China hits back at Pompeo; accuses United States of blackmail tactics

Trump raises stakes in trade war with China targets further $200bn-worth of imports with tariff

"Such practice of imposing extreme pressure and blackmailing is contrary to the consensus the two sides have reached through rounds of consultations, and disappoints the worldwide community", the spokesperson said.

In an editorial, the English language China Daily, often used by Beijing to get its message out to the rest of the world, said the United States had failed to honor an agreement on rebalancing trade, referencing a deal stuck in May for China to significantly increase purchases of USA goods and services.

"If the U.S. acts irrationally and issues a list, China will have no choice but to take comprehensive measures of a corresponding number and quality and take strong, powerful countermeasures", the ministry said. "President Trump has given China every chance to change its aggressive behavior".

Navarro also disputes any notion that the trade standoff would damage the broader relationship with China. American officials said they would suspend threatened tariff increases on up to $150 billion of Chinese goods.

The Trump administration has already imposed punishing tariffs on imports of steel and aluminum from Canada, Mexico and the European Union, using national security as a justification. The White House said on Monday evening that if China goes through with its promise to retaliate against the USA tariffs announced last week, Washington will impose new tariffs, the Washington Post reported.

"These tariffs will go into effect if China refuses to change its practices, and also if it insists on going forward with the new tariffs that it has recently announced", Trump said in a statement.

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"Rather than altering those practices, it is now threatening United States companies, workers and farmers who have done nothing wrong".

In another surprise move, Chinese smartphone marker Xiaomi said before the market open on Tuesday that it would postpone its application for a mainland share offering until after it completes a separate listing in Hong Kong.

While there are no winners in a trade war, the USA is focused on protecting United States technology and sees the tariffs on Chinese tech products as a legitimate action.

Futures on main euro zone benchmarks were trading down 0.2-0.5 per cent as investor angst about the outlook for economic growth filtered through to European stocks. "It's an unprecedented level of larceny". They also favored bonds.

Cooperation between China and the United States on the North "will become very complicated and very hard", Cheng said.

"This is predatory economics 101, and many other countries have recognized this".

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The Chinese Embassy in Washington did not respond to a request for comment. "President (Donald) Trump is now working to re-shift this balance", Pompeo was quoted as saying.

In essence, they said, consumers are likely to pay more for goods that are subject to tariffs and buy less as a result, which would slow the growth of the USA economy.

"When you get in a fight with your biggest buyer of agriculture, and the world's largest soybean buyer (China), even if (it) were to buy 20 percent less, it's a big deal", said Dan Basse, president of Chicago-based consultancy AgResource Co.

They could all become subject to restrictions should tensions snowball into an all-out trade war with the United States, analysts say.

Beijing had agreed to buy goods worth $70 billion and to invest more in USA infrastructure if Washington agreed to withdraw its tariffs.

Mr Pompeo on Monday described U.S. actions as "economic diplomacy", which, when done right, strengthens national security and global alliances, he added. "We do our best to call out unfair economic behaviors as well".

Trump's policies have caused high oil prices
A decision to increase output could be taken even with Iran refusing to sign up, as has happened before in OPEC. Ecuador said OPEC and its allies could agree to a compromise increase in output of around 0.5-0.6 million bpd.

Highlighting concerns over liquidity and potential economic drag from a trade war with the United States, China's central bank on Tuesday lent 200 billion yuan ($31 billion) to financial institutions via its medium-term lending facility (MLF).

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