China will "never surrender" in trade row

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China's move to hike tariffs came in response to the U.S.'s decision last week to increase levies on US$200 billion in Chinese imports to 25 per cent from 10 per cent. Trump on Monday accused China of backing out of a deal that was taking shape with USA officials, saying Beijing reneged on an agreement to enshrine a wide range of reforms in Chinese law.

China's announcement earlier Monday of its plans to raise duties on some $60 billion in American imports starting June 1, defied a call from Trump to resist escalating the trade war.

"China's adjustment on additional tariffs is a response to United States unilateralism and protectionism", its finance ministry said.

The move comes three days after the U.S. more than doubled tariffs on $200 billion of Chinese imports. "We have the confidence and the ability to protect our lawful and legitimate rights", foreign ministry spokesman Geng Shuang told a daily news briefing.

US tariffs previous year triggered retaliation by China, which imposed 25% levies on $50 billion worth of USA products including soybeans, beef and pork and lower tariffs on a list of$60 billion in goods.

In April 2019, the United States said it wanted to put tariffs on $11.2 billion worth of goods from the EU.

Stocks plunged in trading Monday after China announced retaliatory tariffs on USA goods and as prospects for a deal to avert a trade war seemed more remote. He said officials might be anxious companies may shift operations out of China in response to "aggressive retaliatory actions".

Trump started raising tariffs last July over complaints China steals or pressures companies to hand over technology.

"We have said many times that adding tariffs won't resolve any problem".

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In the short term, the USA insistence on a protectionist mentality will highlight the importance of the Belt and Road Initiative (BRI) to Asian, Latin American and African countries. On Monday he said, "We're dealing with them".

Trump has accused China of reneging on commitments it made during months of trade negotiations, which Beijing has denied.

Trump warned China not to intensify the trade dispute and urged its leaders, including President Xi Jinping, to continue to work to reach a deal. Not only has the USA not provoked China over trade, but Washington is also decades late in trying to level the trade playing field.

In the middle of the negotiations last week, Trump hiked tariffs on $200 billion of Chinese goods to 25% from 10%.

The response was announced after Trump on Monday warned Beijing not to retaliate.

"It's US businesses and USA consumers who pay, correct?' asked 'Fox News Sunday" host Chris Wallace.

President Trump said Monday he would meet with presidents Vladimir Putin of Russian Federation and Xi Jinping of China at the G20 summit in Japan this June.

The president insisted over the weekend that a robust 3.2 per cent growth in the American GDP is tied to his aggressive tariff policy, and suggested Monday that China has far more to lose than the U.S.

Chinese officials have invited the top US envoys - Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin -to Beijing, Kudlow said on Fox News. Consumer spending accounts for more than two-thirds of USA economic activity.

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