Beijing has imposed rates of 5-10 per cent and warned it would respond to any rise in USA tariffs on Chinese products accordingly. We will soon be taking in Billions in Tariffs & making products at home.
This latest round of tariffs is the latest escalation of the mounting trade conflict between the world's two largest economies. "We are going to get an outcome which forces China to behave in a way that if you want to be a power, a global power. you do not steal intellectual property", Pompeo said.
Chinese products hit with new United States duties include vacuum cleaners to internet-connected devices, while USA goods targeted by Beijing include liquefied natural gas and certain types of aircraft.
The General Administration of Customs said it started collecting additional taxes of 5 and 10 percent on a $60 billion list of 5,207 American goods from honey to industrial chemicals at noon.
Treasury Secretary Steven Mnuchin had been expected to oversee the talks, which were called in hopes of easing tensions between the world's two largest economies, United States officials have said.
On Saturday China called off planned trade talks with United States officials, and there's a growing consensus in Beijing that substantive talks will be possible with the Trump administration only after the U.S. midterm elections in November, according to people familiar with the matter.
Shipping containers, including those of China Shipping, a shipping conglomerate under direct administration of China'a State Council, await transportation on a rail line at the Port of Long Beach on July 12, 2018 in Long Beach, California.
China, which has accused Washington of being insincere in the negotiations, has decided not to send Vice Premier Liu He to Washington this week, The Wall Street Journal reported late last week.
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Previous talks in late August saw little progress.
Indeed, Cold War permafrost has already descended on the International Monetary Fund.
"Protectionist US trade policies have now reached the point where they are materially affecting what remains a strong global growth outlook", a Fitch report revealed on Friday.
The products spared also include smartwatches and Bluetooth devices, like the iPhone and Fitbit, child safety products such as high chairs, auto seats and playpens, and certain health-and-safety products such as bicycle helmets, USA officials said.
"NO END IN SIGHT FOR TRADE WAR" Several rounds of China-US trade talks in recent months have yielded no major breakthroughs and attempts at arranging another meeting in coming weeks have fallen through.
The spiralling trade fight adds to the growing areas of friction between the rival powers.
This week the United States sanctioned a Chinese military procurement organisation, drawing a sharp protest from Beijing and a decision to postpone planned military talks.
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