China Says Can't Hold US Trade Talks With "Knife To The Throat"

Sports utility vehicles waiting to be exported are seen at a port in Lianyungang Jiangsu province China

United States tariffs on $200bn worth of Chinese goods and retaliatory taxes by Beijing on $60bn worth of USA products kicked in on Monday as the trade dispute between the world's two biggest economies escalated, unnerving global financial markets.

The response, which came just over an hour after the USA imposed new duties on US$200 billion in Chinese goods on Monday, underscores a deepening gulf between both governments in a dispute that observers say is less about a row over a bilateral goods deficit and increasingly about a USA desire to put the brakes on China's economic ascent.

Chinese products hit with fresh U.S. duties include everything from vacuum cleaners to internet-enabled devices, while USA goods targeted by China include liquefied natural gas and certain types of aircraft.

China's President Xi Jinping and US President Donald Trump are engaged in a bitter trade dispute.

After the latest round of tariffs came into affect the amount of Chinese goods coming into the ambit of Trump's duties stood at $250 billion with a potential to reach a total of $512 billion.

Terming Washington's actions "bullying", Beijing quickly responded that it would retaliate with penalties of the same scale on American goods - and it spelled out details to impose tariffs on 545 U.S. exports, including farm products, autos and seafood, according to the Xinhua state news agency.

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 USA industrial leadership.

About $50 billion in tariffs have already been applied, potentially disrupting global supply chains, since the United States' first round of tariffs were imposed in July.

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Ford and deprive her of the ability to make a considered decision that has life-altering implications for her and her family". Ford committed to an "open" hearing after negotiators convened a call on Sunday, her attorneys said in a statement.

Beijing hit out at Washington for employing "trade bullyism practices" and "intimidating other countries through economic measures".

"The trade war is now a reality", said Fitch economist Brian Coulton. The tax is to be raised to 25 percent at the end of the year.

He said Tuesday the U.S. measures "have made it impossible for the negotiations to proceed" and blamed the USA for abandoning a consensus on trade that was struck in May, but was quickly followed by new United States tariffs. Beijing has denied that USA firms are forced to transfer technology and sees Washington's demands on rolling back its industrial policies as an attempt to contain China's economic rise.

China has postponed weekend trade talks with the United States. Past year the USA spent $3.15 billion on them. Bloomberg reported that the white paper stated that trade negotiations "cannot be carried out under the threat of tariffs", suggesting talks between the two sides are unlikely.

The trade tensions have also cast a pall over broader relations between Beijing and Washington, with the two sides butting heads on a growing number of issues.

China on Saturday called off planned trade talks with U.S. officials with a move by the U.S. State Department to sanction China's defense agency and its director on Thursday contributing to the decision, according to people familiar with the situation.

Trump has hit 12 percent of total USA imports this year alone. That comes just weeks after tech giant Apple unveiled its new product line, which includes an updated smartwatch that has drummed up consumer interest.

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