Alwaght- China has reportedly cancelled trade negotiates with the US after Donald Trump's administration slapped tariffs on $200 billion worth of imports from China and threatened more if Beijing dares to retaliate.
Wall Street Journal reported china has scrapped Vice-Premier Liu He's next week visit to Washington.
The US daily's website cited unidentified sources as saying that A mid-level delegation from China had been due to travel to the US capital to pave the way for Liu’s trip, and that visit has been scrapped as well.
Trump has cautioned the world’s second-largest economy to think twice before engaging in a trade war in which, he claims, the US has “more bullets.”
"We’re going to go $200 billion at 25 percent on Chinese made goods. And we will come back with more if they retaliate. We have a lot more to come back with,” Trump told a packed rally in Missouri for Republican Senate candidate Josh Hawley.
"We are cracking down on the unfair trade practices of China… We have rebuilt China. We have given them such wealth. And we are changing it,” Trump told the cheering crowd. “So we charged 25 percent on $50 billion worth of merchandise tariffs coming in. And then they said, 'We're going to do the same thing'. And I've said: 'That is okay. We have far more bullets'."
China said it will institute new tariffs on US goods worth $60 billion from September 24, after the US administration slapped new levies on Beijing’s exports.
While both the Chinese and US measures are set to go into effect Monday, Trump previously noted that the initial 10 percent tariffs would rise to 25 percent on January 1, 2019. The world’s two largest economic superpowers have already applied tariffs on $50 billion of each other's imports.
While the US keeps accusing China of refusing to buy American products to maintain a “fair” trade balance, Beijing is complaining that Washington’s protectionist practices are detrimental to the entire global economy – and has even taken up the issue with the World Trade Organization.
