Trump to meet with Vladimir Putin, Xi Jinping at G20 in June

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President Donald Trump is digging in on his renewed China trade war, warning Monday that the fight "will only get worse" if Beijing retaliates - just as Chinese officials announced a fresh set of tariffs on $60 billion of U.S. exports.

After China announced it would raise tariffs on $60 billion worth of American goods, the Dow Jones industrial average fell Monday afternoon by more than 700 points or almost 3 percent, according to The Washington Post.

The new rate of 25% will apply to 2,493 USA products, with other goods subject to duties ranging from 5 per cent to 20 per cent, it said.

Going forward, however, the fallout from increased tariffs on Chinese goods will dampen global oil demand, as well as cause more stagnation in global growth, while Trump's indication that he could impose new tariffs on another $300 bn worth of Chinese goods could be severely damaging for global growth, especially still fragile emerging markets.

In an interview with CTV News Washington Bureau Chief Joy Malbon, economist Douglas Holtz-Eakin said that the U.S.is right to try to pressure China into "behaving better" when it comes to things like currency manipulation and intellectual property.

As of Friday, the Trump administration raised the tariff rate imposed on $200 billion worth of Chinese goods to 25 percent, from 10 percent.

China always insists on solving disputes through negotiations and both sides can benefit from an end to the trade war.

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The economic conflict between the two states started a year ago after the U.S. administration imposed duties on Chinese steel imports.

China did not name the United States in the document, but referred to the block on appointment of WTO appeals judges and "national security" tariffs on aluminium, steel and cars, policies uniquely associated with Washington.

US -imposed tariffs will put pressure on China to make a deal because they will make Chinese products more expensive for Americans, and Chinese manufacturers will therefore sell less.

White House economic adviser Larry Kudlow told the "Fox News Sunday" program that China needs to agree to "very strong" enforcement provisions for an eventual deal and said the sticking point was Beijing's reluctance to put into law changes that had been agreed upon.

If Trump proceeds with the tariffs, it would see nearly all imports from China covered by punitive import duties.

The editor of the party-owned Chinese newspaper Global Times said on Twitter that Beijing was considering additional actions, including dumping US Treasuries, ending US agricultural purchases and reducing orders for Boeing airplanes. Instead, officials on both sides signaled that differences between the two sides would ultimately need to be resolved in direct talks between Trump and Xi.

But Beijing also appeared to dig in.

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"That's why China wants to make a deal so badly!"

In a series of tweets on Monday, Trump said China had "taken so advantage of the USA for so many years".

No date has been set for fresh talks. but it's likely Trump would meet with Chinese President Xi Jinping during the G20 meeting in Osaka, Japan, in late June, Kudlow said.

Forecasters have warned that the US tariff hikes could set back a Chinese recovery that had appeared to be gaining traction.

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

Economists have warned that the existing tariffs would hurt US growth. "China trade negotiations and concern that it's really deteriorating pretty significantly, and that's impacting all areas of markets", said Kristina Hooper, chief global market strategist at Invesco in NY. But they are also anxious an escalation to cover all trade from China and the Chinese retaliation it would provoke would do far more damage and could even tip the USA economy into recession.

The move led to retaliation by China, which imposed 25% tariffs on $16 billion of USA goods.

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