'President's folly': China reaches into United States heartland in trade war

'President's folly': China reaches into United States heartland in trade war

But Trump has taken an increasingly hard line on trade around the world, with $200 billion (R2 863 300 000 000,00) in tariffs on Chinese exports set to take effect on Monday.

Soon after the new duties went into effect, China accused the U.S. of engaging in "trade bullyism" and said it was intimidating other countries to submit to its will, the official Xinhua news agency said, reiterating China's willingness to fight if necessary.

The company representatives and other sources spoke on condition of anonymity because of the sensitivity of the issue.

The new messaging from Beijing came hours after the U.S. imposed new tariffs on $200 billion worth of Chinese goods, drawing a pledge of tit-for-tat action from Beijing. Mr Trump has warned that the 10 per cent tariffs on US$200 billion in Chinese goods will rise to 25 per cent in January if Beijing refuses to offer concessions.

Ironically, the document was unveiled during the Mid-Autumn Festival period, a major holiday in China.

At SK Hynix, which makes computer memory chips, work is under way to move production of certain chip modules back to South Korea from China.

"The trade war is now a reality", said Fitch's chief economist, Brian Coulton, in a report.

In the 36,000-character white paper on Monday, which Beijing said was meant to clarify the facts on bilateral economic ties and set out its stance and reasonable solutions, it pointed out that bilateral trade relations were of great significance not just to both countries, but the world.

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As the latest round of United States tariffs on China, a 10% levy targeting $200 billion in imported goods, comes into play starting at midnight Washington DC time, China is flat-out rejecting proposals for trade talks with the US.

Chinese leaders have announced changes this year including tariff cuts and plans to end ownership limits in their auto industry.

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".

"We are under no pressure to make a deal with China, they are under pressure to make a deal with us", he wrote, adding: "If we meet, we meet?" Beijing has repeatedly denied the charge.

"The Trump administration must get its position straight though - what does it want from China, and who is empowered as a negotiator by President Trump to bring the deal home?"

Neither side has backed down since the tit-for-tat tariff war began in July when the United States imposed duties on US$34 billion of Chinese goods.

It leaves Beijing hitting $110 billion worth of U.S. goods, almost everything China buys from the United States.

Some analysts say there is also a risk that China could allow its yuan currency to weaken again to cushion the blow to its exporters.

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