China trade war escalates as latest tariffs kick in

JPMorgan CEO Trade war could reverse economic growth

"We concluded two days of discussions with counterparts from China and exchanged views on how to achieve fairness, balance, and reciprocity in the economic relationship", White House spokeswoman Lindsay Walters said in a brief emailed statement.

Beijing began implementing the new tariffs on Thursday, when the U.S. said it would begin collecting extra duties in retaliation for what it claimed were unfair Chinese trade practices.

USA president Donald Trump has threatened to target all $500bn of Chinese imports unless Beijing agrees to sweeping changes to its intellectual property practices over what his administration alleges are unfair trade practices.

The most painful perhaps is the tariff on United States soybeans, which chokes off a key export market for American farmers, who shipped US$14 billion of the beans to China past year.

Beijing hit back with tariffs on an equal amount of United States goods, targeting iconic products such as Harley-Davidson motorcycles, dump trucks and asphalt, among hundreds of others.

Still pending is the possibility of new duties on an additional $200bn worth of Chinese imports, which are the subject of public hearings in Washington this week.

The latest action completes the first round of $50 billion in Chinese products that President Donald Trump targeted, with Beijing striking back at American products dollar-for-dollar at each step.

U.S. Treasury officials have been working on a revised list of American demands in the lead-up to this week's meetings, according to people familiar with the U.S. preparations. "To be honest, the Chinese society has no expectation that China and the US can quickly reach a deal to end the trade war", it said, adding that China was ready to endure the fallout from protracted trade tensions.

The US has fired its latest trade salvo at China, implementing a 25% tariff on another $US16 billion worth of Chinese goods.

However, Trump on Monday told Reuters in an interview he did not "anticipate much" from this week's talks.

"In order for us to get a positive result out of these engagements, it's really critical that they (China) address the fundamental concerns that we have raised", the official said on a press call on the new USA security review law for foreign acquisitions.

The administration has already been forced to announce a $12 billion aid programme for farmers hurt by the trade row, as United States agricultural products, like soybeans, were an easy target for China and others. Beijing responded with similar penalties on the same amount of American goods. -China relations at the Center for Strategic and International Studies in Washington.

The US moves were "clearly suspected" of violating World Trade Organisation rules, the commerce ministry said in a statement, adding that it would file a lawsuit against them under the WTO's dispute resolution mechanism.

This week's talks are also taking place as hundreds of executives and officials from USA companies, trade groups and other entities have descended on Washington to weigh in on the administration's planned tariffs on the additional US$200 billion in Chinese imports.

He said: "I think China is manipulating their currency, absolutely". That effort, however, has been resisted by other parts of the Trump administration and it is unclear whether they will be ready to be presented to the visiting Chinese delegation. China's retaliatory tariffs apply to United States goods including coal, petrol, vehicles, motorcycles and medical equipment.

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