Pompeo: US Would Win Trade War with China

Chinese President Xi Jinping left and President Trump attend a welcome ceremony in Beijing on Nov. 9 2017

Chinese President Xi Jinping left and President Trump attend a welcome ceremony in Beijing on Nov. 9 2017

Beijing's retaliatory tariffs on $60 billion in American goods were set to go into effect soon after the United States action, the finance ministry announced last week. China has promised to respond with tariffs on $60 billion worth of U.S. imports.

The US on Monday imposed duties on another US$200 billion (S$273 billion) of Chinese imports, prompting China to respond by slapping tariffs of its own on US$60 billion of US goods.

Earlier, both sides had slapped additional tariffs of worth $50 billion on each other's products.

The United States and China imposed fresh tariffs on each other's goods on Monday as the world's biggest economies showed no signs of backing down from an increasingly bitter trade dispute that is expected to knock global economic growth.

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Among the US items expected to be hardest hit, according to an analysis from the Trade News Centre, are printed circuit boards, desktop computers, computer parts and metal and wooden furniture.

"The implementation of President Trump's tariffs and the Chinese reaction to cancel talks in the face of the US President's decision should force investors to come to grip with reality", Konstantinos Anthis, head of research at ADSS, said in an email on Monday. China responded by adding $60 billion of US products to its import tariff list.

As China called off planned trade talks with USA officials, the latest round of retaliatory tariffs went into effect on Monday.

However, the Wall Street Journal, citing unnamed sources on Friday, said Beijing changed its mind about sending Liu after US President Donald Trump on Tuesday announced a new round of tariffs on $US200 million ($A274 million) of Chinese goods. The tariffs threaten China's status as a lowcost production base that, along with the appeal of the fast-growing China market, drew many companies to build factories and supply chains in the country over the past several decades.

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Economists warn that a protracted dispute will eventually stunt growth not just in the United States and China but across the broader global economy.

This week the U.S. sanctioned a Chinese military procurement organization, drawing a sharp protest from Beijing and a decision to postpone planned military talks.

"With generic polls favouring the Democrats, they may feel that the trade environment will be less hostile after 6 November".

"Following President Trump's threat of further escalation, we now think the probability that all imports from China will ultimately be subject to tariffs has risen to 60 percent", the bank's analysts wrote in a research note, quoted by media.

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Trump earlier this month accused China of targeting rural voters who support his presidency by hitting agricultural goods.

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