President Trump's Latest Tariffs on Chinese Goods will Hurt Consumers

China flag US flag

China flag US flag

As the Trump administration escalated the ongoing trade conflict, government officials from Beijing on Monday accused the White House of engaging in "trade bullyism" to intimidate other countries into submission, as reported by Reuters. China has promised to respond with tariffs on $60 billion worth of United States imports.

The Chinese tariffs are a response to President Donald Trump's strategy to pressure Chinese companies to adjust trade practice which he says are damaging US businesses. China has responded with tariffs on United States goods worth $110 billion and declined an invitation for talks this week.

Although a senior White House official said last week the United States would continue to engage China "for a positive way forward", neither side has signaled any willingness to compromise. The Trump administration has also called on China to allow US companies greater access to Chinese markets and to cut its USA trade surplus.

Businesses have already expressed concerns over new tariffs, which they say could disrupt worker visa applications, delay licenses and increase port inspections.

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Separately on Monday, Australian investment bank Macquarie said that Mexico stands to benefit the most from rising trade tensions between the USA and China.

The US administration "has brazenly preached unilateralism, protectionism and economic hegemony, making false accusations against many countries and regions, particularly China, intimidating other countries through economic measures such as imposing tariffs", Xinhua quoted the State Council's white paper as saying.

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. A senior White House official said last week the USA will continue to engage China, but added there was no date for further talks.

President Trump officially arrived at the annual United Nations General Assembly in New York City late Sunday evening and kicked things off Monday morning with a session on combating the global narcotics trade.

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Defiant in the face of increasing fears about the impact to the U.S. economy, Trump has threatened to hit all imports from China if it refuses to change policies he says harm USA industry, particularly the theft of American technology.

On Saturday, Beijing cancelled scheduled talks with Washington meant to defuse trade tensions.

Pompeo said that President Donald Trump "very much likes" his Chinese counterpart Xi Jinping but said he would press policies that "the American workers deserve".

Earlier, the two sides imposed 25 per cent penalties on $34 billion of each other's goods in July and another $16 billion in August.

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Trump earlier this month accused China of targeting rural voters who support his presidency by hitting agricultural goods.

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