Pompeo: US Would Win Trade War with China

Pompeo: US Would Win Trade War with China

"We are going to win it", Trump's Secretary of State Mike Pompeo said of the trade war on "Fox News Sunday".

The charges came in a white paper published by China's cabinet, the State Council, and claimed the USA had turned toward "unilateralism, protectionism and economic hegemonism" as Trump pursues his "America First" agenda.

Donald Trump's tariffs on another $200 billion of Chinese imports took effect on Monday, September 24, with Beijing accusing Washington of "economic intimidation" as the standoff between the world's top two economies clouds the global outlook.

China slammed the USA on Monday over its "trade bullyism" after $200 billion worth of tariffs went into effect, prompting Beijing to enact retaliatory tariffs on $60 billion in American imports.

China outlined a matching bump in tariff rates for its targeted $60 billion of U.S. goods, but it is running out of options to even the score on Trump's threatened third wave of tariffs.

Earlier, both sides had slapped additional tariffs of worth $50 billion on each other's products.

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The ministry's list includes big-ticket items like liquefied natural gas, lumber and electronics as well as everything from peppermint oil to pig hides to cocoa butter to condoms. Beijing has denied that United States firms are forced to transfer technology and sees Washington's demands on rolling back its industrial policies as an attempt to contain China's economic rise.

Several rounds of Sino-US trade talks in recent months have yielded no major breakthroughs and attempts at arranging another meeting in coming weeks have fallen through.

Beijing had prepared to send Vice Premier Liu He, the country's top-ranking economic official, to Washington next week, along with a mid-level delegation to prepare for his visit, the Wall Street Journal reported. The tariffs threaten China's status as a lowcost production base that, along with the appeal of the fast-growing China market, drew many companies to build factories and supply chains in the country over the past several decades.

Economists warned that a protracted bilateral dispute would eventually harm growth not just in the USA and China, but across the broader global economy.

"While further negotiations between USA and Chinese officials are likely, we believe additional tariffs remain the most likely outcome", Goldman said.

"It would look weak both to the United States and at home", he said, adding that there is "sufficient stimulus in the pipeline" to limit the damage of the latest tariffs on China's economy.

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