China accuses US of ‘trade bullyism’ as new tariffs kick in

China chastised the U.S. on Monday for engaging in what it deemed “trade bullyism” as $200 billion worth of tariffs went into effect, ratcheting up a trade war between the world’s two largest economies.

Reuters reported that China’s State Council blasted the Trump administration, saying it “has brazenly preached unilateralism, protectionism and economic hegemony, making false accusations against many countries and regions, particularly China, intimidating other countries through economic measures such as imposing tariffs.”

The statement came shortly after fresh U.S. tariffs and retaliatory Chinese tariffs officially went into effect.

{mosads}China left the door open to negotiations moving forward, as long as they were “based on mutual respect and equality,” according to Reuters.

Chinese officials on Saturday canceled planned trade talks with the U.S. after the Trump administration announced its latest round of tariffs targeting $200 billion worth of Chinese goods with a 10 percent duty that is slated to rise to 25 percent next year.

The announcement prompted China to retaliate with tariffs on $60 billion of U.S. imports.

The nations had already slapped $50 billion worth of tariffs on one other, raising concerns among economists that a trade war between the two countries could hamper the global economy.

Despite concerns from lawmakers, Trump administration has remained committed to imposing tariffs as a means to securing improved trade deals.

Secretary of State Mike Pompeo vowed in an interview Sunday that the U.S. is “determined to win” any trade war with China.

“We’re going to get an outcome which forces China to behave in a way that, if you want to be a power, a global power — transparency, rule of law, you don’t steal intellectual property, the fundamental principles of trade around the world … those are things the American people are demanding and the American workers deserve,” Pompeo said.