China urges US to show sincerity, correct behaviour in trade actions

China vows to retaliate against Trump's tariffs on $200 billion of Chinese goods

But the dispute between the world's top two economies has swiftly escalated since Trump took office, with a series of tit-for-tat tariffs imposed on billions of dollars' worth of goods by both countries. Trump is prepared to go even higher, saying Tuesday that he's ready to impose duties on another $267 billion in Chinese imports.

But, there is much more to the picture than that, as $50 billion worth of tariffed imports from China were put in place earlier this year. He did not elaborate.

"We are cracking down on the unfair trade practices of China..."

Last year, China imported just $130 billion of goods from the United States, leaving Beijing with now only around $80 billion of imports to work with, but Trump's latest move will see 10 percent tariffs slapped on $200 billion of Chinese imports.

However, this USA assumption is based on a lack of understanding of China's economy and policies. Those plans include "Made in China 2025", which calls for creating powerful Chinese entities to compete in robotics and other fields. The move could also strike a blow in the ongoing trade war with the United States, but it is not clear how many USA imports already targeted by Beijing could benefit from reduced tariff barriers if they enter China through a third country. But our position is that China's policies need to be revised to be more like that of a modern developed economy...fair market access for all. American companies say regulators are already starting to disrupt their operations.

The trade gap means China will run out of US imports to tax while the USA still has plenty of Chinese imports to target.

Hundreds of US businesses spoke at public hearings last month in opposition to the rising tariffs, saying they would price them out of business.

In the 14-page survey report, regulatory issues presented a significant challenge for foreign companies in China, highlighted by the Trump administration's Section 301 report.

"This is the point where we move from very small effects to something that's more notable", said Lewis Alexander, an economist at Nomura Securities.

But, Beijing denied Trump's allegations.

"In a revealing analysis on the Business Insider website, journalist Mary Hanbury shows how "'s tariffs are forcing US manufacturers to raise their prices.

"If he does that, we're just headed inevitably for an economic cold war with China", economist Gary Hufbauer of the Peterson Institute for International Economics, told The Washington Post.

Zarit stressed that Beijing might be able to "dig its heels in" while preventing a short-term resolution to the current trade conflict, adding that "no one will emerge victorious from this counterproductive cycle". The tariffs focused on industrial products, not on things Americans buy at the mall or via Amazon.

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