U.S. tariffs on $200bn worth of Chinese goods and retaliatory taxes by Beijing on $60bn worth of USA products kicked in on Monday as the trade dispute between the world's two biggest economies escalated, unnerving global financial markets.
President Donald Trump's latest round of tariffs on roughly $200 billion worth of Chinese goods kicked in on Monday, bringing the total amount of Chinese goods faced with tariffs up to approximately $250 billion.
Monday's USA tariffs hit a wide swathe of products including Chinese-made voice data receivers, computer memory modules, automatic data processors, and accessories for office equipment such as copiers and banknote dispensers - instantly making widely used goods more expensive.
Beijing has struck back with each step, hitting $110 billion worth of USA goods, or almost everything China buys from the United States.
The latest of Trump's tariffs against China are on another US$200 billion of Chinese imports.
As China called off planned trade talks with US officials, the latest round of retaliatory tariffs went into effect on Monday.
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.
Wang Shouwen made the remarks at a press conference in Beijing aimed at highlighting a newly issued government policy paper on bilateral trade frictions, in which China portrays itself as a victim of U.S. protectionism and bullying. "If this continues, it will destroy in an instant the gains of the last four decades of China-US relations".More news: Days To Go - Texas Senate Race Moves To "Toss Up"
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The Chinese government's top diplomat also told business people at a meeting in NY that talks could not take place against the backdrop of "threats and pressure", the Foreign Ministry said.
Germany has outpaced the United States as the top exporter of vehicles to the Chinese market, Beijing's Commerce Ministry said, citing current Sino-American trade tensions as the major reason for the decline in the USA share.
However, the trade war risks disrupting global supply chains and throwing them into chaos, Luo said.
According to the minister, trade measures introduced by the White House over recent months have been damaging not only for China, but for the United States as well. Though Beijing has not revealed what such steps might be, business executives and analysts say it could withhold exports of certain products to the United States or create more administrative red tape for American companies operating in China. Here's what's different in this administration: "to the extent one wants to call this a trade war, we are determined to win it", Pompeo said on "Fox News Sunday".
"It would look weak both to the United States and at home", he said, adding that there is "sufficient stimulus in the pipeline" to limit the damage of the latest tariffs on China's economy.
China will "earnestly reduce taxes and burdens for companies and strive to optimise the business environment", he added.
"As such, it is an attractive prospect for other countries, including the United States, to coexist with China peacefully".