Trump's tariffs on $200b of Chinese imports kick in

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Just an hour after the new USA tariffs on Chinese imports kicked-in on Monday, China cancelled its negotiation talks with the world's largest economy.

United States tariffs on $200 billion worth of Chinese goods and retaliatory tariffs by Beijing on $60 billion worth of USA products took effect at midday Asian time, though the initial level of the duties was not as high as earlier feared.

Beijing set its new levies on $60 billion of USA goods at 5 and 10 percent and warned it would respond to any rise in United States tariffs on Chinese products accordingly.

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.

After the $200 billion tariffs officially came into force Monday, Beijing reportedly cancelled scheduled talks with Washington, which had been meant to defuse trade tensions.

America has defended its policy, saying it is responding to Chinese state backing if its industries, which goes against worldwide trade rules.

The new tariffs will likely push up prices for U.S. businesses and consumers, according to economists, while also weighing on consumer confidence.

Additionally, the latest Assocham-World Gold Council report states that the higher minimum support price offered to farmers (which will increase their purchasing power) could push the gold prices in India by 25 percent in the second half of the financial year 2018-19.

The US is "making false accusations against many countries and regions, particularly China, intimidating other countries through economic measures such as imposing tariffs".

But in a policy statement issued just hours after the dual tariffs took effect, Beijing accused Washington of using tariffs as a means of intimidating other countries to submit to US wishes on economic matters. Bloomberg reported that the white paper stated that trade negotiations "cannot be carried out under the threat of tariffs", suggesting talks between the two sides are unlikely.

"NO END IN SIGHT FOR TRADE WAR" Several rounds of China-US trade talks in recent months have yielded no major breakthroughs and attempts at arranging another meeting in coming weeks have fallen through.

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

Though a senior White House official last week said the United States will continue to engage China for a "positive way forward", neither side has signalled willingness to compromise.

Speaking to Fox news on Sunday, he said: "To the extent one wants to call this a trade war, we are determined to win it".

Nearly half of China's imports are now subject to U.S. taxes.

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". Though Beijing has not revealed what such steps might be, business executives and analysts say it could withhold exports of certain products to the United States or create more administrative red tape for American companies operating in China.

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