Gold Prices Fall As US-China Trade Spat Intensifies

The economic impacts of Trump’s tariffs are often exaggerated. But they still stink

The US and China imposed another round of tariffs on each other on Monday, further escalating the trade war between the two countries.

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 on Monday.

As the trade war has raged on and tariffs have been slapped on more and more U.S. imports from China, U.S. consumer goods have been feeling more of the pain.

All signs indicate their trade war is unlikely to end anytime soon, as President Donald Trump is threatening more tariffs and China called off planned talks.

The conflict entered a new stage last week, as Washington extended the measures by imposing a 10-percent tariff on $200 billion worth of Chinese imports. China has responded with tariffs on USA goods worth $110 billion and declined an invitation for talks this week.

China's exports to the U.S. accounted for 19% of all its overseas shipments past year, according to the white paper published by China's cabinet, the State Council, on Monday.

When the talks can restart would depend on the "will" of the United States, Vice Commerce Minister Wang Shouwen said at a news conference in Beijing.

He said confrontation between China and the United States means both sides lose, and talks with Washington can not take place under threats and pressure.

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As the latest wave of China-U.S. tariffs take effect, BNN Bloomberg's Amanda Lang speaks with Leland Miller, CEO of China Beige Book, to get a better sense of the risks and opportunities of investing in China.

The door for renewed high-level trade talks between Beijing and Washington is still open but China will not agree to proceed with a "knife at its neck", Wang Shouwen, the vice-minister of commerce who led the Chinese delegation to Washington for the last round of trade talks in August, said on Tuesday.

On the contrary, Bank of America Merrill Lynch has forecasted that the trade war will damage the United States economy, resulting in the bullion to reach an average valuation of $1,350 an ounce (currently at $1,198.36 an ounce) in 2019.

"But the United States side turned the tables, abandoned those agreements and slapped restrictive trade measures [on Chinese imports], making it impossible to proceed with further talks".

High-ranking officials from several Chinese government agencies held a press conference on Tuesday as Beijing rolled out a new white paper claiming to set the record straight on trade-related facts. And President Trump has threatened to tax effectively all of China's imports to the US - a move China can't match with tariffs alone.

China targeted 5,200 U.S. goods with 5 to 10 percent tariffs, including big-ticket items such as liquefied natural gas, lumber and electronics, as well as peppermint oil, pig hides and condoms.

China will "earnestly reduce taxes and burdens for companies and strive to optimise the business environment", he added. He added that the resumption of talks was up to Washington. This is the case in other developed countries and is allowed under World Trade Organization rules, he said.

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