China accuses Trump of 'holding a knife to its throat' with tariffs

China calls US an 'economic bully' as Trump imposes $200bn of trade tariffs

Asked this month if Beijing's planned retaliation was a guarantee that Trump would go ahead with the next round of duties, White House trade adviser Peter Navarro said on NPR's Morning Edition that "the president was crystal clear in his statement: if China retaliates, the process will move forward on the additional amount".

His comments come a day after new USA tariffs took effect $200 billion worth of Chinese goods, prompting retaliatory taxes from Beijing on $60 billion worth of American products.

U.S. exporters including LNG suppliers would "certainly" be hurt, but Beijing's retaliation would provide opportunities to other LNG-exporting countries, Wang said, adding that Australia is an important source of the fuel for China.

China dashed prospects for a near-term resolution to the trade war with the USA, warning President Donald Trump his threats of further tariffs are blocking any potential negotiations.

The latest of Trump's tariffs against China are on another US$200 billion of Chinese imports.

Earlier this month, strategists at the Commonwealth Bank of Australia warned the USA could eventually apply 25% tariffs on all Chinese imports, totalling over $US500 billion per annum, resulting in a 0.4 percentage point hit to Chinese GDP growth should such an outcome eventuate.

Several senior Chinese officials attending the press conference reiterated other points in the policy paper, stressing the chaos on global trade caused by Trump's trade war and rebutting his claims of China enjoying unfair trade advantages over the US.

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Speaking a day after Washington activated tariffs on $200 billion in Chinese goods, vice commerce minister Wang Shouwen said China is open to negotiations but that the two sides must treat each other "equally and with respect". It indicates that about 70 percent of the value of goods imported from, the United States to China will face tariffs by the end of 2018.

As the latest wave of China-U.S. tariffs take effect, BNN Bloomberg's Amanda Lang speaks with Leland Miller, CEO of China Beige Book, to get a better sense of the risks and opportunities of investing in China.

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

Secretary of State Mike Pompeo seemed confident on Sunday, however, that the US would win any potential trade war with China.

The US companies now have to pay 25 percent tax for steel and 10 percent tax for aluminum if they want to import from those countries, according to Trump's new tariffs. This is not only irresponsible but has also poisoned ties, he was quoted as saying.

"The trade war is now a reality", said Fitch economist Brian Coulton.

"To improve the ability of companies to adapt, China will further reduce their [social insurance] fees and taxes", Lian said. Monday's tariff hike follows a Wall Street Journal report that Chinese officials pulled out of a meeting to discuss possible talks proposed by Washington; envoys last met August 22 in DC but reported no progress. This is the case in other developed countries and is allowed under World Trade Organization rules, he said.

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