China may reject new trade talks if more tariffs imposed


U.S. President Donald Trump said he would announce his latest plan on China tariffs after the markets close.

Trump has demanded that China cut its $375 billion trade surplus with the United States, end policies aimed at acquiring USA technologies and intellectual property, and roll back high-tech industrial subsidies.

Apple and Fitbit stocks each trimmed some losses in afternoon trading amid a broader decline on Wall Street.

China is reportedly threatening to pull out of trade negotiations if the USA levies new tariffs, and the Foreign Ministry on Monday said it would respond in kind if the U.S. were to levy fresh tariffs.

"If the USA launches any new tariff measures, China will have to take countermeasures to firmly ensure our legitimate rights and interests", foreign ministry spokesman Geng Shuang told reporters during a regular press briefing on Monday.

A gauge of global equity markets eased and the dollar slipped on Monday as an expected new round of tariffs from Washington on Chinese goods made investors skittish about an escalation of a U.S. -Sino dispute over trade.

A public comment period ended last week for the $200 billion tariff list, which included various internet technology products and other electronics, printed circuit boards, and consumer goods ranging from handbags to bicycles and furniture.

Only last week, Beijing said it welcomed overtures from USA officials offering to re-start trade talks, but press reports indicate China would call off any meetings if the new punitive duties take effect.

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The US and China have already placed penalties of $50 billion worth on each other's goods.

"He has not been satisfied with the talks with China on this".

Fresh trade talks had been proposed by Treasury Secretary Steven Mnuchin to begin around September 20.

Adding in the $200 billion list and another $267 billion of Chinese goods, total imports from China facing tariffs would exceed the $505 billion in goods that the United States imported from China a year ago.

He threatened other countries with tariffs if they didn't "make fair deals with us".

President Trump claimed cost increases because of his tariffs have been "almost unnoticeable" - but didn't mention his administration's $12 billion bailout to American farmers caught up in the trade war.

Other commentators have suggested Beijing use its holdings of USA government debt or target American companies in China. If China doesn't make concessions, the new tariffs will then jump to 25 percent, a senior administration official said.

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