Trump allies dismiss China's olive branch as trade war fears spiral

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Mr Li's anxious remarks came after US President Donald Trump announced on Monday night Washington's decision to issue new hefty tariffs on $200billion worth of Chinese goods.

Trump said that he was always willing to make a better deal with China on trade, but warned them from trying to hurt farmers, ranchers, and industrial workers.

Chinese officials "are generally confused", said Raúl Hinojosa-Ojeda, a trade specialist at the University of California, Los Angeles, who has been traveling around China speaking with officials, businesspeople and workers.

Despite this threat, China's commerce ministry said today that it had no choice but to retaliate against United States trade tariffs, adding that it hopes the USA will realize the negative consequences of its actions and correct its behavior. "So, I'm just hoping you know, our country is going to get stronger".

The two countries have already imposed import taxes on US$50b worth of each other's goods.

U.S. President Donald Trump delivers his speech as he and China's President Xi Jinping meet business leaders at the Great Hall of the People in Beijing in 2017.

China will reject new trade talks if Trump moves ahead with the $200 billion round of duties, throwing into doubt the prospect of a diplomatic breakthrough, two people familiar with the matter said this week.

Foreign Ministry spokesman Geng Shuang said United States steps have brought "new uncertainty" to talks between both countries.

As Trump has pursued his confrontation trade policy, China, Canada, Mexico and the European Union have all fought back, and have targeted goods seen as hitting areas loyal to Trump, including soybeans, bourbon, and blue jeans. If that occurs, Trump has said he will "immediately" begin the process of applying tariffs to all Chinese items entering the United States. The administration is targeting a bewildering variety of goods - from sockeye salmon to baseball gloves to bamboo mats - forcing US companies to scramble for suppliers outside China, absorb the import taxes or pass along the cost to their customers.

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"United States has run $10 trillion worth of trade deficits in the last 20 years".

And how all that plays out could determine whether Trump's negotiating gamble proves a triumph or a failure.

In a memorandum announcing the move, Trump claimed that the country 'conducts and supports unauthorised intrusions into, and theft from, the computer networks of USA companies [which] provide the Chinese government with unauthorised access to intellectual property, trade secrets, or confidential business information, including technical data, negotiating positions, and sensitive and proprietary internal business communications, and they also support China's strategic development goals, including its science and technology advancement, military modernisation, and economic development, ' among other claimed offences. As a result, China may decline Treasury Secretary Steven Mnuchin's invitation and not send a delegation, the South China Morning Post reported on September 18.

Trump imposed 25 percent duties on $50 billion of Chinese products in July. Share prices have dipped, only to then resume their growth, in part because of deep corporate tax cuts that took effect this year and a solid US economy in its 10th straight year of expansion. -China commercial relationship after almost four decades of growing interdependence would ripple through the global economy, shaking financial markets, reordering business supply chains and perhaps even raising the danger of military conflict, analysts said. "They hope to change US presidents", Xia argued.

"The goal of the tariffs is to modify China's behavior", Commerce Secretary Wilbur Ross said on CNBC.

Since coming to power Trump has pursued Beijing, complaining about its huge trade surplus with the U.S., accusing Chinese companies stealing American intellectual property and forcing USA firms to transfer technology to gain market access.

U.S. Commerce Secretary Wilbur Ross said on Tuesday the next step on holding "constructive negotiations" was up to China.

USA officials say the World Trade Organization, the global trade regulator, is antiquated and unable to deal with complaints about Chinese-style industrial policies.