(Joe McDonald – Associated Press)
China and the United States imposed new tariff hikes on each other’s goods Monday and Beijing accused Washington of bullying, giving no sign of compromise in an intensifying battle over technology that is weighing on global economic growth.
U.S. regulators went ahead with a planned 10 percent tax on a $200 billion list of 5,745 Chinese imports including bicycles and furniture. China’s customs agency said it responded at noon by beginning to collect taxes of 5 or 10 percent on a $60 billion list of 5,207 American goods, from honey to industrial chemicals.
The conflict stems from U.S. President Donald Trump’s complaints Beijing steals or pressures foreign companies to hand over technology.
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 U.S. industrial leadership. Click here to read more.
- U.S. and China Clobber Each Other With Biggest Sets of Tariffs Yet (Washington Post)
- China Cancels Trade Talks With U.S. Amid Escalation in Tariff Threats (Wall Street Journal)
- China Releases White Paper on Facts and Its Position on Trade Friction With U.S. (Xinhua)
- China Accuses U.S. of ‘Bullying’ on Trade But Calls for Cooperation (South China Morning Post)
- Trump’s Trade War Proves Costly for Investors, Except in the United States (Globe & Mail)
- Trump’s Overconfidence May Bring ‘Major Miscalculation’ – JPMorgan (Bloomberg)
- China Is Confronting New U.S. Hostility. But Is It Ready for the Fight? (New York Times)