The United States and China imposed fresh tariffs on each other's goods Monday as the world's biggest economies showed no signs of backing down from an increasingly bitter trade dispute that is expected to knock global economic growth.

Soon after the fresh duties went into effect, China accused the United States of engaging in "trade bullyism" and said it was intimidating other countries to submit to its will through measures such as tariffs, the official Xinhua News Agency said.

But Beijing also said it was willing to restart trade negotiations with the United States if the talks are "based on mutual respect and equality," Xinhua said, citing a white paper on the dispute published by China's State Council.