© AP Photo / Andy Wong, File
ASIA & PACIFIC
The United States and China imposed new tariffs on each other's goods on Monday, as the world's two biggest economies showed no sign of backing down from an escalating trade dispute that has left global financial markets in disarray.
China's state council published a white paper on its ongoing bilateral trade disputes with the United States at 1 p.m. local time (05:00 GMT), Xinhua News Agency reported.
"The US shamelessly began to preach unilateralism, protectionism and economic hegemony, and also began to make false accusations against many countries and regions, in particular, China, intimidating other states through economic measures such as the imposition of duties and undertaking attempts to impose its own interests on Beijing by exerting extremely strong pressure," the document said.
Washington has imposed tariffs on $200 billion worth of Chinese goods and Beijing has responded with retaliatory tariffs on $60 billion in US imports.
"As a result, trade and economic tensions between the two sides have escalated in a short period of time, which has seriously damaged the trade and economic relations which were developed over the years through the joint work of the governments and peoples of the two countries. This has created a serious threat to the multilateral trading system and the principles of free trade," Beijing's white paper said.
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