Published: Wed, September 26, 2018
World News | By Laverne Osborne

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

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

Recently, China had imposed another tariff of $60 Billion in response to the $200 Billion tariff that Trump had put on Chinese goods.

Beijing has hit back with each step, hitting $110 billion worth of U.S. goods, or almost everything China buys from the United States.

The Communist Party's People's Daily said in a commentary that cooperation was the only correct option in resolving the trade conflict, noting that bilateral trade amounted to US$583.7 billion a year ago, 233 times higher than in 1979, when both countries established diplomatic ties. Barrick Gold Corp.'s stock rose more than 2 percent in premarket trading on the news it is buying Randgold, whose shares jumped more than 6 percent, to create the world's biggest gold miner.

China is poised to retaliate with tariffs on US$60 billion in USA goods, a move that Trump has said would spur new duties on another US$267 billion in Chinese imports.

Global stock markets were down on Monday after China reportedly rebuffed a plan for talks with the USA on resolving their dispute over trade and technology. US exports of goods to China amounted to $129.89 billion in 2017, an increase of 577 percent from $19.18 billion in 2001.

"In a trade war, both sides see each other as enemies, but China does not see the USA as an enemy", said Prof Hong.

It stresses that the U.S. has repeatedly intimidated other countries, particularly China, through economic measures such as tariffs.

This new tariff has brought new kind of uncertainties to U.S.

U.S. Secretary of Defense Mike Pompeo last week bragged the trade war will end when the U.S. wins. The new tariffs begin at 10 percent, then will rise to 25 percent on January 1, 2019.

Chinese police sit in their vehicle as it is parked outside an Apple store at an outdoor shopping area in Beijing Tuesday Sept. 25 2018. A Chinese trade envoy said Tuesday that talks with Washington are impossible while the United States “holds a kni
Huge US-China punitive tariffs take effect

The conflict stems from U.S. President Donald Trump's complaints Beijing steals or pressures foreign companies to hand over technology.

In a paper published today the Chinese government argued that America "has..."

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.

ANALYST'S TAKE: The criticism of Washington "suggests that China might prefer to wait out the current USA administration, rather than embarking on potentially futile negotiations", said Cheng Wei Liang of Mizuho Bank in a report.

Previous talks in late August saw little progress.

Announcing the corresponding rates last week, the Chinese government said the tariffs will come into force on 24 September.

"Doors for trade negotiations are always open, but negotiations should happen in a climate of mutual respect", - stated in the message the state Agency Xinhua News Agency. The threatening duties to a further $267 billion made in China products will hit nearly every other consumer product that includes shoes, clothes, and mobile phones.

"US unilateralism and protectionism has caused many countries to retaliate ..." Although the response was not as strict as what U.S. is doing, it means that China is replying.

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