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China scraps trade talks with the US as tariff threats escalate

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trump china tariffs 2x1iStock;
David Becker/Getty Images; Samantha Lee/Business
Insider

  • China has scrapped upcoming trade talks with the US and
    will not send vice-premier Liu He to Washington, DC, next
    week.
  • Earlier this week, China slapped import tariffs on $60
    billion of US products in retaliation for US tariffs on $200
    billion of Chinese goods that are set to go into effect on
    September 24.
  • 85-95% of American exports to China now face
    tariffs.

SHANGHAI (Reuters) – China has canceled upcoming trade
talks with the United States and will not send vice-premier Liu
He to Washington next week, the Wall Street Journal reported,
citing sources.

The Wall Street Journal said a mid-level delegation was due to
travel to Washington ahead of Liu’s visit, but the trip has now
been abandoned.

Earlier this week, China added $60 billion of U.S. products to
its import tariff list as it retaliated against U.S. duties on
$200 billion of Chinese goods set to go into effect from
September 24.

“In order to safeguard its legitimate rights and interests and
the global free trade order, China will have to retaliate as a
response,” a statement from the ministry said earlier Tuesday,
before the specifics of the retaliation were released.

The Trump administration initiated the latest round
in the
US-China trade war
 overnight. When the new
tariffs take effect, over half of all Chinese goods coming into
the US will be subject to duties. The US has sought to use
tariffs to pressure Beijing to change some of its trade
practices.

“For months, we have urged China to change these unfair practices
and give fair and reciprocal treatment to American companies,”
President Donald Trump said in a statement.

“We have been very clear about the type of changes that need to
be made, and we have given China every opportunity to treat us
more fairly. But, so far, China has been unwilling to change its
practices.”

The new tariffs from Beijing are in line with what the ministry
previously threatened, and they mean 85% to
95% of American exports
 to China are now
facing tariffs.

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