups say American companies also report Chinese regulators are starting to disrupt their operations through slower customs clearance and more environmental and other inspections.

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