China won’t hold trade talks unless Donald Trump stops threats

The United States has put

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.

US tariffs on $200 billion worth of Chinese goods and retaliatory taxes by Beijing on $60 billion worth of USA products including liquefied natural gas (LNG) kicked in on Monday, unnerving global financial markets.

USA exporters including LNG suppliers would "certainly" be hurt, but Beijing's retaliation would provide opportunities to other LNG-exporting countries, Wang Shouwen said, adding that Australia is an important source of the fuel for China.

US Treasury Secretary Steven Mnuchin had invited Chinese officials to hold new talks, but President Donald Trump's latest salvo - and warnings that another $267 billion of goods being lined up - appear to have scuttled that effort.

The latest volley against Beijing brings the amount of goods hit by duties to more than US$250 billion, about half of China's United States exports, with USA consumers set to increasingly feel the pain.

Terming Washington's actions "bullying", Beijing quickly responded that it would retaliate with penalties of the same scale on American goods - and it spelled out details to impose tariffs on 545 U.S. exports, including farm products, autos and seafood, according to the Xinhua state news agency.

US representatives there included Blackstone Group LP (BX.N) co-founder and Chief Executive Stephen Schwarzman and Mastercard Inc (MA.N) Chief Executive Ajay Banga, the National Committee on United States-China Relations said on its website.

"While these actions seem to be already priced in, investors are becoming increasingly anxious that the trade war may enter phase III", Hussein Sayed, the chief market strategist at trading platform FXTM, said in an email on Monday morning. The new tariffs begin at 10 percent, then will rise to 25 percent on January 1, 2019.

He said Tuesday the U.S. measures "have made it impossible for the negotiations to proceed" and blamed the USA for abandoning a consensus on trade that was struck in May, but was quickly followed by new United States tariffs.

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Even before Trump's election, the United States has complained vigorously that China has been unfair to U.S. businesses and has stolen technology by forcing firms to reveal secrets as a condition to operate in the fast-growing Asian economy.

"If this continues, it will destroy in an instant the gains of the last four decades of China-U.S. relations", Wang told members of the U.S. There's a growing consensus in Beijing that substantive talks will only be possible after US mid-term elections in November, the people said.

The two are also at odds over Beijing's wooing of Taiwan's diplomatic allies, treatment of religious groups and claims to disputed islands in the South China Sea.

The trade tensions have also cast a pall over broader relations between Beijing and Washington, with the two sides butting heads on a growing number of issues.

These accusations against China have poisoned the atmosphere of Sino-US ties, Wang Yi added.

"Protectionist US trade policies have now reached the point where they are materially affecting what remains a strong global growth outlook", the agency said in a report Friday.

A swathe of products are on the hit list, 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.

China imports far less from the United States, making a dollar-for-dollar match on any new U.S. tariffs impossible.

Still, China has other methods of retaliation open to it.

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